Global Safety Lancet Market – Overview
Safety Lancets are ubiquitous in applications and are widely used devices for a host of uses ranging from blood sampling, collection to incisions. The Global Safety Lancet Market is expected to reach USD 2,305.1 million in 2023 from USD 1,056.2 million in 2016 growing at a CAGR of 11.8 %.
Safety Lancets are used widely in present times, with increased detection of diseases which require blood monitoring. The ability of users to handle medical devices which use safety lancets have improved considerably, which has indirectly improved the demand of the market as users can administer the test by themselves. The development of the medical device industry has led to improvement in product quality and efficacy levels.
The Safety Lancets with retractable needles also widely prevent and decrease the chances of infectious disease. Their ease of use and portability have increased their acceptance level thereby positively contributing to the growth of its demand. Their single-use feature is a major benefit in terms of reducing the infection in non-medical setups. Additionally, as the safety lancets are being made in such a way that they cause minimum blood loss, they reduce the discomfort associated with blood collection procedures.
Global Safety Lancet Market – Competitive Analysis
The capability to fuel competitive capabilities is one of the chief causes powering their efforts in this period. The constant delivery of customer value has enhanced the market value of the industry. The openings for expansion in the industry appear to be promising through the forecast period. The escalating levels of diversification in the industry, have allowed the companies to utilize many opportunities available in the industry. The market contenders are devising their blueprints for corporate strategy in a way can bring about the best results for development in the current scenario, while also concurrently enhancing their product’s value. The firms in this market are adapting to the state of events by implementing portfolio upgrades and maintaining financial liquidity. Moreover, the contenders are handling the competitive environment by driving the market growth factors to their advantage.
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Dominant Players:
Some of the key players in this 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
Global Safety Lancet Market - Segments
To generate an accurate understanding of the market The Global Safety Lancet Market report has been segmented by types, end user and regions.
Based types, the market is sub segmented by pressure activated safety lancet, push button safety lancet, and side button safety lancet.
Based on end user, the market is sub segmented by hospitals & clinics, diagnostic centres and pathology laboratories, home diagnostics and other.
Based on regions, the market is sub segmented by North America, Europe, Asia Pacific, Middle East and Africa.
Global Safety Lancet Market - Regional Analysis
Europe accounts for the largest share of the market which is expected to reach USD 1,032.7 million by 2023. The European region is expected to be led by Germany, France and the U.K.
However, the market is shifting in favor of the developing countries led by China and India owing to large unmet needs and the growing number of screening and diagnostic. The development of safety regulation in healthcare is expected to result in rapid growth of the market.
North America region led by the U.S. Is expected to command faster growth than the traditional owing to compulsory testing of new-born for diseases under the affordable healthcare act.
The low health care expenditure in the Middle East and Africa regions coupled with poor socio-economic conditions in Africa will hinder the market. Thus, cost is a major value driver of the market in the African regions.
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