The blood lancets market is estimated to grow at a CAGR of 13.47% to reach a market size of US$ 2,463.438 million in 2027 from US$ 1,017.432 million in 2020.
Blood lancets are small medical implements used for carrying blood samples or obtaining small blood specimens for testing. The increasing prevalence of diabetes and other infectious diseases around the globe is expected to drive the growth of the market during the forecast period. However, the lack of reimbursement scenarios in developing countries is anticipated to restrain the growth of the market in the coming years.
The rising prevalence of diabetes is driving the growth of the market
The rising prevalence of diabetes is expected to be one of the prime drivers of the growth of the market during the forecast period. According to the IDF Diabetes Atlas' tenth edition for 2021, 537 million adults (20-79 years old) had diabetes in that year. By 2030, there will be 643 million diabetics worldwide, and by 2045, there will be 783 million. Additionally, type 2 diabetes is more likely to occur in 541 million adults. In addition, the rising economic burden of diabetes coupled with increasing healthcare expenditure around the globe is also anticipated to increase the demand for rapid diagnostic kits for glucose monitoring in the coming years. Also, according to the International Diabetes Federation (IDF), global health care expenditure on diabetes was around US$ 966 billion in 2021, which represents a growth of 9%, which directly fuels the growth of the market.
Technological innovation is opening up growth opportunities in the coming years
People with diabetes require access to systematic, regular, and organized healthcare, and access to these essential medicines and healthcare is considered to be the main concern in diabetes management, especially in low and middle-income countries. Innovation in testing technology makes it easier and more convenient to perform testing, which can be more effective and reduce the risk of needlestick injuries. Such an application is expected to boost the demand for blood lancets over the forecast period.
The growing prevalence of other chronic infections
The increasing prevalence of infectious diseases is leading to increasing demand for lancets in blood testing for treatment and diagnostics. According to the Centers for Disease Control and Prevention, 6 in 10 adults in the United States have at least one type of chronic disease, making them a primary cause of death. This statistic was released in October 2020. Thus, the increasing prevalence of chronic diseases worldwide leads to the widespread use of blood lancets for diagnostic and monitoring purposes, which in turn drives the industry as a whole. The American Association of Clinical Endocrinologists also estimates that by 2020, diabetes and its consequences will be responsible for the deaths of about 4 million persons aged 20 to 79. According to this, a death occurs every eight seconds. According to estimates, 11.3 percent of all global deaths in this age range are attributed to diabetes. Effective monitoring is required because diabetes is the second leading cause of death. Over the projected period, demand for blood lancets is anticipated to increase as the number of diabetics increases.
Additionally, the market is growing as infectious diseases become more prevalent. For example, the top ten causes of death, according to a Factsheet from the World Health Organization published in December 2020, are chronic obstructive pulmonary disease, ischemic heart disease, lower respiratory infections, stroke, newborn conditions, trachea, bronchi, lung cancers, Alzheimer's disease and other dementias, diarrheal diseases, diabetes mellitus, and kidney diseases. Around 55 percent of the 55.4 million fatalities worldwide in 2019 were caused by them.
Rising ageing population
The increasing geriatric population around the globe is expected to be one of the prime drivers for the growth of the market over the forecast period. For instance, the WHO has projected a 50% rise in annual cardiovascular disease events between 2010 and 2030 based solely on the growing geriatric population in a developing country like China. Also, according to the World Bank, the population aged sixty-five and above as a percent of the total population in France and Germany has increased from 16.64% and 19.33% in 2006 to 20.03% and 21.46%, respectively, by the end of 2018. In addition, rising disposable income is encouraging people to demand better quality healthcare solutions for which they are ready to pay high premiums, and the rising demand for private health insurance plans is also increasing the number of surgical procedures in this country.
North America holds a significant share in the market
By geography, the blood lancet market is segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. A large portion of the global Blood Lancet market is anticipated to be dominated by North America because of the region's growing elderly population, growing targeted population, rising R&D costs, and rising diabetes treatment awareness. In 2019, 44 percent of Canadians aged 20 and older had at least one of the ten most common chronic disorders, and the frequency of chronic diseases is increasing, according to data published by the Canadian government. In addition, the percentage of individuals over 65 is expected to rise from 9 percent in 2019 to more than 16 percent in 2050, according to figures from the United Nations' World Population Prospects for the year 2019. In addition, it is expected that by 2050, there will be three times as many people 80 or older than there are today (143 million vs. 426 million). As a result, as the elderly population grows, chronic diseases are predicted to become more prevalent because older people are more likely to develop them, which will help the region's market for blood lancets. In the European region, to address the growing needs of the region’s ageing population, there is increasing strategic investment by domestic market players in the form of mergers and acquisitions, which increases the competition and is further expected to propel the market growth opportunities in the coming years. Furthermore, in the Asia Pacific region, increasing health awareness among the population coupled with the rapid evolution of the market in the use of new types of blood sampling methods is propelling the growth of the market in the coming years.
Recent Development and expansions
A 16-gauge (16G) safety lancet for increased capillary blood collection was added to Owen Mumford's Unistik product line in March 2021. With the new Unistik Touch 16G, activation requires just one touch, & Comfort Zone Technology reduces the pain of finger sampling.
The supply chain for the market for blood lancets has been significantly impacted by COVID-19. The abrupt COVID-19 attack and its repercussions for trade and commodities movement limitations have led to the closure of major economies worldwide, disrupting supply chains due to a shortage of resources and labour as well as the slowing or cessation of industry.
|Market Size Value in 2020||US$1,017.432 million|
|Market Size Value in 2027||US$2,463.438 million|
|Growth Rate||CAGR of 13.47% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Application, End User, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Becton, Dickinson, and Company, F. Hoffmann-La Roche Ltd, B. Braun Melsungen AG, Terumo Europe NV, Owen Mumford Ltd, Messe Düsseldorf GmbH, SteriLance Medical (Suzhou) Inc, Medline Industries, Inc, F.L. Medical SRL|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global blood lancets market?
A1. Blood Lancets Market was valued at US$1,017.432 million in the year 2020.
Q2. What will be the blood lancets market size by 2027?
A2. The blood lancets market is estimated to reach a market size of US$2,463.438 million by 2027.
Q3. What are the growth prospects for the blood lancets market?
A3. The global blood lancets market is estimated to grow at a CAGR of 13.47% over the forecast period.
Q4. What factors are anticipated to drive the blood lancets market growth?
A4. The growing prevalence of diabetes and other infectious diseases around the globe is expected to drive the blood lancets market growth during the forecast period.
Q5. Which region holds the largest market share in the blood lancets market?
A5. North America holds a significant share in the global blood lancets market owing to the region's growing elderly population, growing targeted population, rising R&D costs, and rising diabetes treatment awareness.
Becton, Dickinson, and Company
F. Hoffmann-La Roche Ltd
B. Braun Melsungen AG
Terumo Europe NV
Messe Düsseldorf GmbH
SteriLance Medical (Suzhou) Inc
Medline Industries, Inc
F.L. Medical SRL
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