Market Trends of Blood Lancet Industry
This section covers the major market trends shaping the Blood Lancet Market according to our research experts:
Hospital Segment is Estimated to Witness a Healthy Growth Over the Forecast Period
The hospital segment is estimated to witness healthy growth in the future attributed to the growing number of chronic disease cases and infectious disease cases population. These targeted patient pools are likely to require blood testing for diagnosing and treatment which is widely performed in hospitals, thus promoting segment growth. For instance, as per the article published in December 2021 in Diabetes Care, preadmission treatment of hyperglycemia in patients undergoing elective procedures, a specialized inpatient diabetes program using well-established standards, and careful discharge to scheduled outpatient management all help to facilitate hospital management of diabetes. As per the same source, for patients who are hospitalized, bedside blood glucose testing ranging from every 30 min to every 2 hours is the required standard for the safe use of intravenous insulin. Thus, lancets are frequently used for collecting blood samples from patients admitted to hospitals to monitor their glucose levels. This is anticipated to increase the demand for lancets in hospitals, driving the segment growth.
Furthermore, according to the Hepatitis B Foundation 2022 update, two billion people have been infected with the hepatitis B virus (one out of three people) in 2022. Approximately 1.5 million people become newly infected each year. Almost 300 million people are chronically infected. For the detection of Hepatitis, blood collection is done by using a blood lancet. For instance, according to the article published in June 2022 in PubMed, a study was conducted to estimate the seroprevalence of hepatitis B virus surface antigen and associated factors among women of reproductive age in Bench Maji Zone, South West Ethiopia. A sterile blood lancet was used to puncture the skin of the middle and ring fingers in order to collect capillary blood to detect the serostatus of HBsAg. Thus, the increasing burden of infectious diseases like hepatitis is propelling the growth of the market.
Thus, due to the rise in the utilization of lancets in hospitals and the increase in chronic disease and infectious disease that utilizes the lancet for the detection of disease by collecting blood, the studied segment is anticipated to witness growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global blood lancet market due to the rising geriatric population, increasing targeted population, growing R&D expenses, and growing awareness about diabetes treatment. As per the United States Census Bureau's 2021 senior report, more than 54 million adults ages 65 and older live in the United States, accounting for about 16.5% of the nation's population. The number of older adults living in the United States is large and growing, and it is estimated that by 2050, the total number of adults ages 65 and older is projected to rise to 85.7 million, roughly 20% of the overall United States population. Thus, with the rise in the volume of the senior population, the share of chronic diseases is expected to increase as the old age population is more prone to such chronic conditions, thereby boosting the market for blood lancets in the region.
The growing prevalence of diabetes along with an increase in spending on healthcare management is anticipated to increase the market growth. For instance, according to the International Diabetes Federation Diabetes Atlas Tenth edition, in 2021, around 32.2 million people in the United States had diabetes, projected to grow to 36.3 million by 2045. Similarly, as per the Diabetes Canada 2022 report, 5,719,000 people were estimated to be diagnosed with diabetes in Canada. This count is projected to rise to 7,277,000 by 2032 in Canada.
Moreover, healthcare expenditure and well-established healthcare infrastructure are fueling the growth of the overall regional market to a large extent. Additionally, in November 2021, Intuity Medical released the POGO Automatic Blood Glucose Monitoring System in the United States for diabetic patients. Using its ten-test cartridge technology, it lances, collects, and analyses blood in one step.
Thus, due to the rise in chronic and infectious disease and the increase in blood glucose monitoring product launches that contains lancet, North America is anticipated to witness growth over the forecast period.
