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Lancets are small devices that provide a way to take blood samples. A lancing device is a reusable instrument equipped with a generally disposable blood lancet. It can be used with a blood lancet, or simply lancet, for a small medical implement used for capillary blood sampling. It is especially utilized for home diagnostics and aimed to be used by patients when performing skin punctures on themselves. It is recommended for the small capillary blood samples obtained to test for blood glucose, haemoglobin, and many other blood components testing. It is also most commonly used by diabetics during blood glucose monitoring with a glucometer. 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. An increase in the geriatric population, the rising prevalence of different chronic diseases like diabetes, and an increase in demand for continuous blood glucose monitoring are key factors driving the growth of the market in the region. Also, technological improvements in the field of diabetes management is anticipated to provide an ample opportunity for the market players during the forecast period.
The growth of the market is primarily driven by the rising geriatric population, and the rising incidence of chronic diseases. According to the World Diabetes Foundation, in the Europe Region, 30.8% of the general population are aged between 50 and 79 years in 2015, and this is expected to increase to 35.6% by 2040. Approximately 627,000 people aged 20-79 died from diabetes during 2015 in the Europe Region. About one quarter (26.3%) of these deaths were in people under the age of 60, which partly reflects the age distribution of the population, but also may be related to improved survival rates due to more responsive health systems. There were slightly more deaths due to diabetes in women compared to men (315,000 vs 312,000, respectively). Thus, a rising geriatric population, along with a rising incidence of chronic diseases are expected to result in many patients requiring regular blood glucose monitoring and treatment. This is major factor driving the growth of the market. Furthermore, an increase in demand for continuous blood glucose monitoring is anticipated to further drive market growth over the estimated time period.
Technological advancements in diabetes management along with the launch of advanced solutions are anticipated to positively impact the growth of the market over the forecast period. For instance, in March 2022, The Dexcom G7 continuous glucose monitoring (CGM) system has been granted a CE Mark (Conformité Européenne), which means it is approved for use in people with diabetes in Europe aged 2 years and older, including pregnant women. Thus, the launch of such advanced solutions is 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 Europe 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 the growth at a specific CAGR from 2023-2029.
The Europe 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 Europe 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 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 Europe 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 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 Europe 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 the 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 Europe Lancet and Lancing Devices market finds major applications in
The glucose test is expected to lead the market over the forecast period due to, an increasing prevalence of diabetes that has led to a rise in awareness about self-monitoring of blood glucose. IDF projects that diabetes prevalence (9.2%) and number of people with diabetes (61 million) in Europe will increase 13 % by 2045. EUR The region has the highest number of children and adolescents with type 1 diabetes (295,000) as well as the highest incidence annually with 31,000 new cases per year. Europe has also the second highest average cost per person with diabetes (USD 3,086). In 2021, 189.3 billion USD was spent on diabetes, representing 19.6% of the total spent worldwide.
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 through early detection whereas these diseases can block arteries.
The Europe 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 case of surgeries, facilitating a rise in growth. Also, 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 the rise in awareness about self-monitoring of blood glucose due to the rise in prevalence of diabetes.
The Europe Lancet and Lancing Devices market is studied for the following countries
Germany is projected to lead the market during the forecast period. The growth of the market in the U.S can be attributed to increasing prevalence of diabetes in the region. According to the German Diabetes Centre (DDZ), at least 7.2% of the population in Germany currently lives with diabetes which will increase significantly over the next two decades. The prevalence of known type 1 & 2 diabetes in the German adult population is very high. Also, the German Center for Diabetes Research (DZD) conducts extensive scientific research to develop effective prevention and treatment measures to halt the emergence or progression of diabetes. It is expected to fuel the growth of the market in the region.
The U.K is expected to witness high growth over the projected time period due to an increase in the incidence of diabetes, and the rise in the implementation of supportive government initiatives regarding diabetes prevention and mitigation. According to The British Diabetic Association, Diabetes prevalence 2021 data shows an increase in the number of people living with a diabetes diagnosis in the UK: an increase of more than 150,000 from 2020. It is estimated that more than 13.6 million people are at increased risk of type 2 diabetes in the UK. At this rate, the number of people with diabetes, including the undiagnosed population, is expected to rise to 5.5 million by 2030.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Europe Lancet and Lancing Devices market. In addition, complete analysis of changes on the Europe 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 the pandemic on the European economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The COVID-19 pandemic is one of the greatest humanitarian challenges affecting the world. The pandemic has positively impacted the growth of the market. According to The British Diabetic Association, “The pandemic has had and continues to have, a huge impact on our society. But research and data have shown that people with diabetes have been disproportionately affected by COVID-19, particularly in terms of poorer outcomes when contracting the virus. That’s why preventing or delaying cases of type 2 diabetes is more important than ever before.” 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. It is expected to contribute to the growth of the market.
The competitive landscape analysis of Europe Lancet and Lancing Devices market is majorly focused on expanding the growth of lancet and lancing devices industry in Europe with new product innovation, and business expansion. An increasing presence of a range of manufacturer operating in lancet and lancing devices sector has led the 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
March 2022: DexCom had announced the receipt of CE Mark for its G7 CGM system in Europe, which is intended for people who have diabetes and are two years and older, including pregnant women.
February 2021: Roche announced the launch of the new Accu-Chek Instant system, a new “connected” blood glucose monitoring (BGM) system, which supports and enables Roche’s approach of integrated Personalised Diabetes Management (iPDM). Accu-Chek Instant features Bluetooth-enabled connectivity to the mySugr app, allowing wireless transfer of blood glucose results to the mySugr app.
By product type, the Europe 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 Europe 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 Europe 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 Europe Lancet and Lancing Devices market is studied for countries like Germany, U.K, France, Italy, Spain and the Rest of Europe. Germany is projected to lead the market during 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 End-User |
| 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 Europe 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)?
Germany is expected to gain major share of the market during the forecast period (2023-2029).
