Lancet Market Revenue To Grow At 9.5% CAGR during 2020–2030

The global lancet market revenue stood at $830.3 million in 2019, and it is expected to rise at a CAGR of 9.5% from 2020 to 2030 (forecast period).

The growing prevalence of chronic illnesses, mushrooming use of lancets for testing allergies, enactment of government regulations aimed at encouraging the use of single-use lancets, and rising incidence of needlestick infections and injuries are the major factors propelling the advancement of the market across the world. 

The rising incidence of chronic illnesses, such as cardiovascular diseases (CVDs), cancer, chronic obstructive pulmonary disease (COPD), and diabetes, is fueling the demand for minimally invasive blood drawing devices, such as lancets. According to the World Health Organization (WHO), COPD claims the lives of 3 million people each year and over 235 million people all over the world are currently living with asthma. Additionally, CVDs are responsible for the deaths of 17.9 million people, while cancer claims the lives of 9.6 million people every year. 

Additionally, they can be used for pricking the capillary without requiring the use of a lancing instrument, which further boosts their popularity around the world. The lancet market is also categorized, on the basis of application, into glucose testing, coagulation testing, and hemoglobin testing. Out of these, the glucose testing category held the largest share in the market in the past because of the growing prevalence of diabetes. According to the WHO, nearly 422 million people are currently living with diabetes and around 1.6 million human lives are lost every year because of the disease. 

To ensure effective diabetes management, the units of insulin being administered must be regulated, which can be achieved by regularly measuring the blood sugar level. Throughout the forecast period, the Asia-Pacific (APAC) region will be the fastest-growing region in the lancet market, as per the estimates of the market research company, P&S Intelligence. 

This is credited to the mushrooming geriatric population, increasing purchasing power of people, improving healthcare infrastructure, growing prevalence of chronic illnesses, and soaring initiatives being launched by public and private organizations for raising public awareness about diabetes. For example, 6 million people in Southeast Asia are living with diabetes, out of which, 90% are suffering from type 2 diabetes, as per the WHO.

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