The global blood lancets market generated $901.30 million in 2018, and is estimated to reach $1.84 billion by 2026, growing at a CAGR of 9.4% from 2019 to 2026. Surge in coincidence of chronic diseases including hyperlipidemia, diabetes, and dyslipidemia, inclination toward home care diagnostics, and increase in reimbursement policies drive the growth of — blood lancets market. However, low awareness about homecare lancets in developing economies hinders the market growth. On the other hand, favorable regulations and untapped potential in emerging countries present new avenues in the next few years.
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The standard lancets segment to maintain its dominant share during the forecast period
Based on type, the standard lancets segment accounted for the largest share in 2018, generating more than half of the global blood lancets market, and is expected to maintain its dominant share during the forecast period. This is attributed to significant technological developments leading to enhanced performance related to pain & wound healing, lowered cost, and integration with other components. However, the safety blood lancets segment is expected to witness the highest CAGR of 10.2% from 2019 to 2026, owing to increase in prevalence of diabetes.
The homecare segment to maintain its leadership status by 2026
Based on end user, the homecare segment contributed to nearly two-fifths of the global blood lancets market based on revenue in 2018, and is estimated to maintain its leadership status by 2026. This is due to rise in usage of self-monitoring diabetes devices and ease in use of advanced devices at home. Contrarily, the blood banks segment would portray the fastest CAGR of 10.3% from 2019 to 2026, owing to surge in stock of blood with increase in blood donations across the world.
Asia-Pacific, followed by North America, to maintain its lead position by 2026
Based on region, Asia-Pacific, followed by North America, contributed to the highest market share, accounting for more than one-third of the global blood lancets market share in 2018, and is estimated to maintain its lead position by 2026. Moreover, this region is estimated to maintain the highest CAGR of 10.5% from 2019 to 2026. This is attributed to rapid modernization and rise in demand for advanced healthcare services in the developing nations such as India and China. North America held the second highest position in terms of revenue, accounting for more than one-fourth of the total share in 2018.
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Leading market players
• Becton, Dickinson & Company
• Improve Medical
• Terumo Corporation
• Sarstedt AG & Co.
• F.L. Medical SRL
• Medtronic plc
• Haemonetics Corporation
• Shangdong Lianfa Medical
• Nipro Medical Corporation
• Abbott Laboratories
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Release ID: 89036075