The Global Safety Lancet Market is expected to grow at an estimated CAGR of 11.8% from 2017 to 2023.
Some of the major players in this market are
- Sarstedt AG & Co.,
- F. Hoffmann-La Roche AG,
- Becton, Dickinson and Company,
- Improve Medical Technology Co. Ltd,
- Terumo Medical Corporation,
- Bayer AG,
- HTL-STREFA S.A.
Safety lancets are one of the broadly used opportunity device to gain the blood samples. Lancets are receiving international recognition and acceptance because of its several handy characteristics which offers them and side over the conventional techniques for vein puncture.
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Some of the important features of the safety lancets are painless vein puncture, easy handling and safety while using. The major applications of the safety lancets are capillary blood micro sampling, cholesterol test, HBO and HIV screening test, blood group test, coagulation tests, allergy tests and many other blood based tests.
Safety lancets are introduced in 1994 by Medlance with the initiation button and T-shape cover over it. They are useful to avoid needle-stick injuries and infections. In United States alone in 2014, around 2.2 million people had chronic hepatitis B virus infection. (CDC, Viral Hepatitis – Hepatitis B Information, 2016).
The ubiquitous application of safety lancets such as capillary blood sampling, blood and allergy test, HBO and HIV screening test, blood group test and others, coupled with growing awareness of prevention of injury and associated infections in healthcare are the prime drivers of the market. The desirable benefits of the safety lancets such as painless vein puncture, minimal blood loss, elimination of infection and contamination, easy handling and safety have resulted in lancets substituting traditional methods of vein puncture.
Diabetes represents a large market opportunity. The World Health Organisation estimates that number diabetics has increased from 108 million in 1980 to 422 million in 2015. The concurrent growth of global diabetes prevalence from 4.7 % in 1980 to 8.5 % in 2015 has made the market a sustainable one.
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The growing demand for micro blood testing, increasing demand for the self-monitoring of blood glucose in diabetics, development of innovative glucose-monitoring devices, expanse of diagnostics, rising number of laboratories, rising infectious and other diseases are the other drivers of the market. The development of high quality materials and ergonomic design are technical drivers of the market. The development and use of advanced materials such as silicon is another driver of the market.
Lack of awareness, low quality spurious products, increasing pricing pressures owing to large fragmentation are the commercial restraints of the market.
Europe accounts for the largest share of the market which is expected to reach USD 1,032.7 million by 2023. The European region is expected to be led by Germany, France and the U.K.
However the market is shifting in favour of the developing countries led by China and India owing to large unmet needs and the growing number of screening and diagnostic. The development of safety regulation in healthcare is expected to result in rapid growth of the market.
North America region led by the U.S. Is expected to command faster growth than the traditional owing to compulsory testing of new-borns for diseases under the affordable healthcare act. The low health care expenditure in the Middle East and Africa regions coupled with poor socio economic conditions in Africa will hinder the market. Thus, cost is a major value driver of the market in the African regions.
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