Safety lancet is a single-use, sterile device intended for capillary blood sampling. It is similar to a small scalpel but comes with a double-edged needle or blade. Lancets are often used to make punctures like a fingerstick to obtain blood specimens. They are generally disposable. In addition, safety lancets are used to prick skin in skin testing procedures for detecting allergies. Safety lancets are used by diabetic patients, as they use them to poke a small hole in their fingers for blood. The blood sample is then used to check the blood glucose level. The lancet needle is very thin and tiny, making it prone to bending after a single use, therefore, they are quite safe as they need to be replaced after each cut.
Impact of COVID-19 on the Medical Device Market
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
There has been an increase in the demand for medical supplies to take care of the infected population. Respiratory support devices such as atomizers, lifesupport machines, oxygen generators, and monitors are among the majorly used medical devices in primary clinical treatment. Moreover, COVID-19 has led to a huge surge in demand for medical supplies such as personal protective equipment, including masks, gloves, and protective eyeglasses. An increase has been witnessed in the need for medical supplies, both from healthcare professionals and the civil population for precautionary measures, owing to the rise in the number of COVID-19 cases worldwide. Manufacturers of these products have a chance to capitalize on this increased demand for medical supplies to ensure an adequate and continuous supply of personal protective equipment in the market. Therefore, COVID 19 is expected to have a significant impact on the safety lancet market.
Top Impacting Factors
The safety lancet market is highly driven by the growth in the prevalence of infectious diseases and different chronic conditions along with rise in the preference toward home healthcare, and improved medical device regulations.
Home care has become one of the most preferred methods of healthcare consulting, due to rise in demand for relaxed and convenient healthcare dispensation. This has attributed to the growth of the safety lancet market.
Moreover, surge in support of the governments in developing economies along with increased healthcare funding on safety lancets has fuelled the growth of the global safety lancet market.
However, lack of awareness still persists in the developing countries when it comes to homecare usage of safety lancets. This can be considered as a major challenge which can act as a hurdle for the global safety lancet market.
Key Market Trends
In the global safety lancet market, the homecare segment is dominating owing to its increase in use among patients who are being diagnosed with chronic diseases such as diabetes as these patients need proper homecare.
Simplicity and ease of using the device have made it an ideal device for self-diagnosing and monitoring diabetes, which can further propel the market growth during the forecast period.
In 2018, HTL-STREFA expanded its storage capacity in Leczyca and was also acquired by Investindustrial. This acquisition helped the company partner for the management of diabetes and serve an extensive customer base.
In 2017, Owen Mumford opened its facility in Malaysia. This was done to accelerate and strengthen the growth of Owen Mumford in the Asia-Pacific.
North America dominates the safety lancet market owing to increase in number of cases of chronic illnesses that require homecare and also due to the region's favorable reimbursement policies. Surge in expenditure of healthcare in this region along with the rise in number of new product launches has further fueled the market growth of safety lancets.
The Asia-Pacific market of safety lancets is projected to grow during the forecast period due to increase in the number of cases of malaria, dengue, chikungunya, all of which require safety lancet devices.
Key Benefits of the Report
- This study presents the analytical depiction of the safety lancetindustry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the safety lancet market share.
- The current market is quantitatively analyzed to highlight growth scenario of the safety lancet market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years
Questions Answered in the Global Safety Lancet Market Report
- Which are the leading players active in the safety lancetmarket?
- How is each segment of the market expected to grow during?
- What are the adoption trends for safety lancet market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What aresafety lancets?
- What is the prediction for the safety lancet market in the future?
- What are the current trends and predicted trends?
Safety Lancet Market Report Highlights
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Key Market Players
Bayer AG, Becton and Dickinson Company, B. Braun Melsungen AG, HTL-STREFA S.A., SteriLance Medical, Amkay Products Pvt. Ltd., F. Hoffmann-La Roche Ltd., Sterimed Group, Terumo Medical Corporation, NARANG MEDICAL LIMITED