Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
A lancet is a small, sharp, spring-loaded device that takes small blood samples. A lancing device is used with lancets to draw capillary blood from the fingertip, for testing small amounts of blood. Diabetic patients are most likely to need to use lancets to monitor their blood glucose levels. Various at-home tests, such as allergy tests and sexually transmitted infection tests, may require a lancet to draw a small amount of blood sample. An increase in geriatric population, rising prevalence of different chronic diseases like diabetes, and the growing preference for home care and home diagnostics are key factors driving the growth of the market in the region. Also, technological improvements in the field of diabetes management is anticipated to provide an ample opportunity for the market players during the forecast period.
The growth of the market is primarily driven by rising geriatric population, along with a rising incidence of chronic diseases. According to the Canadian Medical Association’s 2018 report, The proportion of seniors in the Canadian population will rise from 16.9% to 21.0% over the next 10 years. In 1966, the median Canadian was 25.5 years old. In 2017, the median age was 40.6, and in the next decade, the organization expected that to rise to 42.4 years. According to the Centers for Disease Control and Prevention (CDC), the prevalence of diabetes (type 2 diabetes and type 1 diabetes) will increase by 54% to more than 54.9 million Americans between 2015 and 2030; annual deaths attributed to diabetes will climb by 38% to 385,800; and total annual medical and societal costs related to diabetes will increase 53% to more than $622 billion by 2030. Thus, rising geriatric population, along with a rising incidence of chronic diseases is expected to result in many patients requiring regular blood glucose monitoring and treatment. This is major factor driving the growth of the market. Furthermore, the introduction of high-speed lancing devices is anticipated to further drive the market growth over the estimated time period.
Recently, the US Food and Drug Administration (FDA) created a new category of Class II integrated continuous glucose monitoring (iCGM) devices. The FDA also announced new guidelines to accelerate the approval of future products. Such supportive government strategies and initiatives are expected to provide ample of new growth opportunity in the market during the forecast period.
The high cost associated with the lancet and lancing devices is expected to acts as a hurdler for the market growth over the forecast period. Also, the emergence of alternative blood testing technology is expected to restrain the market growth over the estimated time period.
A key challenge that may affect the growth of the market is the lack of awareness among people about the benefits of lancet and lancing devices. This is major factor which is expected to pose key challenges for the market growth over the forecast period.
The report provides in-depth analysis of the North America Lancet and Lancing Devices market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for lancet and lancing devices in various applications is anticipated to stimulate the growth of the market and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
The North America Lancet and Lancing Devices market comprises of different market segments like product type, usage, sales channel, application, end-user and country.
By product type, the North America Lancet and Lancing Devices market includes key segments like
The safety lancets segment is anticipated to lead the market, as they are an integral component of the sharps-injury prevention programs in hospitals, clinics, laboratories, and specialty centers. Safety lancets are sterile, single-use devices intended for capillary blood sampling. It is very useful for in-home diabetic monitoring especially in the case of geriatric patients.
The standard lancets are predicted to witness high growth over the forecast period as it is widely used for clinical lab testing procedures like, haematology tests, chemistry tests, microbiological culture growth identification confirmation (ID), and other tests.
By usage, the North America Lancet and Lancing Devices market includes segments such as
The personal lancets segment is projected to lead the market over the estimated time period. Lancets may be used at home, at work, and while travelling to manage the medical conditions of people or their pets, including allergies, arthritis, cancer, diabetes, hepatitis, HIV/AIDS, infertility, migraines, multiple sclerosis, osteoporosis, blood clotting disorders, and psoriasis. The rise in use of lancets in home settings is a key factor that is expected to drive the growth of the segment.
The professional lancets segment is predicted to witness high growth over the forecast period. In the hospital, both hyperglycaemia and hypoglycaemia are associated with adverse outcomes, including death. Therefore, inpatient goals mostly include the prevention of both hyperglycaemia and hypoglycaemia. The use of lancets is very essential in such conditions. Therefore, the segment is anticipated to witness high growth over the estimated time period
By sales channel, the North America Lancet and Lancing Devices market includes segments like
The retail pharmacy segment is anticipated to dominate the market over the projected time period, owing to factors such as an increase in the use of lancets and lancing devices by individuals in home settings, and the easy availability of lancets at retail medical pharmacy stores.
Additionally, hospital pharmacies are expected to witness high growth over the forecast period wing to the high use of lancets and lancing devices for the management of diabetes in hospitalized patients.
The North America Lancet and Lancing Devices market finds major applications in
The glucose test segment is expected to lead the market over the forecast period as an increasing prevalence of diabetes has led to a rise in awareness about self-monitoring of blood glucose. According to the CDC’s National Diabetes Statistics Report for 2020, 34.2 million people, or 10.5% of the U.S. population, have diabetes. An estimated 26.8 million people – or 10.2% of the population – had diagnosed diabetes. Approximately 7.3 million people have diabetes but have not yet been diagnosed (2018).
The cholesterol test segment is predicted to witness significant growth over the forecast period. It used to test the level of cholesterol in patients to avoid the manifestation of CVD through early detection, but these diseases can block arteries.
The North America Lancet and Lancing Devices market finds major end users like
The hospitals segment is expected to dominate the market over the forecast period. Hospitals provide advanced care to their patients and offer reimbursements at some point in the case of surgeries, facilitating a rise in growth. Also, the increasing prevalence of infectious diseases and the large number of patients suffering from diabetes require blood testing kits. This is expected to fuel the growth of the segment.
The homecare and diagnostic centers are predicted to witness a promising growth over the forecast period due to a rise in awareness about self-monitoring of blood glucose due to the rise in prevalence of diabetes.
The North America Lancet and Lancing Devices market is studied for the following countries
United States is projected to lead the market during the forecast period. The growth of the market in the U.S can be attributed to increasing prevalence of diabetes in the region. According to the CDC’s National Diabetes Statistics Report, about 37.3 million people in the U.S suffer from diabetes (11.3% of the US population). 96 million people aged 18 years or older have prediabetes (38.0% of the adult US population). Around 26.4 million people who are 65 years or older (48.8%) have prediabetes. Also, high diabetes-related health expenditure in the region is expected to fuel the growth of the market in the region.
Canada is expected to witness high growth over the projected time period due to the rise in the elderly population, an increase in the incidence of diabetes, and the increased implementation of supportive government initiatives regarding diabetes prevention and mitigation.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the North America Lancet and Lancing Devices market. In addition, a complete analysis of changes on the North America Lancet and Lancing Devices market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on the North American economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The COVID-19 pandemic is one of the greatest humanitarian challenges affecting the world. The pandemic has positively impacted the growth of the market. Due to the government-imposed lockdowns, the need for continuous blood glucose monitoring at home has increased significantly as the non-essential hospital visits were reduced to a great extent due to the risk of COVID-19 transmission. The US Food and Drug Administration has also allowed the use of personal blood glucose meters and continuous glucose monitoring devices in hospitals for the duration of the pandemic. This is a key factor which is expected to contribute to the growth of the market.
The competitive landscape analysis of the North America Lancet and Lancing Devices market is majorly focused on expanding the growth of lancet and lancing devices industry in North America with new product innovation, and business expansion. An increasing a range of manufacturer operating in lancet and lancing devices sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
November 2020: Novo Nordisk announced the acquisition of Emisphere Technologies-a drug delivery technology company. The acquisition is anticipated to help Novo Nordisk gain a competitive edge in the oral antidiabetic market.
February 2019: Abbott entered into a non-exclusive partnership with Novo Nordisk. This partnership is expected to help in enhancing digital solutions for diabetes.
By product type, the North America Lancet and Lancing Devices market includes key segments like standard lancets, safety lancets, flake lancets, fixed death lancet and others. The safety lancets segment is anticipated to lead the market over the forecast period. By usage, the market includes segments such as professional lancets and personal lancets. The personal lancets segment is projected to hold the largest share of the market over the estimated time period. By sales channel, the North America Lancet and Lancing Devices market includes segments like hospital pharmacy, retail pharmacy, clinics and others. The hospital pharmacy segment is anticipated to dominate the market over the projected time period. The market finds major applications in glucose test, coagulation test, cholesterol test, haemoglobin test and others. The glucose test segment is expected to dominate the market over the forecast period. The North America Lancet and Lancing Devices market includes major end users like hospitals, speciality clinics, research and development centers, homecare and diagnostic centers and others. The hospitals segment is expected to lead the market over the forecast period. The North America Lancet and Lancing Devices market is studied for countries: the United States, Canada, and Mexico. The United States is projected to lead the market during the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD million |
| Market
Segment studied: | Product Type Usage Sales Channel Application End-user |
| Market Players and its Competitors: | Abbott ARKRAY, Inc. B.Braun SE Nipro Medical Corporation EDAN Instruments, Inc. Terumo Corporation SARSTEDT AG& CO. KG Jiangsu huida medical instruments co. Ltd Omron Corporation AgaMatrix Smith’s Group plc. I-SENS, Inc. Yu Yue medical |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for North America Lancet and Lancing Devices market?
Glucose test accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2023-2029)?
United States is expected to gain major share of the market during the forecast period (2023-2029).
