The blood lancets market is estimated to grow at a CAGR of 8.50% to reach a market size of US$3.083 billion in 2030 from US$2.050 billion in 2025.
Blood lancets are small medical implements for carrying blood samples or obtaining small specimens for testing. The increasing prevalence of diabetes and other infectious diseases worldwide is driving market growth during the forecast period.
However, the lack of reimbursement scenarios in developing countries is anticipated to restrain the market expansion in the coming years.
The rising prevalence of diabetes is expected to be one of the prime drivers of the market’s growth during the forecast period. According to the IDF Diabetes Atlas' tenth edition for 2021, 537 million adults (20-79 years old) had diabetes in 2021. 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 worldwide is also anticipated to increase the demand for rapid diagnostic kits for glucose monitoring in the coming years. According to the International Diabetes Federation (IDF), global healthcare expenditure on diabetes was around US$966 billion in 2021, representing a growth of 9%, directly fueling the market's growth.
People with diabetes require systematic, regular, and organized healthcare. Access to these essential medicines and healthcare is considered the main concern in diabetes management, especially in low and middle-income countries. Advancements in testing technology simplify testing procedures, making them more effective and reducing the risk of needlestick injuries. This application is expected to boost the demand for blood lancets over the forecast period.
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 rises.
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.
The increasing geriatric population worldwide is expected to be one of the prime drivers for market growth 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. 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, in 2018. Furthermore, increasing disposable income is motivating individuals to seek higher-quality healthcare solutions for which they are willing to pay higher premiums. This growing demand for private health insurance plans is also contributing to an increase in the number of surgical procedures
By geography, the blood lancets market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries.
In the Asia Pacific region, increasing health awareness among the population coupled with the rapid market evolution in using new types of blood sampling methods is propelling its growth in the coming years.
North America is anticipated to dominate a large portion of the global blood lancet market because of its growing elderly and targeted populations, increasing R&D costs, and rising diabetes treatment awareness. 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 in 2019. In addition, it is expected that by 2050, there will be three times as many people aged 80 or older population (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, propelling the regional market for blood lancets. In Europe, domestic players are increasing strategic investment in mergers and acquisitions, increasing the competition and further propelling market growth in the coming years to address the growing needs of the region's aging population.
The major leaders of the blood lancets market are Becton, Dickinson, and Company, B. Braun Melsungen AG, Terumo Europe NV, Owen Mumford Ltd, Messe Düsseldorf GmbH, SteriLance Medical Inc, Medline Industries, Inc, and F.L. Medical SRL. These key players implement growth strategies such as product launches, mergers, acquisitions, etc., to gain a competitive advantage over their competitors.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Blood Lancets Market Size in 2025 | US$2.050 billion |
| Blood Lancets Market Size in 2030 | US$3.083 billion |
| Growth Rate | CAGR of 8.50% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in the Blood Lancets Market | |
| Customization Scope | Free report customization with purchase |