Blood Glucose Lancets Market

Market Overview

The global blood glucose lancets market size was valued at USD 1.58 billion in 2023. It is estimated to reach USD 3.60 billion by 2032, growing at a CAGR of 9.6% during the forecast period (2024–2032). The global blood glucose lancets market is driven by the surging incidence of diabetes worldwide, which is a primary health concern and can cause a significant number of mortalities. Blood glucose lancets can help monitor glucose levels in diabetes in this huge patient population, which is anticipated to drive the global market growth. Moreover, there has been a rising preference for minimally invasive monitoring techniques, especially for the increasing geriatric population, thereby boosting the market expansion.

Blood glucose lancets are small, pointed, disposable needles employed to puncture the skin and procure a minute blood specimen for blood glucose analysis. Lancets are crucial for patients with diabetes or requiring frequent blood sugar level monitoring. The procedure utilizes a lancet device to penetrate the skin promptly and securely, typically on the fingertip, to extract a minute droplet of blood. Subsequently, the blood sample is administered onto a test strip and put into a blood glucose meter for meticulous examination. The meter offers a quantitative measurement of the blood glucose level, enabling individuals to effectively control their diabetes by making well-informed nutrition, medicine, and lifestyle choices. Lancets are available in different gauges and lengths. Thinner lancets typically cause less discomfort but may necessitate a deeper puncture to obtain a sufficient blood sample.

Market Dynamics

Global Blood Glucose Lancets Market Drivers

Increasing Prevalence of Diabetes

Diabetes is a chronic medical disorder that impairs the body's capacity to manage glucose levels in the bloodstream. For example, in 2021, the International Diabetes Federation reported that there were 537 million adults, which is equivalent to 1 in 10 persons living with diabetes. The projected figure is anticipated to increase to 643.0 million by 2030 and 783.0 million by 2045. Moreover, nearly half of all adults (44%) with diabetes, totaling 240 million individuals, are not aware of their condition. This lack of diagnosis has resulted in 6.7 million fatalities in the year 2021. Most individuals have type 2 diabetes. Moreover, an estimated 541 million adults have a high risk of developing type 2 diabetes, as per the International Diabetes Federation (IDF).

Furthermore, improper management of diabetes can result in severe complications, including cardiovascular disease, kidney failure, blindness, and amputation. Hence, individuals with diabetes must engage in consistent monitoring of their blood glucose levels to stop or postpone the occurrence of these issues. Individuals with diabetes extensively utilize blood glucose lancets to self-monitor blood glucose levels in the comfort of their homes or while traveling, owing to their user-friendly nature, convenience, and cost-effectiveness. 

Minimal Invasiveness of Blood Glucose Lancets 

The increasing number of elderly worldwide drives the need for home-based or self-glucose monitoring systems, propelling market expansion. As per the World Health Organization (WHO), in 2019, the global population of those aged 65 and over was approximately 703 million. Moreover, it is projected that by 2030, about 1 out of every six individuals worldwide will be 60 or older. It is predicted that the number of people over 60 will increase from 1 billion in 2020 to 1.4 billion in 2030. By 2050, there will be 2.1 billion people in the world who are 60 years of age or older, a twofold increase in population. 

According to the U.S. Diabetes Journal, around 25% of the elderly population worldwide is affected by diabetes. The minimal invasiveness of blood glucose lancets reduces the need for frequent finger pricks and allows for convenient collection and sharing of the sample for additional analysis. ACON Laboratory, a medical diagnostic company based in the United States, provides OptiLance™ Push-Button Safety Lancets. These lancets are specifically developed to ensure maximum safety and comfort while collecting blood samples for evaluating blood glucose levels.

Global Blood Glucose Lancets Market Restraint

Risk of Infection and Cross-Contamination 

An important obstacle encountered by the blood glucose lancets market is the danger of infection and cross-contamination linked to the utilization of lancets. Lancets are designed for single use and should be properly discarded afterward. Reusing or sharing lancets might heighten the likelihood of transmitting blood-borne illnesses, including hepatitis B, hepatitis C, and human immunodeficiency virus (HIV). 

However, a significant number of individuals with diabetes fail to adhere to the prescribed guidelines for disposing of lancets, primarily due to insufficient knowledge, financial constraints, or convenience. This can present a significant hazard to the well-being and security of the users and others who may encounter the utilized lancets. Moreover, the incorrect disposal of lancets threatens the environment and generates biohazardous waste. Hence, the potential for infection and the spread of contaminants can impede the expansion of the blood glucose lancets market and restrict its use.

Global Blood Glucose Lancets Market Opportunities

Development of Painless and Smart Lancets

An important opportunity for the blood glucose lancets market lies in the advancement of painless and smart lancets that can improve the user's experience and adherence. Painless lancets minimize the pain and discomfort typically experienced during skin punctures. They achieve this by utilizing micro-needles, laser beams, or pressure waves to produce a minuscule aperture in the skin and extract blood. Smart lancets incorporate sensors, microprocessors, and wireless connectivity to offer users and healthcare practitioners feedback, guidance, and data analysis. 

These lancets can also be connected to smartphones, wearable devices, and cloud platforms to remotely monitor and control blood glucose levels. The primary stakeholders are launching innovative items within these specific market segments. For instance, in March 2023, Pip Diabetes, a well-known supplier of diabetes supplies, introduced painless lancets, allowing customers to take control of their health. These advancements can potentially enhance the precision, ease, and satisfaction of blood glucose testing, promoting the acceptance of blood glucose lancets among those with diabetes.

Regional Analysis

Based on region, the global blood glucose lancets market is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global blood glucose lancets market shareholder and is expected to expand substantially during the forecast period. The blood glucose lancet market in North America is the largest and most developed due to several factors. These include a high prevalence of diabetes, widespread use of self-monitoring blood glucose (SMBG) devices, advantageous reimbursement policies, and major industry players in the region. The Centers for Disease Control and Prevention (CDC) reports that 29.7 million individuals, comprising 8.9% of the total US population, have been diagnosed with diabetes. Additionally, a total of 352,000 individuals aged 20 years or younger, equivalent to 35 per 10,000 young people in the United States, had received a diagnosis of diabetes. This figure encompasses a total of 304,000 individuals diagnosed with type 1 diabetes. Consequently, there is a significant need for blood glucose lancets and other self-monitoring blood glucose (SMBG) devices in the region to mitigate or control diabetes and its associated consequences. 

Furthermore, North America has the greatest healthcare expenditure globally, particularly in the United States, where healthcare spending constitutes 17.7% of the public expenditure. Healthcare expenditures in the United States reached USD 3.8 trillion in 2019, reflecting a 4.6% growth compared to the previous year. Healthcare spending on individuals with diabetes has risen over time in the area. Moreover, major firms are investing substantially in various market players within the blood glucose monitoring industry. For instance, in January 2018, Intuity Medical, a diabetes management technology company based in Fremont, California, announced that it would receive USD 40 million in equity financing from its previous investors, including Accuitive Medical Ventures, Investor Growth Capital, KCK Group, affiliates of Luther King Capital Management, PTV Healthcare Capital, US Venture Partners, and Versant Ventures. Investments in diabetes management firms are expected to generate opportunities for the blood glucose lancet industry.

The Asia-Pacific region has significant potential for market expansion due to the increasing number of people with diabetes and the enhancement of healthcare infrastructure. Researchers have reported a significantly greater prevalence of diabetes in India's population compared to prior estimates. According to a recent study published in the Lancet, the prevalence of diabetes in India is estimated to be 11.4%, affecting over 101 million individuals. A study commissioned by the health ministry revealed that around 136 million individuals, accounting for 15.3% of the population, may be afflicted with pre-diabetes. 

Furthermore, as stated in research by the United Nations Population Fund and the International Institute for Population Sciences, the number of individuals aged 60 years and older in 2022 (as of 1 July) was 149 million, accounting for around 10.5% of the nation's population. Furthermore, by the year 2050, the population will increase twofold to reach 20.8%, with 347 million individuals. Therefore, these factors contribute to the demand for blood glucose monitoring, enhancing the market for blood glucose lancets. Moreover, developing economies in this region, like China and India, offer unexplored prospects for manufacturers of blood glucose lancets.

Segmental Analysis

The global blood glucose lancets market is segmented by type and end-users.

Based on type, the global blood glucose lancets market is divided into push-button lancets, pressure-activated lancets, and side-activated lancets. 

The push-button lancets segment dominates the global market. Push-button lancets extract a little blood sample for diverse medical applications, such as blood glucose monitoring. These lancets are usually found in the shape of a compact, pen-like tool equipped with a mechanism activated by a spring. The term "push-button" denotes a button or trigger on the device that, upon being pressed, initiates the lancet to swiftly penetrate the skin and obtain a small droplet of blood for testing purposes. 
Moreover, the utilization of a spring-loaded mechanism guarantees a prompt and regulated puncture, hence minimizing discomfort for the user of the lancet. Utilizing a push-button lancet is a straightforward and convenient method to acquire blood samples without requiring an additional lancing device. It enables rapid and effective blood collection for diagnostic reasons while minimizing the user's pain and discomfort.

Based on end-users, the global blood glucose lancets market is segmented into hospitals and clinics, diagnostics centers, home healthcare, and others. 

The hospitals and clinics segment owns the highest market share. Hospitals rely heavily on blood glucose lancets to manage patients requiring regular blood glucose monitoring, including those with diabetes and other conditions. The hospital segment significantly influences the blood glucose lancets market due to the growing use of blood glucose monitoring devices in hospitals, the rise in healthcare spending, and rapid infrastructure improvement. 

Hospitals may employ blood glucose lancets as a component of screening initiatives to identify persons susceptible to developing diabetes or other metabolic problems. Timely identification enables prompt intervention and implementation of preventive measures. Moreover, the segment's expansion is propelled by the affordable cost of testing blood glucose levels in hospitals and the added functionality of storing and transferring samples for analysis.

Impact of covid-19

Implications of COVID-19 situations are somewhat favorable to the blood glucose lancet market as the adoption of these devices is expected to increase the demand for in-home healthcare settings, as many hospitals and clinics are directing their efforts towards handling the coronavirus pandemic. Easy availability and easy to use nature of lancets is expected to surge its demand among diabetic patients. Physicians are also recommending the use of lancets to collect blood samples, further driving the market growth.

Recent Developments

• November 2023- DarioHealth Corp., a prominent global digital health market player, introduced an innovative blood sugar meter specifically designed for Apple iPhone 15 users. This device aims to enhance the interaction between the company and its current and potential customers.
• October 2023- Philip Morris International (PMI) announced its intentions to introduce a tobacco-free product named LEVIA in the near future. LEVIA is composed of a cellulose-derived substance, specifically a natural plant fiber. LEVIA, in contrast to cigarettes, is devoid of tobacco but does contain nicotine.