Lancet Market Scope, Economic Impact and SWOT Till 2027

Global Lancet Market – Overview

Globally, lancets are being utilized by patients who are affected by endocrine related complications, cardiovascular issues, and many others. Lancets are being used for diabetes/glucose test, tests in infants, heel-stick screening tests, as well as for scarred emergency patients or severely burned patients. The global lancet market is growing at an exponential rate and it is expected to grow at a CAGR of 11.3% during 2020 to 2027.

The increasing prevalence of diabetes and growing incidence number of contagious and non-contagious diseases has been the major factor for influencing the growth of the market. Incidence of contagious diseases is increasing rapidly on a global level. According to the WHO, it has been calculated that, infectious diseases like plaque which is also known as black death has an estimated 50 million deaths in the 14th century, this infectious disease can be a serious disease if not treated, this disease has a case fatality ratio of around 30%-60%, as of 2013 there were 783 cases worldwide which includes 126 deaths.

The Lancet Market appears to be oligopolistic owing to the presence of large players active in the regional market. The market is also characterized by a reasonable degree of brand loyalty where establishing a brand name is difficult for newcomers. However, the cost involved in manufacturing setup is low to medium which discreetly comfort the new entrants to enter in the market easily.  Developments in the medical device industry are made to simplify the diagnosis, prevention, and treatment of various diseases. One of such device is lancet, which is capturing a huge market share due to its application. Safety lancets and personal lancets being the two major types of the lancets are dominating the global lancet market.

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Global Lancets Market – Regional Analysis

The oligopolistic nature of the market with North America at its prime holding the largest regional share. The factors contributing to this major share include the well-established healthcare infrastructure and the high income generating end users. As of now the medical device industry is majorly established in the U.S. and Europe. But trends are showing enormous growth opportunity in Asia, wherein China will play a prominent role in both usage and development of medical devices.

Moreover, in terms of volume; manufacturers from China are anticipated to capture a large portion of the market, companies such as Guangzhou IMPROVE MEDICAL Technology Co. Ltd, SteriLance Medical (Suzhou) Inc., and others are contributing to this major portion. These companies have established their manufacturing unit worldwide.

Industry Updates

June, 2020: F. Hoffmann-La Roche AG received European approval of Avastin Drug in combination with Tarceva for cancer patients with a specific type advance lung cancer.

January, 2020: Catalent Inc., a company involved in biologics announced its research collaboration with Roche on Smartag(TM) technology. Catalent claims Roche will pay Catalent an up-front fee of $1 million. Roche to provide additional research funding during the initial phase of the collaboration between these two companies. 

October, 2020: BD announced the acquisition of GenCellBio systems, an Irish biotech company that has developed proprietary technologies that address key biological analysis protocols, for an undisclosed consideration. The acquisition is expected to improve the BD’s Next Generation Sequencing line of products. 

August, 2020: Roche Holding AG acquired GeneWEAVE to strengthen offerings in microbiology diagnostics. Roche will pay GeneWEAVE shareholdsers $190 million upfront and up to $235 million in contingent product related milestones.

March, 2020: BD completed the acquisition of CareFusion Corporation (CareFusion) for $12.2 billion. CareFusion will operate as a wholly-owned subsidiary of BD. The acquisition is intended to enhance the medication management and patient safety solutions provided by BD. 

Global Lancets Market – Regional Analysis

The oligopolistic nature of the market with North America at its prime holding the largest regional share. The factors contributing to this major share include the well-established healthcare infrastructure and the high income generating end users. As of now the medical device industry is majorly established in the U.S. and Europe. But trends are showing enormous growth opportunity in Asia, wherein China will play a prominent role in both usage and development of medical devices.

Moreover, in terms of volume; manufacturers from China are anticipated to capture a large portion of the market, companies such as Guangzhou IMPROVE MEDICAL Technology Co. Ltd, SteriLance Medical (Suzhou) Inc., and others are contributing to this major portion. These companies have established their manufacturing unit worldwide.

Global Lancets Market – Competitive Analysis

Many key players involved in this market are keen in introducing new advanced safety lancets for the treatment of various contagious diseases. HTL-STREFA S.A. accounted for major market share of global lancet market, with more than 35% of market share. The large share of the company is attributed to the high demand for safety lancet globally. Moreover, this company has a strong sales and distribution network and this company also provides after sales services and help which play a major role in the satisfaction of the customers. F. Hoffmann-La Roche AG accounts for approximately 22% which can be attributed to their product the ACCU-CHEK which is one of the safety lancets having high demand in the market.

The major players in the market which have global operations of the Lancet market, and are consistently working for the development of the following technology are F. Hoffmann-La Roche AG, Becton, Dickinson and Company, Greiner Bio One International GmbH, Improve Medical Technology Co. Ltd, Terumo Medical Corporation, Bayer Cropscience Limited, HTL-STREFA S.A, Sarstedt AG Co and others.

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