The blood glucose lancets market size was valued at USD 1091.3 million in 2019 and is expected to grow with a CAGR of 9.6% during the forecast period, 2020–2029.
A blood glucose lancet is a small medical device used to sample the capillary blood. It looks like a scalpel and has a double-edged needle or blade. The blood glucose lancet market is a part of the global diabetes market as they are frequently used to evaluate blood glucose levels. Blood lancets find application in-home healthcare as well as in hospitals or pathology laboratories to confirm the blood glucose levels among diabetic patients.
| Report Metric | Details |
|---|---|
| Base Year | 2021 |
| Study Period | 2016-2029 |
| Forecast Period | 2023-2031 |
| CAGR | 9.6% |
| Market Size | USD 1091.3 million in 2019 |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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Diabetes is a chronic disease that occurs either when the pancreas does not produce adequate insulin or when the body cannot use the produced insulin efficiently. As per the World Health Organization (WHO), in 2016, an estimated 422 million adults suffered from diabetes across the globe. Rapid lifestyle changes, such as smoking and consumption of alcohol and unhealthy food habits, is subsequently increasing the number of diabetes patients across the globe.
Obesity is one of the leading factors causing diabetes. As per the WHO, more than 650 million people were obese in 2016, and the number is expected to double during the forecast period. As per the National Diabetes Statistics Report, 2017, published by the Centers for Disease Control and Prevention (CDC) indicate diabetes as the seventh leading cause of death in the U.S. As per the International Diabetes Federation (IDF), the global diabetes population is estimated to reach 700 million by 2045 from 463 million in 2019.
Blood glucose lancets play an important role in testing glucose levels in order to manage diabetes effectively. They offer early detection due to which the risks associated with diabetes, such as heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage, can be avoided. Lancets devices are minimally invasive and provide a simple and effective approach to manage diabetes. They can also detect significant changes in blood glucose levels and aid in preventing hypoglycemic conditions.
Blood glucose lancets are economically beneficial and vital for proper diagnosis and treatment. There are various types of blood glucose lancets available in the market, varying in size, length of testing time, price, and ease of use. The market’s most prominent driver is the continuous technological advancements and early detection of hypo and hyperglycemic diabetes.
Growing government expenditure and technological developments in the field of diabetes management provide an impetus to the market growth. The introduction of technologically advanced products for diabetes testing and faster product approvals strengthens market growth. Diabetes management is a burden to the healthcare systems in developing economies. As per the International Diabetes Federation (IDF), diabetes costs about USD 12 billion, which is 10.0% of the total annual budget of the U.S.
Rising geriatric population across the globe is surging the demand for home-based or self-glucose monitoring devices, further boosting the market growth. As per the World Health Organization (WHO), in 2019, about 703 million people were above the age of 65 and above. As per the U.S. Diabetes journal, globally, about 25% of the geriatric population suffers from diabetes.
The minimal invasiveness of blood glucose lancets requires less number of finger sticks and enables easy sampling and sharing of the sample from the device for further analysis. For instance, ACON Laboratory, a U.S. medical diagnostic company, offers OptiLance™ Push-Button Safety Lancets, which are ergonomically designed to provide optimal safety and comfort while collecting blood samples for testing blood glucose levels
North America leads the blood glucose lancets market on account of its high adoption rate by both physicians and patients and easy availability of blood lancets across the region. In the U.S., the prevalence of diabetes is increasing at a considerable; as per the CDC, more than 100 million adults are currently living with diabetes or prediabetics in the country. In 2015, diabetes was the seventh leading cause of death in the U.S. Furthermore, the strong presence of key market players engaged in the manufacturing of lancets bolster the regional market growth.
Asia-Pacific is expected to witness the fastest growth in the blood glucose lancets market as the region houses the world’s largest diabetic population. As per the Asian Diabetes Prevention Initiative, in 2015, about 113.9 million and 65.1 million adults were diagnosed with diabetes in China and India, respectively. The respective countries are estimated to house more than half a billion diabetic patients by 2030. Increasing awareness regarding diabetes mellitus, its management, and control of blood glucose levels (BGL) across developing nations drives market growth.
Government initiatives to raise awareness about diabetes management and rising investments in R&D for developing innovative technologies provide an impetus to the market growth. For instance, the National Diabetes Services Scheme of Australia offers subsidized blood glucose testing products, including strips, insulin pumps, needles, and syringes.
The push-button lancets segment holds the highest market share on account of its rising adoption to efficiently retrieve blood samples with the push of a single button. Push-button lancets are regarded as quick, comfortable, pain-free, and enable adequate blood sample collection. Diabetic patients prefer using push-button lancet devices as they are incredibly easy to handle and can withdraw a sufficient blood sample for further testing, further driving the segment growth.
The pressure-activated lancets segment is projected to exhibit the fastest growth owing to the advantages such as automatic retraction of the needle, higher uptake due to capillary blood sampling, and non-requirement of lancing devices. For instance, Becton, Dickinson, and Company offer BD Microtainer pressure Activated Lancet, which allows easy blood sampling. In 2015, NSP Medicals launched the world’s first 31G pressure activated safety lancet, SAFETiCET™ 31G.
The hospital segment dominates the blood glucose lancets market on account of the rising adoption of blood glucose monitoring devices in hospitals, increasing healthcare expenditure, and rapidly improving infrastructure. Furthermore, the low cost of measuring blood glucose levels in hospitals, with additional capabilities to store and transfer samples for analysis, drives the segment growth. The home healthcare segment, on the other hand, holds the largest market on account of increasing adoption of self-blood glucose monitoring devices, rising awareness regarding diabetes preventive care, surging government initiatives to spread awareness about diabetes.
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.
