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 reduc...