Lancet Market Size - By Type (Safety Lancets, Standard Lancets, Manually Activated Lancets, Automatically Activated Lancets), By Size (22G and Below, 23G-33G, Above 33G), By End-use – Global Forecast (2023-2032)

Lancet Market Size

Lancet Market size was valued at USD 1.1 billion in 2022 and is estimated to account for USD 1.8 billion by 2032. A lancet is a small, sharp, and pointed surgical instrument or medical device used for pricking or piercing the skin to obtain a blood sample or perform a small incision for medical purposes.

Lancets are typically designed to be disposable and are commonly used in healthcare settings and by individuals for various diagnostic tests, such as blood glucose monitoring with the help of self-monitoring blood glucose device, continuous glucose monitoring, or other diabetes care devices. They are primarily used for obtaining capillary blood samples for analysis, which is less invasive than traditional venous blood sampling methods. The industry is driven by factors such as the growing prevalence of chronic diseases including diabetes, increasing elderly population base, technological advancements, rising remote patient monitoring trend, favorable reimbursement policies, increasing healthcare expenditure, and the growing adoption of point-of-care testing.

For instance, according to the International Diabetes Federation (IDF) Diabetes Atlas, approximately 537 million adults between the ages of 20 and 79 are currently suffering from diabetes. Additionally, by 2030, this number is projected to increase to 643 million, and by 2045, it is anticipated to reach 783 million. As the number of individuals with diabetes continues to rise, the need for lancets for regular blood glucose testing and monitoring further increases. Moreover, the growing awareness of the impact of diabetes on public health led to increased investments by both public and private organizations in diabetes care. For instance, Astellas Pharma recently announced a partnership with Roche Diabetes Care Japan Co., Ltd. in March 2023. The collaboration aims to develop and commercialize the Accu-Chek Guide M blood glucose monitoring system by Roche Diabetes Care. This renowned system is known for its advanced accuracy. The plan is to combine this medical type with BlueStar, an innovative solution.

COVID-19 Impact

The lancet market experienced a positive impact due to the COVID-19 pandemic. The increased demand for testing during the pandemic led to a surge in sales of lancets, as they were essential for collecting blood samples for COVID-19 diagnostics. The adoption of telemedicine and home healthcare solutions further drove the demand for lancets, enabling remote monitoring and self-testing at home. The emphasis on safety and hygiene increased the preference for single-use disposable lancets. Moreover, the pandemic stimulated research and development activities in the lancet industry, resulting in innovative advancements in lancet technologies.

Lancet Market Trends

Increasing technological advancements are predicted to accelerate the business development owing to manufacturers introducing innovative features and designs to improve lancet performance, safety, and user experience. For instance, one significant advancement is the development of lancets with ultra-thin needles, such as the BD Nano 4mm lancets by Becton, Dickinson, and Company (BD). These lancets feature a 32-gauge ultra-thin needle, reducing pain and discomfort during blood sampling, especially for blood glucose monitoring. Integrated safety features, such as retractable needles or shields, have further enhanced safety for both healthcare professionals and patients. Moreover, lancet devices are being integrated with digital health solutions, allowing for seamless data capture and analysis. These technological advancements have driven increased adoption of lancets and expanded their use across various healthcare settings.

The lancet market by type is categorized into safety lancets, standard lancets, manually activated lancets, and automatically activated lancets. The manually activated lancets segment is further subdivided into push button lancets and side button lancets. The standard lancets segment garnered USD 409.6 million revenue size in 2022.
 

Standard lancets are widely recognized and familiar to both healthcare professionals and patients due to their well-established usage. Their compatibility and interchangeability with various lancet devices make them convenient to use. Moreover, standard lancets are affordable and cost-effective, making them accessible to a wide range of healthcare providers and patients. Their diverse applications and regulatory approvals further contribute to their market dominance.

Based on size, the lancet market is segmented into 22G and below, 23G-33G, and above 33G. The 23G-33G segment accounted for over 42% market share in the year 2022 due to their versatility, optimal balance of comfort and blood volume, clinical recommendations, user preference, and market availability. These lancets are compatible with various lancet devices and widely used for glucose monitoring and other diagnostic procedures. Their thinner needles reduce pain while ensuring adequate blood volume for accurate testing. For instance, the FreeStyle Lancets by Abbott Laboratories are crafted from sterilized stainless steel with a very thin 28-gauge design, ensuring a safe and comfortable lancing experience. Additionally, clinical guidelines and standards often specify lancets within 23G-33G range.
 

Based on end-use, the lancet market is segmented into hospitals, clinics, homecare settings, ambulatory surgical centers, and others. The hospitals segment accounted for over 29% market share in the year 2022.  Hospitals have a large patient pool and offer a diverse range of healthcare services, Including critical care and disease management. They possess advanced infrastructure, adhere to stringent quality and safety standards, and employ skilled healthcare professionals. Lancets are extensively used in hospitals for blood sampling and diagnostics, particularly in critical care and disease monitoring.
 

U.S. lancet market accounted for USD 428.3 million revenue size in 2022. U.S. has a large and advanced healthcare industry, providing a conducive environment for the utilization of lancets. For instance, in 2020, the Centers for Disease Control and Prevention (CDC) reported that diabetes affected over thirty-four million Americans, accounting for approximately 11% of the U.S. population. Furthermore, the U.S. witnesses around 1.5 million new cases of diabetes each year. With a high prevalence of chronic diseases such as diabetes, lancets are in high demand for regular blood glucose monitoring in the U.S.
 

Furthermore, the U.S. is known for its continuous technological advancements and innovations in healthcare, including the development of advanced lancet technologies and integration with digital health solutions. The robust healthcare reimbursement system in the U.S. facilitates patient access to lancets and related healthcare services. Additionally, the emphasis on point-of-care testing further drives the demand for lancets across various healthcare settings.
 

Lancet Market Share

Some of the eminent market participants operating in the lancet market include

• AgaMatrix
• Abbott Laboratories
• All Medicus Co., Ltd.
• Ascensia Diabetes Care Holdings AG
• Arkray, Inc
• B. Braun Melsungen AG
• Bionime Corporation
• DarioHealth Corp
• Dexcom, Inc.
• Essenlife Bioscience, Inc.
• F. Hoffmann-La Roche Ltd.
• LifeScan Inc.
• Medtronic
• Nova Biomedical, Inc.
• Sinocare Inc.

Lancet Industry News:

• In April 2022, BD successfully concluded the spinoff of Embecta Corp., which now assumes ownership of BD's former Diabetes Care business. Embecta Corp., renowned as one of the world's leading diabetes management companies, now operates independently, facilitating the continued progress and innovation of its diabetes management solutions. This strategic decision empowers BD to concentrate on its core business domains while granting Embecta the opportunity to advance its diabetes care offerings autonomously.
   
• In July 2021, BD announced a significant advancement in revolutionizing the patient experience with their vision of a "One-Stick Hospital Stay." This builds upon BD's history of innovation and leadership in the development of blood collection and vascular access solutions. The company is dedicated to improving patient care by streamlining the process and minimizing the need for multiple needle sticks during hospital stays. Such initiatives augment industry expansion.
   

Lancet market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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By Type (USD Million & Units)

• Safety lancets
• Standard lancets
• Manually activated lancets 
  • Push button lancets
  • Side button lancets
• Automatically activated lancets

By Size (USD Million)

• 22G and below
• 23G-33G
• Above 33G

By End-use (USD Million)

• Hospitals
• Clinics
• Homecare settings
• Ambulatory surgical centers
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Switzerland
  • The Netherlands
  • Denmark
  • Poland
  • Sweden
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • New Zealand
  • Thailand
  • Vietnam
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Turkey