The report further sheds light on significant challenges and latest growth strategies adopted by manufacturers who strive to sustain their foothold in the SAFETY LANCET MARKET landscape.
Safety Lancet Market Information, by Type (Push Button Safety Lancet, Pressure Activated Safety Lancet and Side Button Safety Lancet), by End User (Hospitals & Clinics, Diagnostic Centers and Pathology Laboratories, Home Diagnostics and Other End Users) – Global Forecast to 2023
Safety lancets are retractable needles to be used by hospital staff for safe extraction of samples. This can lead to low chances of needlestick injuries and prevent accidental deaths. The global Safety Lancet Market Size report by Market Research Future (MRFR) covers developments of safety lancets as well as predictions for the period between 2017 to 2023 (forecast period). It contains a thorough analysis of micro and macro trends, trends, and opportunities for investors.
The global safety lancet market is set to touch a value of USD 2,305.1 million by 2023. It can exhibit a CAGR of 11.7% during the forecast period. It was valued at USD 1,056.2 million in 2016. Benefits of safety lancets such as avoidance of sharp injuries, designed for single-use to prevent cross-infections, and safety of patients. Its applications for a wide variety of tests such as cholesterol test, blood group test, capillary blood micro sampling, and other blood-based tests can drive its demand significantly.
The advances made in medical science and its awareness by patients, large geriatric population, and prevalence of chronic conditions such as diabetes, hyperlipidemia, and dyslipidemia are other growth drivers of the market. Efforts by governments to protect healthcare workers from injuries are likely to culminate in high demand from hospitals and clinics. Rise in healthcare spending by nations and increasing R&D in medical equipment will have a positive impact on the valuation of the global safety lancet market.
The global safety lancet market has been segmented by type and end user.
On the basis of type, it is segmented into push button safety lancet, pressure activated safety lancet, and side button safety lancet. Push button safety lancets are being procured by major healthcare organizations for its easy application and its retraction of the sample with a single push. They enable rapid blood collection, comfortable, and painless.
On the basis of end user, it comprises hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics, and other end users. Hospitals & clinics accounted for the biggest share of 44% in the global safety lancet market, followed by diagnostic centers & pathology laboratories (25%), home diagnostics (18%), and others (13%) in 2016. Home diagnostics can see massive demand from the market due to rise in healthcare costs. Rise of self-administration of medicines in homes can lead to demand for safety lancet kits.
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Europe region captured the largest safety lancet market globally and is expected to reach USD 1,032.7 million by 2023 due to the growing demand and need for safe blood glucose tests in hospitals, clinics, and diagnostics centers and the growth of insulin users. The U.K., France, and Germany are top contributors of the region owing to a large geriatric populace and a well-set healthcare infrastructure. Large population of diabetics and the need for effective diabetes management steps are likely to augur favorably for the market. Regulations by federal agencies to ensure the quality of devices in developing and developed economies can foster market growth.
North America is likely to exhibit a stupendous growth rate over the forecast period owing to the testing of newborns being made mandatory for early diagnosis of diseases. However, the MEA region can display a modest growth rate during the forecast period due to low healthcare spending and poor economic strength in Africa.
Terumo Medical Corporation, Bayer AG, F. Hoffmann-La Roche AG, HTL-STREFA S.A., Improve Medical Technology Co. Ltd, Becton, Dickinson and Company, Sarstedt AG & Co. are key players of the global safety lancet market.
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