Market and market research report opinion about revenue impact?
the Lancets Market Expected to reach $1,442 million by 2024 from $804 million in 2019, with a compound annual growth rate of 12.4%
Factors responsible for growth and in-depth analysis?
The growth in the lancing device and pen market is mainly driven by the increasing prevalence of diabetes and the spread of infectious diseases worldwide. In addition, emerging markets such as India and China are expected to present growth opportunities for players operating in the lancing device market during the forecast period. However, the risks of acupuncture injuries, acupuncture reuse, and a poor reimbursement scenario in developing countries restrict the growth of this market.
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Leading Key Players and Analysis:
Notable players in the scalpel market are Becton, Dickinson and Company (US), Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Own Mumford (UK), and HTL- STREFA SA (Poland), ARKRAY (Japan), Sarstedt (Germany), and SteriLance Medical (Suzhou) (China).
Roche Dynostics (Switzerland) It was the leading player in the global lancing device market in 2018. The company develops and manufactures equipment and reagents for medical research and diagnostic applications. It offers acupuncture to various end users including physicians, hospitals, clinics, and academic institutes, and for personal use through its diabetes care department. Roche Diagnostics invests a significant portion of its revenue in research and development activities to increase its presence in the market. For example, in 2016, the company invested $1.36 billion in diagnostic research and development, which increased to $1.76 billion in 2018.
Geographical analysis in detail?
Asia Pacific region dominates lancing device market during forecast period
In 2018, North America dominated the lending instrument market, followed by Europe. The increasing prevalence of diabetes and the positive reimbursement scenario in the region are among the factors driving the market growth in the region.
The Asia Pacific region is expected to register the highest growth rate in the global lancing device market during the forecast period. This is primarily attributed to rapid economic growth, increased awareness of diabetes treatment, an increase in the elderly population in China and India, and a growing healthcare industry in Japan.
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Safety Lancet is expected to be the most widely used type in scalpel market
Safety lancing devices captured the largest market share in 2018. This is primarily due to the advantages associated with safety lancets such as ease of use, ability to prevent needlestick injuries and cross contamination, and painlessness of vein puncture. Accordingly, according to PharmaJet, in the United States, about 600,000 to 800,000 needlestick injuries are reported each year. This is expected to increase the demand for safety clips.
The glucose testing segment is expected to account for the largest share of the pricking market.
The glucose testing segment captured the largest share of the lancing device market, by application, in 2018. This is primarily due to the increasing prevalence of diabetes, and the need for its prevention and management. For example, according to the International Diabetes Federation (IDF), in 2017, there were approximately 425 million people with diabetes worldwide, and this number is expected to rise to 629 million by 2045. The increasing prevalence has led For diabetes to increase the adoption of scalpels to deal effectively with the growing patient pool.
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