Lancet Market

Lancet Market Outlook from 2023 to 2033

The lancet market valuation is estimated to be USD 1.4 billion in 2023. Manufacturers are increasingly transforming the healthcare landscape by innovating low-pain devices for blood glucose. This lays the groundwork for substantial growth, with estimates suggesting the market could surpass USD 3.7 billion by 2033.

This growth trajectory is underpinned by an exceptional CAGR of 10.5%, highlighting the market's remarkable potential over the next decade.

Key Highlights

• The demand for the lancet market is exemplified by factors such as the increase in diabetes patients and the growing use of lancets in non-invasive blood glucose monitoring.
• The lancet market has recently gained significant attention due to increasing global technical advancements.
• Due to the rising aging population worldwide, the market is gaining immense and lucrative growth in regions such as North America and Asia Pacific.
• The top manufacturers continuously evolve their portfolios with innovative technologies and upgrades for painless experiences.

Attributes	Details
Lancet Market Size in 2022	USD1.2 billion
Lancet Market Size in 2023	USD1.4 billion
Projected Market Size by 2033	USD3.7 billion
Value-based CAGR from 2023 to 2033	10.5%

Top Trends Shaping the Global Lancet Market

Rising in Diabetes Patients Worldwide

• Lancets are in demand as chronic diseases like diabetes and cardiovascular ailments become more common. This is because lancets are necessary for routine blood testing and monitoring. Furthermore, the development of medical technology has led to the creation of more inventive and user-friendly self-monitoring devices, improving patient comfort.
• According to an article published in 2023 about diabetes states that by 2050, more than 1 billion people will be living with diabetes. Moreover, of all the diabetes prevalence, Type 2 accounted for 90% in the previous year. The amount spent on healthcare worldwide is also increasing, and both public and private organizations have made considerable investments in healthcare infrastructure to minimize the burden of expenditure from low and middle-income countries. Furthermore, the focus of the World Health Assembly on biomedical interventions and new devices may drive the market for diabetes-related devices and drugs.
• Lancet utilization has increased due to the growing tendency toward preventative healthcare and tailored therapy. For instance, in 2020, European countries spent around 3.7% of expenditure on preventive care.

Growing Use of Lancets in Non-invasive Blood Glucose Monitoring

• Non-invasive blood glucose monitoring devices are becoming increasingly popular as they offer several advantages over traditional blood glucose meters. Non-invasive devices are easier to use and less time-consuming, as they do not require a needle prick and are also less likely to cause pain and bleeding.
• For instance, Senseonic launched a subcutaneous implant device, Eversense, for diabetes patients, which was approved by the FDA in 2019. The device can measure glucose levels and with the help of a small sensor implanted in the skin, it sends the data at every 5 minutes to the connected smartphone.

Integration of Lancets with Other Blood Sampling and Testing Devices

• Lancets are increasingly being integrated with other blood sampling and testing devices, such as blood glucose meters and cholesterol monitors. This integration makes it easier and more convenient for patients to collect and test their blood samples.
• A recent study published in the journal Clinical Chemistry found that integrated blood sampling and testing devices were more accurate and easier to use than traditional lancets. The study also found that integrated devices can help to reduce the risk of contamination.
• The integration of lancets with other blood sampling and testing devices is expected to drive growth in the lancet market in the coming years. As more patients adopt integrated devices, the demand for lancets is expected to increase.

Historical Analysis of the Lancet Market

The lancet market is projected to grow at a rate far eclipsing the pace during the historical period from 2018 to 2022. Rising technology advancements in devices that provide accurate and compact designs contribute to the immense growth in the market.

Historical Market Valuation, 2022	USD 1.2 billion

The demand for healthcare technology management has risen during the pandemic. COVID-19 boosted the pharmaceutical sector as it has indirectly increased cases of cardiac arrest, diabetes, and other illnesses.

Country-wise Insights

From 2023 to 2033, Japan regained the global lancet market, claiming an impressive 11.9% share. This signifies a significant foothold in the industry. Meanwhile, China is just a little behind, holding a substantial 11% share. This solidifies Asia’s notable presence in the market, making the Asia Pacific significant contributions to the lancet market’s growth and development.

Countries	CAGR (2023 to 2033)
United States	10.7%
United Kingdom	9.6%
China	11.0%
Japan	11.9%
South Korea	8.1%

Increase in the Aging Population in the United States

The aging population drives the demand for lancets, the high prevalence of chronic diseases, and the increasing use of lancets in non-invasive blood glucose monitoring is driving the market in the country.

According to the National Institute of Health, nearly 40% of the aging population in the United States has diabetes, and around 33% of older adults are at risk of kidney failure and heart disease. There is a growing trend toward the use of new lancet technologies, such as micro-needles and lancets, that are integrated with other blood sampling and testing devices.

The Rising Prevalence of Chronic Diseases in the United Kingdom

The well-equipped infrastructure and medical technology are expected to drive the market in the forecast period in a country. Increasing R&D research activities to create innovative products and technologies is also expected to create lucrative regional opportunities.

The aging population drives the demand for lancets, the high prevalence of chronic diseases, and the increasing use of lancets in non-invasive blood glucose monitoring.

China Leading Growth of the Market in the Asia Pacific

China is anticipated to register a CAGR of 11.0% in the global market by 2033. The rising medical and healthcare awareness are advancements in lanced devices driving the market in China. These initiatives bring strong emphasis to the healthcare sector.

Market growth is increasing owing to factors such as rapid urbanization, the introduction of SMBG (self-monitoring of blood glucose), and the rising population, which is expected to uplift the market in the country.

The demand for lancets is driven by the increasing prevalence of chronic diseases, such as diabetes, and the rising demand for point-of-care testing. The Chinese government is supportive of the lancet industry and has provided funding for research and development.

Increasing Government Initiatives for Aging Population in Japan Driving Market Growth

The lancet market in Japan is expected to retain its sizeable market share in the assessment period. As per the recent market estimates, the country is expected to acquire an 11.9% market share through 2023. The prominent stance of the Japan market in the global scape can be attributed to early access to advanced technology.

The aging population drives the demand for lancets in Japan, the high prevalence of chronic diseases, and the growing popularity of remote patient monitoring. The Japanese government actively participates in funding for research and development for insulin therapy and techniques to improve blood glucose monitoring.

Category-wise Insights

Medication Dispensing System Dominate the Market by Top Product

Top Product	Safety Lancet
CAGR (2023 to 2033)	10.2%

The safety lancet segment is expected to thrive at a 10.2% CAGR over the forecast period. The Safety lancet is dominating the market owing to its increasing use by healthcare professionals worldwide. The safety lancet has advantages such as prevention from sharp injuries, needle stick injuries, and other accidents.

Inpatient Pharmacies to Dominate the Market

Top End Use	Hospitals & Clinics
CAGR (2023 to 2033)	10.0%

Hospitals and clinics are expected to grow at a rate of 10.0% over the forecast period. The Hospital & clinics segment dominated the market in the forecast period due to the increasing need for lancets to treat chronic diseases.

Competitive Landscape in the Lancet Market

Ongoing enhancements in needle design for bevel length are unveiling a new set of treatment options. Moreover, improving the performance and accuracy of BG devices is expected to bring about many changes and present opportunities for manufacturers.

The lancet market is fragmented, with several key players eying to advance safety lancet. Pharmaceutical manufacturers also receive increasing approvals and regulatory clearance to enhance their portfolios.

Recent Developments

• In June 2023, the World Health Organization (WHO) released a new report on the use of lancets in developing countries. The report found that lancets are a valuable tool for improving access to blood testing and monitoring in developing countries.
• In May 2023, Abbott Laboratories announced that it is developing a new non-invasive blood glucose monitoring device called the FreeStyle LibreLink. This device will use a sensor on the arm to track glucose levels 24/7. The device will also be calibrated using a lancet.
• In July 2023, Terumo Corporation announced the launch of its new Microsite lancet. This lancet is made from biodegradable materials, making it more environmentally friendly than traditional lancets.

Key Companies Profiled in the Lancet Market

• Becton, Dickinson, and Company (BD)
• F. Hoffmann-La Roche Ltd
• B. Braun Melsungen AG
• Abbott Laboratories
• Terumo Corporation
• Medline Industries, Inc.
• Nipro Medical Corporation
• Saf-T-Blood, Inc.
• Sarstedt AG & Co.
• Owen Mumford Ltd.
• Bayer AG

Key Segments in the Lancet Market

By Type:

• Safety Lancet
• Push Button Safety Lancet
• Pressure Activated Safety Lancet
• Side Button Safety Lancet
• Personal Lancet

By End Use:

• Hospitals & Clinics
• Diagnostic Centers and Pathology Laboratories
• Home Diagnostics
• Research and Academic Laboratories

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan (APEJ)
• Japan
• The Middle East & Africa

Frequently Asked Questions

How Big is the Lancet Market?

The global Lancet Market will be worth USD 1.4 billion in 2023.

What is the Growth Potential of the Lancet Market in the United States?

The United States is likely to record a growth of 10.7% from 2023 to 2033.

What will be the Lancet's Market Value by 2033?

The market size is projected to surpass USD 3.7 billion by 2033.

Why is the Demand for Safety Lancets High?

The safety lancets experience high demand owing to rising usage in hospitals and clinics.

Which Country is Leading the Lancet Market?

Japan is driving the demand for lancet, with a growth rate of 11.9% through 2033.