Safety Lancet Market is Expected to Reach $421.6 Million by 2026

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OVERVIEW

Safety Lancet Market is expected to reach $421.6 million by 2026; growing at a CAGR of 11.7% till 2026.

Safety lancets are retractable needles that prevent accidental pricks and reduce the risk of infection. Safety lancets have an in-built single-use system, avoiding the risk of cross-infection between patients. Safety lancet is designed to puncture and penetrate to a predetermined depth that is safe and specific to patient type. Safety Lancets provides Safe and Comfortable way for capillary blood sampling. Safety lancets use high speed, minimum pain, prevent error, have a comfortable grip, and are ergonomically designed.

The rising prevalence of diabetes has boosted the demand for Safety Lancet. For instance, According to the European Society of Cardiology, the prevalence of diabetes is 8.8% of the world population in 2017, and the prevalence is expected to increase by 9.9% in 2045. The global population with diabetes was 424.9 million in 2017, with an estimate of a 48% increase to 628.6 million people for the year 2045. According to the Centers for Disease Control (CDC), in the U.S, diabetes had risen to an estimated 30.3 million in 2017. About 90% of people have Type 2 diabetes, and 8% of people with Type 1 diabetes, and 2% of people have rarer types of diabetes. According to Diabetes UK, more than five million people will have diabetes in the UK by 2025.

Push-Button Safety Lancet, Pressure Activated Safety Lancet, and Side Button Safety Lancet in the type segment of the market scope, and the end-user segment is categorized into Hospitals & Clinics, Diagnostic Centers And Pathology Laboratories, Home Diagnostics, and Other. The report covers the value of the global market by type and end-user.

The market value of Push-Button Safety Lancets was USD XX million in 2019, and it is expected to reach USD XX million by 2026, growing at a CAGR of XX during 2020-2026. Push-Button Safety Lancets is the dominant segment and accounted for approximately 49.28% of the market in 2019. The partnership between companies to develop new advanced push-button safety lancets would propel the growth of the market.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global safety lancet Value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

Europe safety lancet market was USD XX million in 2019, and it is predicted to reach USD XX million by 2026, growing at a CAGR of XX during the forecast period. The wide application of safety lancets during blood monitoring tests is one of the factors impacting the gain in market traction of end-products in Europe.

Major players operating in the safety lancet industry include F. Hoffmann-La Roche AG, Becton, Dickinson, and Company, Terumo Medical Corporation, Bayer AG, HTL-STREFA S.A., Sarstedt AG & Co., Improve Medical Technology Co. Ltd, Smiths Medical, F.L. Medical SRL, B. Braun Melsungen AG.

Commercialization of approved products and the formation of strategic collaborations are among the most followed business strategies of the key companies, with a focus on maintaining a competitive advantage over others. The companies are thus focused on product approvals and expansion of business activities on a global scale.