Sterile Lancets Market Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Posted March 26, 2020 by Aditya450

Sterile lancets are single-use disposable needles that are used for blood sampling by puncturing the skin.

Sterile lancets are single-use disposable needles that are used for blood sampling by puncturing the skin. Sterile lancets can be used independently as safety lancet or they can be used along with the lancing device, which holds the lancet while pricking the skin. Skin testing for allergies can also be performed with the help of sterile lancets.
Sterile lancets are most commonly used in diabetic patients for checking blood glucose level, however they are also used for collecting blood samples to perform other diagnostic tests. It offers safety against accidental injuries and contamination.
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Sterile Lancets Market - Dynamics
Increasing prevalence of diabetes is one of the major factors driving growth of the sterile lancet market. For instance, according to the International Diabetes Federation’s (IDF) Diabetes Atlas 2017, around 425 million patients were suffering from diabetes worldwide by end of 2017 and it is expected to reach around 629 million by 2045. Moreover, over 40% people suffering from diabetes are still undiagnosed, especially in regions such as Asia Pacific, Middle East and some part of North Africa. These patients would require insulin therapy, which would increase the demand for sterile lancets and fuel growth of the sterile lancets market.
According to the World Health Organization (WHO) 2012 factsheet, diabetes is one of the top three causes of death from non-communicable diseases. Changes in lifestyle with more sedentary routine and high calorie consumption leads to obesity. Increasing geriatric population is another factor driving the sterile lancet market growth, as older people often require continuous glucose monitoring due to large incidences of uncontrolled diabetes. As per 2017 IDF estimation, there were around 98 million diabetic people worldwide above the age of 65 years in 2017, which is expected to increase to around 191 million by 2045.
Globally stringent demands for safe injection practices to collect blood is expected to propel demand for sterile lancets, as it avoids the chances of contamination caused due to blood borne pathogens. For instance, according to a report published by the World Health Organization (WHO) in 2014, around 1.7 million people were infected with hepatitis B virus, around 315,000 with hepatitis C virus, and around 33,800 with HIV due to unsafe injection.
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Novel products offered by key players is also expected to drive growth of the sterile lancets market. For instance, Becton, Dickinson and Company offers BD Microtainer Contact-Activated Lancet, which allows for easier blood sampling and covers a small area at contact point, which improves visibility of the desired puncture site activated only on pressure application to lancet.
Sterile Lancets Market - Regional Insights
North America holds the dominant position in the global sterile lancets market. According to the International Diabetes Federation (IDF), highest prevalence of diabetes (13% of population) is in the U.S. North America accounts for the highest amount of expenditure on diabetes. For instance, according to IDF report 2017, the U.S. spends around US$ 377 billion annually over diabetes disease treatment, which accounts for around 52% of the total expenditure on diabetes worldwide.
Moreover, there are 30.3 million people suffering from diabetes in the U.S. (9.4% of the US population), which includes 23.1 million people who are diagnosed and 7.2 million people who are undiagnosed.
Asia Pacific is expected to exhibit highest CAGR and create lucrative opportunities for the sterile lancet market over the forecast period due to highest number of diabetes patients in the region. According to IDF data, countries such as China (114.4 million) and India (72.9 million)) are amongst the top three economies having high prevalence of diabetes. Asia pacific had over 240 million diabetes patients in 2017. Europe is another lucrative region for the market, as it currently has the highest type1 diabetes population and the highest percentage of geriatric population.
Sterile Lancets Market - Competitive Landscape
Some of the key players operating in the sterile lancet market include Becton, Dickinson and Company, F-Hoffmann La Roche AG, Nipro Corporation, Ypsomed AG, Sanofi, Abbott Healthcare, B. Braun Melsungen AG, Sarstedt AG & Co., Terumo Corporation, Medtronic plc., Greiner Bio One, Jiangsu Huida Medical Instruments Co. Ltd., Allison Medical, Inc., and A. Menarini Diagnostics
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Last Updated March 26, 2020