Increasing Incidence of Diabetes Driving Lancet Market Growth

The global lancet market revenue stood at $830.3 million in 2019, and it is expected to rise at a CAGR of 9.5% from 2020 to 2030 (forecast period). The growing prevalence of chronic illnesses, mushrooming use of lancets for testing allergies, enactment of government regulations aimed at encouraging the use of single-use lancets, and rising incidence of needlestick infections and injuries are the major factors propelling the advancement of the market across the world. 

Browse In-depth  Lancet Market  Regional Breakdown

Lancets are extensively used to diagnose these illnesses right at the initial stages in order to reduce the mortality rate. Depending on type, the lancet market is divided into safety and standard categories. Of these, the safety category is predicted to demonstrate faster growth in the coming years, owing to the burgeoning requirement for safety lancets, on account of the fact that they can be easily disposed after use. These lancets are made in a way that enables the automatic retraction of the needle after use, which mitigates the chances of injuries and accidental pricks.

Additionally, they can be used for pricking the capillary without requiring the use of a lancing instrument, which further boosts their popularity around the world. The lancet market is also categorized, on the basis of application, into glucose testing, coagulation testing, and hemoglobin testing. Out of these, the glucose testing category held the largest share in the market in the past because of the growing prevalence of diabetes. According to the WHO, nearly 422 million people are currently living with diabetes and around 1.6 million human lives are lost every year because of the disease. 

Thus, the sales of lancets will shoot up all over the world in the forthcoming years, primarily because of the growing prevalence of chronic diseases, such as diabetes, CVDs, and COPD, and mushrooming population of geriatric people in several countries.