Lancet Market Size to Worth USD 2.22 Billion by 2033

June 28, 2024 Prathamesh

The global lancet market size is expected to increase USD 2.22 billion by 2033 from USD 1.40 billion in 2023 with a CAGR of 4.73% between 2024 and 2033.

Key Points

The North America lancet market size reached USD 570 million in 2023 and is expected to attain around USD 920 million by 2033, poised to grow at a CAGR of 4.90% between 2024 and 2033.
North America dominated the market with the largest revenue share of 41% in 2023.
Asia Pacific is expected to be the fastest-growing market during the forecast period.
By type, the standard lancets segment has contributed more than 39% of revenue share in 2023.
By type, the safety lancets segment is expected to grow at the fastest rate in the market during the projected period.
By size, the 23G-33G segment has held a major revenue share of 44% in 2023.
By size, the 22G and below segment is expected to grow at the fastest rate in the market during the projected period.
By end use, the hospital segment has generated more than 32% of revenue share in 2023.
By end use, the ambulatory surgical centers segment is expected to register significant growth in the market over the forecast period.

The lancet market encompasses the global supply and demand for lancets, which are small medical instruments used for blood sampling, particularly in glucose monitoring for diabetic patients. Lancets are essential for obtaining capillary blood samples quickly and with minimal discomfort.

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List of Contents

Growth Factors

The lancet market growth is driven by increasing prevalence of diabetes worldwide, rising awareness about regular blood glucose monitoring, and technological advancements in lancet design that improve safety and ease of use.

Lancet Market Trends

Technological Advancements: Continuous improvements in lancet design to enhance patient comfort, minimize pain, and improve usability are significant trends. Manufacturers are focusing on developing lancets with finer gauge needles and innovative safety features.
Growing Diabetic Population: With the increasing prevalence of diabetes globally, there is a rising demand for lancets used in blood glucose monitoring. This trend is driving market growth as more individuals require regular blood sampling for glucose monitoring.
Shift towards Safety Lancets: There is a noticeable shift towards safety lancets due to their convenience and reduced risk of needlestick injuries. Safety lancets incorporate mechanisms to prevent reuse and ensure safe disposal, which is particularly crucial in healthcare settings.
Home Healthcare: Increasing adoption of lancets for home use is another trend. Patients prefer to monitor their blood glucose levels at home, driving the demand for lancets that are easy to use and dispose of safely.
Focus on Single-use Devices: There is a preference for single-use lancets over reusable ones due to hygiene concerns and regulatory requirements. This trend supports market growth as healthcare providers and patients prioritize infection control measures.

Region Insights:

North America and Europe dominate the lancet market due to high diabetes prevalence rates and advanced healthcare infrastructure. However, Asia-Pacific is experiencing rapid growth attributed to rising healthcare expenditure, increasing diabetes cases, and improving healthcare access.

Lancet Market Scope

Report Coverage	Details
Market Size by 2033	USD 2.22 Billion
Market Size in 2023	USD 1.40 Billion
Market Size in 2024	USD 1.47 Billion
Market Growth Rate from 2024 to 2033	CAGR of 4.73%
Largest Market	North America
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	Type, Size, End-use, and Regions
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Lancet Market Dynamics

Drivers

Key drivers include the growing diabetic population globally, increasing adoption of point-of-care testing devices, and initiatives promoting diabetes management and early diagnosis in emerging economies.

Opportunities

Opportunities in the lancet market include technological innovations in lancet design to enhance patient comfort and safety, expanding distribution networks in underserved regions, and strategic partnerships to improve market penetration.

Challenges

Challenges include regulatory hurdles related to safety and efficacy standards, competition from alternative blood sampling methods, and pricing pressures due to cost-conscious healthcare systems in developing countries.

Lancet Market Companies

F. Hoffmann-La Roche Ltd.
Abbott Laboratories
Terumo Corporation

Recent Developments

In February 2024, according to exclusive Reuters reporting released on Wednesday, Eli Lilly intends to introduce its best-selling type 2 diabetes medication, Mounjaro (tirzepatide), in India as early as next year. Currently, Mounjaro is being examined by India’s health regulatory agencies.
In February 2024, according to Mykhailo Fedorov, Minister of Digital Transformation, Ukraine will sign the first contracts for the mass production of attack drones that resemble the Russian Lancet drones. The 40-kilometer-range Lancet is a kamikaze drone manufactured by ZALA Aero Group, a division of the massive Russian armaments manufacturer Kalashnikov Concern.

Segment Covered in the Report

By Type