As per a research conducted by P&S Intelligence, the global lancet market generate a revenue of $830.3 million in 2019, and it is projected to advance at a 9.5% CAGR during the forecast period (2020–2030).
The increasing adoption of such instruments for testing allergies, rising prevalence of chronic diseases, growing incidence of needle stick injuries and infections, initiatives that are aimed at encouraging the usage of single-use lancets are leading to the growth of the market.
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On the basis of application, the market is divided into hemoglobin testing, coagulation testing, and glucose testing, out of which, the glucose testing division accounted for the major share of the market in 2019. The division is further expected to advance at the fastest pace during the forecast period, owing to the increasing number of patients who are being diagnosed with diabetes. For the management of diabetes, the units of insulin that are being administered need to be regulated, which is why, blood sugar level needs to be measured periodically as well.
When type is considered, the lancet market is categorized into standard and safety, between which, the safety category dominated the market in 2019. These variants are meant to be just one time, which is why, they minimize the risk of contracting any kind of infection. In addition to this, safety lancets are designed for retracting automatically after the ricks, thereby preventing injuries. The category is further expected to advance at a faster pace during the forecast period.
A key trend being registered in the lancet market is the rising utilization of lancets in homecare settings. The demand for lancets that are easier to use for individuals has been increasing rapidly since the past few years. Furthermore, the companies in the domain are also focusing on catering to the needs of the customers, which is why, the popularity of these instruments has increased considerably, primarily among the elderly and diabetic patients. The increasing use of these instruments is expected to drive the market in the coming years.
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