The Global Safety Lancets Market report explores the critical analysis of the Safety Lancets industry using key parameters. The report consists of investment strategies, the need for investments in the Safety Lancets industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the Safety Lancets industry and how economic and non-economic barriers are helping the Safety Lancets market. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

Key Highlights of the report

How are the major segments performing in the Safety Lancets Market?

In 2021, the safety blood lancets category will be the leading segment based on the type, as these avoid unintentional pricks and lower the risk of infection. This quick device ensures a small quantity of pricking while still taking enough blood for testing.

In 2021, the hospitals & clinics segment will lead the market due to the growing patient population and the increased prevalence of infectious diseases and diabetes.

Which region dominated the Safety Lancets Market?

In 2021, North America was one of the major contributors to the global Safety Lancets because of its advantageous reimbursement policies and growing patient population in this region. The growing frequency of new product launches, combined with rising healthcare expenditures in this region, is fuelling the expansion of the safety lancet market.

What is the competitive environment of the Safety Lancets Market?

Major companies are pursuing several marketing initiatives to broaden their geographic and competitive reach, including alliances, purchases, and investments. Vendors use organic and inorganic growth tactics to compete in the safety lancet market. It is anticipated that the launch of technologically sophisticated items and quicker product approvals will strengthen market growth during the projection period. For patients to receive a safe and secure diagnosis, major competitors in the market are concentrating on novel product introductions. Additionally, several manufacturers are opening up opportunities for the ongoing development of lancet devices to maintain their market share. For instance, in 2018, with an extra 3,550 m2 of storage space, HTL-STREFA nearly doubled its Leczyca storage capacity.

Executive Summary

How has the market for safety lancets grown as diabetes prevalence has increased?

A safety lancet is a sterile, single-use instrument to collect capillary blood. It resembles a little scalpel and has a double-edged blade or needle. Lancets are frequently used to make finger-like punctures to collect blood samples. They are typically thrown away. Safety lancets are used to prickle skin during skin testing procedures to identify allergies. Diabetic patients utilize safety lancets because they use them to prick tiny blood vessels in their fingers. The most significant reason fueling the growth of the lancet market is the rising prevalence of diabetes worldwide. In 25 years, the number of diabetic patients is predicted to double. The global cost of healthcare will rise dramatically as the prevalence of Type 1 and Type 2 diabetes rises. Obesity, smoking, a sedentary lifestyle, and expanding urbanization are causing an increase in the number of people with diabetes. Additionally, diabetes occurs more frequently in the elderly population. Thus, during the forecast period, the rising prevalence of diabetes worldwide is likely to fuel market growth along with a rise in the use of safety lancets.

Which are the key investments by the players in the Safety Lancets Industry Market?

Major companies actively invest in improved, more effective diagnostics as funding for safety lancets rises. Due to the increased competition among the major providers brought on by the rise in funding for diabetes tests, more products are being introduced. Major corporations are creating and marketing a better, more economical cure for the safety lancet industry.

Some of the major players in the market are F. Hoffmann-La Roche AG, Becton, Dickinson and Company, Terumo Medical Corporation, Bayer AG, HTL-STREFA S.A., Sarstedt AG & Co., Improve Medical Technology Co. Ltd, others.

What are the Major Driving Factors for the Safety Lancets Market?

The market for safety lancets is significantly influenced by factors such as the rising incidence of diabetes and various chronic diseases, enhanced medical device regulations, and the increased inclination for at-home treatment. In addition, the different governments' and healthcare systems' growing support has fuelled the safety lancet market's overall expansion. The demand for safe blood glucose testing in hospitals, clinics, diagnostic facilities, and other settings is increasing, and this need, as well as the rise in insulin users, are driving the safety lancet market. The market for safety lancets is also growing due to macroeconomic, technological, and market-governing factors. Due to the increased desire for calm and convenient healthcare dispensing, home care has become one of the most favored means of healthcare consultation. This has contributed to the rise of the safety lancet market.

What are the Major Risks for the Safety Lancets Market?

The main issue that could ultimately provide a barrier to expanding the safety lancet market is the lack of awareness in emerging nations regarding using safety lancet devices in home healthcare. However, the market expansion for safety lancets will be constrained by the high risk of needle stick injuries and the subpar reimbursement situation in underdeveloped nations. On the other hand, the growth of the safety lancet market may be hampered by lancet reuse.

Which is the Key End-User in the Safety Lancets Market?

Based on end-user, the market is segmented into hospitals & clinics, blood banks, homecare, and others. In 2021, the hospitals and clinics category dominated the market. In hospitals and clinics, safety lancets are used to avoid unintentional needle sticks. Patients' blood can also be drawn using them. Using these lancets decreases the possibility of cross-contamination while simultaneously avoiding contact with the patient's blood. They also aid in avoiding injuries brought on by needles that might be left in sharps containers. Safety lancets can also be used to pierce the skin to collect a sample from a wound or draw blood from it. They provide defense against nicks, cuts, and other wounds that might happen while using a conventional lancet. Additionally, they assist in lowering the possibility of contracting certain infections through blood transfusions.

How is the Safety Lancets Market performing in regions?

In 2021, the global market for safety lancets was dominated by North America because of the framework for health care's ongoing developments. The market in North America is mostly centered in the U.S. Over the forecast period, the market's growth in North America will be facilitated by increased technological advancements and a high rate of type 1 and type 2 diabetes. The United States spent over $3.795 billion on healthcare in 2019. The region has benefited from new investments and goods thanks to the presence of some of the top industry participants. Additionally, the development of the business will be aided by the expanding utility of safety lancets for diabetes diagnosis and the existence of advantageous reimbursement regulations.

Besides, the Asia Pacific region is expected to grow significantly over the forecast period because of its improved healthcare infrastructure and the increased number of patients who require diagnostic testing for treatment. The rising number of infectious and chronic diseases such as chikungunya, dengue, Zika, malaria, and West Nile boosts the demand for safe lancet devices. Furthermore, the global pandemic virus, COVID-19, is increasing demand in this region for diagnostic testing.

What is the regulatory landscape for the Safety Lancets Market?

The surge in government support in developing nations, combined with rising healthcare financing for safety lancets, has fuelled the expansion of the worldwide safety lancet market. The regulatory environment is projected to benefit the global safety lancet market growth, offering chances shortly. Regulatory environments, particularly in developed and developing nations, have paved the path for some rules to provide medical equipment of the highest caliber.

What is the Market Size of Safety Lancets regarding value?

The Safety Lancets Market is anticipated to grow at a substantial CAGR of 11.70% in the upcoming years. The Global Safety Lancets industry was estimated to be worth USD 1429.4 million in 2021 and was expected to be worth USD 2776.34 million by 2028.

What effect does COVID-19 have on the market for Safety Lancets?

COVID-19 has increased demand for medical items such as personal protective equipment (PPE), such as masks, gloves, and protective eyeglasses. With the growth in the number of COVID-19 cases around the world, there has been an upsurge in the need for medical supplies from healthcare professionals and the general public for preventative measures. Manufacturers of these items have a chance to capitalize on the increasing demand for medical supplies to ensure a continuous supply of personal protective equipment in the market. As a result, COVID-19 is projected to substantially impact the safety lancet market.

Segmentation of Global Safety Lancets Market-

Global Safety Lancets Market – By Type

• Standard
• Safety Blood Lancets
• Vacuum Blood Lancets

Global Safety Lancets Market – By End-User

• Hospitals &Clinics
• Blood Banks
• Homecare
• Others

Global Safety Lancets Market – By Region

• North America
  • S.
  • Canada
• Europe
  • Germany
  • France
  • K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

Frequently asked questions about the global Safety Lancets industry