2023-2029 is the forecast period in the market report.
Lancet is an object used to make incisions in the skin to draw a blood sample. It has many uses such as measuring blood glucose levels for diabetes patients or obtaining samples of cells from the skin for testing purposes. A lancing device is used with lancets to draw capillary blood from the fingertip, for testing of 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. The Asia-Pacific region consists of major countries like China, India, Japan, South Korea, etc. The growth of the region is attributed to factors such as a rise in elderly population, an increase in the incidence of diabetes, an increase in product approvals in the region. Also, technological advancements in diabetes management is anticipated to provide lucrative growth opportunities for key market players operating in the market.
The growth of the market is primarily driven by the rising geriatric population, along with a rise in the prevalence of diabetes. According to the Asian Development Bank (ADB), By 2050, one in four people in Asia and the Pacific will be over 60 years old. The population of older persons (aged over 60) in the region will triple between 2010 and 2050, reaching close to 1.3 billion people. In some countries such as the People’s Republic of China, Sri Lanka, Thailand, and Viet Nam, this transition will happen very rapidly. The International Diabetes Federation estimated that there were 382 million people with diabetes in 2013, a number surpassing its earlier predictions. More than 60% of the people with diabetes live in Asia, with almost one-half in China and India combined. Thus, a rising geriatric population, along with a rising incidence of diabetes, 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 market growth over the estimated time period.
Key collaborations and strategic initiatives by key market players are expected to positively impact the growth of the market. For example, in January 2019, Eris Lifesciences and Medtronic entered a collaboration for a diabetes monitoring initiative in India. Medtronic announced its plan to introduce its latest FDA approved Guardian Connect device for patients in India. Eris may provide the device at clinics and healthcare delivery units under its patient care initiative. Guardian Connect is a smart continuous glucose monitoring system connected with smartphone displays for real-time data viewing of glucose levels, without a separate hardware monitor. Such collaborations and initiatives are expected to provide ample new growth opportunities 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 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’s growth over the forecast period.
The report provides in-depth analysis of the Asia-Pacific 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 the growth at a specific CAGR from 2023-2029.
The Asia-Pacific 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 Asia-Pacific 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 in the case of geriatric patients.
The standard lancets are predicted to witness high growth over the forecast period as they are widely used for clinical lab testing procedures such as haematology tests, chemistry tests, microbiological culture growth identification confirmation (ID), and other tests.
By usage, the Asia-Pacific Lancet and Lancing Devices market includes segments such as
The personal lancets segment is projected to hold the largest share of 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 Asia-Pacific 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 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 Asia-Pacific Lancet and Lancing Devices market finds major applications in
The glucose test segment is expected to dominate the market over the forecast period due to an increasing prevalence of diabetes has led to a rise in awareness about the self-monitoring of blood glucose. The International Diabetes Federation (IDF) projects that the number of people with diabetes in South-east Asian region will increase by 68% reaching 152 million by 2045 and the prevalence of diabetes will increase 30% reaching 11.3% in 2045. In 2021, 65.3 billion USD were spent on diabetes in South-east Asia region, representing 6.7% of the total spent worldwide. The proportion of undiagnosed diabetes is third highest in South-east Asia with 51.2%. The proportion of pregnancies affected by hyperglycaemia is the highest among IDF Region with 25.9%.
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 in early detection whereas these diseases can block arteries.
The Asia-Pacific 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 large number of patients suffering from diabetes requires 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.
The Asia-Pacific Lancet and Lancing Devices market is studied for the following countries
China is projected to lead the market during the forecast period due to an increase in prevalence of diabetes in the region. As per the IDF 2021 report, an estimated 141 million adults are living with diabetes in China- a rise of 20% over the past two years. The country has the highest number of deaths from diabetes in the Western Pacific region, at approximately 1.4 million, and the second-highest diabetes-related health expenditure in the world, at 165.3 billion USD. More than half (50.5%) of adults currently living with diabetes in China are undiagnosed. 90% of people with diabetes have type 2 diabetes.
India is expected to witness high growth over the projected time period due to rising prevalence of diabetes, growing awareness regarding diabetic care, an increase in healthcare expenditure, and technological advancements in diabetes treatment.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Asia-Pacific Lancet and Lancing Devices market. In addition, a complete analysis of changes in the Asia-Pacific 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 Asian economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The COVID-19 pandemic has positively impacted the growth of the market. The prevalence of diabetes in people with COVID-19 caused a significant increase in the severity and mortality of COVID-19 in people with either type 1 or type 2 diabetes, especially in association with poor glycaemic control. Also, 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. This is a key factor that is expected to contribute to the growth of the market.
The competitive landscape analysis of the Asia-Pacific Lancet and Lancing Devices market is primarily focused on expanding the growth of the lancet and lancing devices industry in Asia-Pacific with new product innovation, and business expansion. An increasing presence of range of manufacturer operating in lancet and lancing devices sector has led the growing demand for the market. Besides, the market offers 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
March 2022: Japan’s Ministry of Health, Labour and Welfare approved the expansion of reimbursement coverage in Japan for the FreeStyle Libre system and the continuous glucose monitoring (CGM) system to include all people with diabetes who use insulin at least once per day.
November 2020: Abbott announced that the FreeStyle Libre system, is now available for adults and children (above the age of four) living with diabetes in India and women with gestational diabetes (diabetes during pregnancy), offering them the choice to check glucose levels anytime and anywhere, ultimately improving glucose control.
By product type, the Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific Lancet and Lancing Devices market is studied for countries like China, Japan, India, and the Rest of Asia-Pacific. China is projected to lead the market during the forecast period.
Sizing for Year:||2019-2029|
Players and its Competitors:|
Nipro Medical Corporation
EDAN Instruments, Inc.
SARSTEDT AG& CO. KG
Jiangsu huida medical instruments co. Ltd
Smith’s Group plc.
Yu Yue medicalGreiner Bio One International GmbH
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 Asia-Pacific 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)?
China is expected to gain a major share of the market during the forecast period (2023-2029).