Safety Lancet Market Research Report - Global Forecast to 2023
Safety Lancet Market – Overview:
The number of ailments which require constant monitoring by way of blood samples has risen over the past few years. Market focused reports related to the healthcare sector among others recently have been made available by Market Research Future which publishes reports on this market. The market is estimated to generate revenues worth USD 2,305.1 million in 2023 while expanding with a CAGR of 11.8 percent during the forecast period.
Safety lancets are used widely in present times, with increased detection of diseases which require blood monitoring. The ability of users to handle medical devices which use safety lancets have improved considerably, which has indirectly improved the demand of the market as users can administer the test by themselves. The development of the medical device industry has led to improvement in product quality and efficacy levels.
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The safety lancets with retractable needles also widely prevent and decrease the chances of infectious disease. Their ease of use and portability have increased their acceptance level thereby positively contributing to the growth of its demand. Their single-use feature is a major benefit in terms of reducing the infection in non-medical setups. Additionally, as the safety lancets are being made in such a way that they cause minimum blood loss, they reduce the discomfort associated with blood collection procedures.
Safety Lancet Industry Segments:
The industry for safety lancets has been segmented into types, end users, and region. The types segment of the industry comprises of pressure activated safety lancet, push-button safety lancet, and side button safety lancet. The end user segment of the industry comprises of diagnostic centers and pathology laboratories, hospitals & clinics, home diagnostics and other end users. The region-based segmentation of the industry includes Asia Pacific, Europe, North America and rest of the world.
Safety Lancet Market Detailed Regional Analysis:
The industry for safety lancets is demonstrating a steady pace of growth for the past few years. The industry for safety lancet is developing with the CAGR of 11.8 percent during the forecast period. The blood sampling safety lancets are the most frequently used devices used in clinics, diagnostic centers, hospitals and home monitoring setups. The industry has achieved revenue levels worth USD 2,305.1 million in 2023 as compared to 1,056.2 million in the year 2016. The Europe region controls the largest market portion globally and is estimated to achieve revenues worth USD 1,032.7 million by the year 2023 owing to the increasing demand and need for safe blood glucose tests in clinics, hospitals, diagnostics centers combined with the growth in the number of insulin users.
Global Safety Lancet Market Competitive Analysis:
The capability to fuel competitive capabilities is one of the chief causes powering their efforts in this period. The constant delivery of customer value has enhanced the market value of the industry. The openings for expansion in the industry appear to be promising through the forecast period. The escalating levels of diversification in the industry, have allowed the companies to utilize many opportunities available in the industry. The market contenders are devising their blueprints for corporate strategy in a way can bring about the best results for development in the current scenario, while also concurrently enhancing their product’s value. The firms in this market are adapting to the state of events by implementing portfolio upgrades and maintaining financial liquidity. Moreover, the contenders are handling the competitive environment by driving the market growth factors to their advantage.
The industry players who are shaping the safety lancet market are Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Terumo Medical Corporation, Bayer AG, Sarstedt AG & Co., HTL-STREFA S.A., Improve Medical Technology Co. Ltd and others.
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