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 used to puncture the skin on one’s finger (or other body part) to get a blood sample. While some people simply use a lancet alone to stick their fingers, many people prefer to use a lancing device. A lancing device uses a spring to drive the lancet into the skin and retract it very quickly. It also allows the user to change the depth of penetration depending on the thickness of the skin and calluses and the sensitivity of the fingertips. In this way, enough blood can be obtained without causing unnecessary pain. An increase in geriatric population, rising prevalence of 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 advancements in the field of diabetes management is anticipated to provide ample opportunity for key players operating in the market during the estimated time period.
The growth of the market is primarily driven by the rising geriatric population, along with a rising incidence of chronic diseases. According to the U.S. Census Bureau, more than 56 million adults ages 65 and older live in the United States, accounting for about 16.9% of the nation’s population. By 2030, when the last of the baby boomer generation ages into older adulthood, it is projected that there will be more than 73.1 million older adults. According to the CDC’s (Centers for Disease Control) 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. In 2018, an estimated 1.5 million new cases of diabetes were diagnosed among U.S. adults aged 18 years or older. Thus, a 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 a major factor driving the growth of the market. Furthermore, the introduction of high-speed lancing devices is anticipated to further drive 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 and 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 a major factor that is expected to pose key challenges for the market growth over the forecast period.
The report provides an in-depth analysis of the United States 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 that this will 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 United States Lancet and Lancing Devices market comprises of different market segments like product type, usage, sales channel, application and end-user.
By product type, the United States 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 to 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 such as hematology tests, chemistry tests, microbiological culture growth identification confirmation (ID), and other tests.
By usage, the United States 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 United States 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 an 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 United States Lancet and Lancing Devices market finds major applications in
The glucose test is expected to dominate 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. The National Diabetes Statistics Report had documented that in 2019, more than 37 million people of all ages (11.3% of the U.S. population) had diabetes, but 8.5 million adults (23.0% of adults with diabetes) were not aware of having diabetes. Among those aged 65 years or older, the percentage of adults with diabetes increased to 29.2%.
The cholesterol test segment is predicted to witness significant growth over the forecast period. It used to test the level of cholesterol in patient to avoid the manifestation of CVD through early detection whereas these diseases can block arteries.
The United States 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, 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 rise in awareness about self-monitoring of blood glucose due to rise in prevalence of diabetes.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the United States Lancet and Lancing Devices market. In addition, a complete analysis of changes on the United States Lancet and Lancing Devices market expenditure, economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on the United States economy, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
According to various research studies, COVID-19 impacted diabetic patients more severely. Individuals with diabetes who were infected with COVID-19 required emergency admissions and proper medical management. It led to increased demand for blood glucose monitoring devices. 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 at a high 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 United States Lancet and Lancing Devices market is primarily focused on expanding the growth of lancet and lancing devices industry, in the United States with new product innovation, and business expansion. An increasing presence of a range of manufacturer operating in lancet and lancing devices sector has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which further contributes to 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 United States 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 United States 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 United States 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.
| 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 |
| 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 United States 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 is the leading product segment for United States Lancet and Lancing Devices market?
The safety lancets segment is expected to gain major share of the market during the forecast period.
