Safety Lancet Market Driven by Growing Demand for Home Care, Diabetes Management

Safety Lancet Market Information, by Type (Push Button Safety Lancet, Pressure Activated Safety Lancet and Side Button Safety Lancet), by End User (Hospitals & Clinics, Diagnostic Centers and Pathology Laboratories, Home Diagnostics and Other End Users) - Global Forecast to 2023

The global Safety Lancet Market is expected to exhibit a strong 11.8% CAGR over the forecast period, according to the latest research report from Market Research Future (MRFR). The global safety lancet market is expected to reach a valuation of USD 2,305.1 million by 2023, according to the MRFR study.

Safety lancets are one-time needles that can be retracted to ensure better safety for patients. The retractability of safety lancets prevents needlestick injuries and prevents accidental pricking. The single-use system also reduces the chances of infection and makes the process safer for the patient. The growing prevalence of infectious as well as noninfectious diseases is likely to be a major driver for the global safety lancet market over the forecast period. The increasing prevalence of diseases has driven up the demand for safe needle devices in order to administer shots and other medications. This has driven up the demand from the global safety lancet market.

The growing prevalence of home care systems is likely to be a major driver for the global safety lancet market over the forecast period. Home care is becoming the preferred method of healthcare consulting in the last few years due to the growing demand for convenient, comfortable healthcare dispensation. The increasing development in the areas of telecommunications have also enabled steady growth of the home care market, as the advanced telecommunications systems enable advanced telehealth systems that can remotely monitor patients and recommend remedies and medication. This has driven up the demand for safety lancets, as patients or their loved ones can now administer injections easily with safety lancets, removing the need for a healthcare professional to be present. This is likely to be a major driver for the global safety lancet market over the forecast period. The increasing prevalence of diabetes is also likely to be a major driver for the global safety lancet market.

Competitive Analysis:

Leading players in the global safety lancet market include Improve Medical Technology Co. Ltd., Sarstedt AG & Co., HTL-STREFA S.A., Bayer AG, Terumo Medical Corporation, Becton Dickinson and Company, and F. Hoffman-La Roche AG. Players in the global safety lancet market are likely to focus on product advancement in the coming years, as there are various ergonomic upgrades still to be made in safety lancets. Product development channels are likely to constitute a majority of the leading players’ expenses in the coming years in the global safety lancet market.

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Segmentation:

The global safety lancet market is segmented on the basis of type, end use, and region.

By type, the global safety lancet market is segmented into push button safety lancet, pressure activated safety lancet, and side button safety lancet.

By end use, the global safety lancet market is segmented into hospitals and clinics, diagnostic centers and pathology laboratories, home diagnostics, and others. The hospitals and clinics segment holds a dominant 44% share in the global safety lancet market due to the high usage of safety lancets in hospitals and large clinics.

Regional Analysis:

Europe is the largest regional market for safety lancets and is likely to retain the position over the forecast period. European countries such as Germany, France, the UK, and Spain have widespread healthcare networks that encompass a large number of hospitals and clinics. This has driven up the demand for safety lancets. The increasing healthcare expenditure in Central and Western European countries is likely to be a major driver for the global safety lancet market. Many leading players in the global safety lancet market are also situated in Europe, making the regional market stronger and more powerful.

North America is also an important regional market for safety lancets and is likely to remain a difference maker for the market over the forecast period. The U.S. and Canada have two of the world’s largest healthcare systems, making the region vital for the global safety lancet market. Widespread awareness about safety lancets in North America is also an important driver for the safety lancet market in the region.