Blood Lancet - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Blood Lancet Market size is estimated at USD 1.78 billion in 2024, and is expected to reach USD 2.57 billion by 2029, growing at a CAGR of 7.63% during the forecast period (2024-2029).

COVID-19 had a significant impact on the blood lancet market owing to the increase in blood collection for the COVID-19 antibody test. For instance, in September 2020 update from the U.K. Government, coronavirus antibody test kits were delivered to homes for simple blood sample tests. Using disposable finger-prick blood lancets, a small amount of blood was taken and sent to labs for 3-7-day results. Furthermore, due to the need for self-diagnosis and management by a large number of diabetic patients globally, the COVID-19 pandemic outbreak significantly affected the growth of the blood lancet industry. Currently, as the pandemic restrictions were lifted, the blood lancet market is anticipated to witness growth in the coming years due to the rise in the number of chronic diseases such as diabetes and the increase in the incidence of infectious diseases.

An increase in the incidence of chronic diseases, rising reimbursement policies, and the high prevalence of infectious diseases are expected to drive market growth. Blood lancets are used to collect blood samples which are further used for monitoring several chronic diseases such as diabetes. In diabetes patients, these blood lancets are widely used to check blood glucose levels. As per the IDF Atlas 10th edition, the number of people affected with diabetes was 537 million in 2021. This number is estimated to rise to 643 million by 2030. As the number of diabetics rises, demand for blood lancets is expected to grow over the forecast period. Moreover, various market players currently concentrate their ongoing innovations and developments of medical technologies on continuous evolution and development to raise the quality of equipment being offered to the various patients. Disposable lancets have a very minimal risk of blood transfusion and infection transmission, opening up new commercial potential. For instance, in March 2021, Owen Mumford introduced a 16-gauge (16G) safety lancet for high-volume capillary blood sampling into its Unistik product range. It is also suited for at-home and point-of-care testing (POCT) kits, making it convenient for test kit inclusion by kit manufacturers who require reduced packaging, and bulk order quantities and can benefit from its small form and simple user features.

Blood lancets are widely used in point-of-care diagnostics of sexually transmitted diseases. For instance, as per the article published in January 2023 in the MDPI journal, the researchers developed a POC diagnostic for this STI using the MedMira Rapid Vertical Flow (RVF) Technology test cartridge with a membrane that includes a Vertical procedural/reagent control line (referred to as CVL) and spotted with 1 µg of a 72.4-kDa truncated version of α-actinin called ACT::SOE3. For the test to detect antibodies to ACT::SOE3 from the whole blood, the kit provided contained a sterile blood lancet with a double-edged blade and pointed end. Thus, utilizing blood lancet for research purposes for detecting STIs are expected to drive the market growth over the forecast period. Furthermore, increasing inclination towards home healthcare devices with improving medical device regulation will also create a lucrative opportunity for the blood lancet market.

Thus, due to the rise in chronic disease and infectious disease that utilizes the lancet for the detection of disease by collecting blood, the studied market is anticipated to witness growth over the forecast period. However, the risk of infections due to the reuse of lancets restrains the market growth over the forecast period.

Blood Lancet Market Trends

Hospital Segment is Estimated to Witness a Healthy Growth Over the Forecast Period

The hospital segment is estimated to witness healthy growth in the future attributed to the growing number of chronic disease cases and infectious disease cases population. These targeted patient pools are likely to require blood testing for diagnosing and treatment which is widely performed in hospitals, thus promoting segment growth. For instance, as per the article published in December 2021 in Diabetes Care, preadmission treatment of hyperglycemia in patients undergoing elective procedures, a specialized inpatient diabetes program using well-established standards, and careful discharge to scheduled outpatient management all help to facilitate hospital management of diabetes. As per the same source, for patients who are hospitalized, bedside blood glucose testing ranging from every 30 min to every 2 hours is the required standard for the safe use of intravenous insulin. Thus, lancets are frequently used for collecting blood samples from patients admitted to hospitals to monitor their glucose levels. This is anticipated to increase the demand for lancets in hospitals, driving the segment growth.

Furthermore, according to the Hepatitis B Foundation 2022 update, two billion people have been infected with the hepatitis B virus (one out of three people) in 2022. Approximately 1.5 million people become newly infected each year. Almost 300 million people are chronically infected. For the detection of Hepatitis, blood collection is done by using a blood lancet. For instance, according to the article published in June 2022 in PubMed, a study was conducted to estimate the seroprevalence of hepatitis B virus surface antigen and associated factors among women of reproductive age in Bench Maji Zone, South West Ethiopia. A sterile blood lancet was used to puncture the skin of the middle and ring fingers in order to collect capillary blood to detect the serostatus of HBsAg. Thus, the increasing burden of infectious diseases like hepatitis is propelling the growth of the market.

Thus, due to the rise in the utilization of lancets in hospitals and the increase in chronic disease and infectious disease that utilizes the lancet for the detection of disease by collecting blood, the studied segment is anticipated to witness growth over the forecast period.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to hold a significant market share in the global blood lancet market due to the rising geriatric population, increasing targeted population, growing R&D expenses, and growing awareness about diabetes treatment. As per the United States Census Bureau's 2021 senior report, more than 54 million adults ages 65 and older live in the United States, accounting for about 16.5% of the nation's population. The number of older adults living in the United States is large and growing, and it is estimated that by 2050, the total number of adults ages 65 and older is projected to rise to 85.7 million, roughly 20% of the overall United States population. Thus, with the rise in the volume of the senior population, the share of chronic diseases is expected to increase as the old age population is more prone to such chronic conditions, thereby boosting the market for blood lancets in the region.

The growing prevalence of diabetes along with an increase in spending on healthcare management is anticipated to increase the market growth. For instance, according to the International Diabetes Federation Diabetes Atlas Tenth edition, in 2021, around 32.2 million people in the United States had diabetes, projected to grow to 36.3 million by 2045. Similarly, as per the Diabetes Canada 2022 report, 5,719,000 people were estimated to be diagnosed with diabetes in Canada. This count is projected to rise to 7,277,000 by 2032 in Canada.

Moreover, healthcare expenditure and well-established healthcare infrastructure are fueling the growth of the overall regional market to a large extent. Additionally, in November 2021, Intuity Medical released the POGO Automatic Blood Glucose Monitoring System in the United States for diabetic patients. Using its ten-test cartridge technology, it lances, collects, and analyses blood in one step.

Thus, due to the rise in chronic and infectious disease and the increase in blood glucose monitoring product launches that contains lancet, North America is anticipated to witness growth over the forecast period.

Blood Lancet Industry Overview

The blood lancet market is moderately competitive and consists of several major players. Some companies currently dominating the market are Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd, B. Braun Melsungen AG, Abbott, Terumo Corporation, ARKRAY, and Owen Mumford Ltd, Intrinsyk, LLC., and Amkay Products Pvt. Ltd.

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