Growing Chronic Disease Patient Pool to Drive Lancet Market at 9.5% CAGR by 2030

 Around 17.9 million die as a result of cardiovascular diseases (CVDs) and 9.6 million as a result of cancer, every year, says the World Health Organization (WHO). Moreover, over 250 million suffer from chronic obstructive pulmonary disease (COPD), 235 million have asthma, and 422 million are living with diabetes. A lot of these diseases can be detected early via blood tests, which is the primary reason for the increasing demand for lancets.

Therefore, the global lancet market, which had generated $830.3 million revenue in 2019, is projected to experience a 9.5% CAGR between 2020 and 2030 (forecast period). A lancet is a pen-like device, which contains a needle connected to a spring, meant to draw sufficient blood, in a minimally invasive manner.


Till 2030, the safety bifurcation is predicted to continue generating higher revenue in the lancet market, as the preference for these devices is high, on account of their better safety profile. Owing to their single-use design, they reduce the chances of infection spread; similarly, with the needle automatically springing back after use, the risk of unintentional pricks and injuries is minimized. Additionally, they eliminate the requirement for lancing devices, which makes them easier to use, for testing the capillary blood.

The glucose testing category held the largest share in the market during the historical period (2014–2019), on account of the rising number of people suffering from diabetes. For ascertaining the severity of the pancreatic disorder and managing it, it is important to monitor the level of glucose in the blood, which is why the requirement for lancets is surging around the world.

In 2019, the lancet market was dominated by the 28 division, as this gauge size means a small-diameter needle, which, in turn, results in minimal pain and discomfort for the patient. Additionally, lancets with a gauge size of 28 are able to draw sufficient blood for the test, which is why they are being rapidly adopted for diabetes diagnosis and management.

The hospitals and clinics classification is expected to display the fastest market growth, at a CAGR of 10.0%, during the forecast period. This is ascribed to the increasing number of such healthcare establishments around the world, where the pool of patients suffering from chronic diseases is also constantly expanding, thereby resulting in a high procurement rate of lancets.

Access Detailed Report - Lancet Market Growth Forecast Report


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