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Blood Lancet Market Size (2024 - 2029)

The blood lancet market is projected to experience growth over the forecast period, driven by an increase in chronic and infectious diseases that require blood sample collection for diagnosis and monitoring. The market's expansion is further supported by the rising prevalence of diabetes and the growing demand for home healthcare devices, alongside advancements in medical device regulations. The COVID-19 pandemic has also influenced market dynamics, highlighting the need for self-diagnosis tools. Despite these growth opportunities, concerns about infection risks from reused lancets may pose challenges to market expansion.

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Market Size of Blood Lancet Industry

Blood Lancet Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 1.78 Billion
Market Size (2029) USD 2.57 Billion
CAGR (2024 - 2029) 7.63 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Blood Lancet Market Major Players

*Disclaimer: Major Players sorted in no particular order

Blood Lancet Market Analysis

The Blood Lancet Market size is estimated at USD 1.78 billion in 2024, and is expected to reach USD 2.57 billion by 2029, growing at a CAGR of 7.63% during the forecast period (2024-2029).

COVID-19 had a significant impact on the blood lancet market owing to the increase in blood collection for the COVID-19 antibody test. For instance, in September 2020 update from the U.K. Government, coronavirus antibody test kits were delivered to homes for simple blood sample tests. Using disposable finger-prick blood lancets, a small amount of blood was taken and sent to labs for 3-7-day results. Furthermore, due to the need for self-diagnosis and management by a large number of diabetic patients globally, the COVID-19 pandemic outbreak significantly affected the growth of the blood lancet industry. Currently, as the pandemic restrictions were lifted, the blood lancet market is anticipated to witness growth in the coming years due to the rise in the number of chronic diseases such as diabetes and the increase in the incidence of infectious diseases.

An increase in the incidence of chronic diseases, rising reimbursement policies, and the high prevalence of infectious diseases are expected to drive market growth. Blood lancets are used to collect blood samples which are further used for monitoring several chronic diseases such as diabetes. In diabetes patients, these blood lancets are widely used to check blood glucose levels. As per the IDF Atlas 10th edition, the number of people affected with diabetes was 537 million in 2021. This number is estimated to rise to 643 million by 2030. As the number of diabetics rises, demand for blood lancets is expected to grow over the forecast period. Moreover, various market players currently concentrate their ongoing innovations and developments of medical technologies on continuous evolution and development to raise the quality of equipment being offered to the various patients. Disposable lancets have a very minimal risk of blood transfusion and infection transmission, opening up new commercial potential. For instance, in March 2021, Owen Mumford introduced a 16-gauge (16G) safety lancet for high-volume capillary blood sampling into its Unistik product range. It is also suited for at-home and point-of-care testing (POCT) kits, making it convenient for test kit inclusion by kit manufacturers who require reduced packaging, and bulk order quantities and can benefit from its small form and simple user features.

Blood lancets are widely used in point-of-care diagnostics of sexually transmitted diseases. For instance, as per the article published in January 2023 in the MDPI journal, the researchers developed a POC diagnostic for this STI using the MedMira Rapid Vertical Flow (RVF) Technology test cartridge with a membrane that includes a Vertical procedural/reagent control line (referred to as CVL) and spotted with 1 µg of a 72.4-kDa truncated version of α-actinin called ACT::SOE3. For the test to detect antibodies to ACT::SOE3 from the whole blood, the kit provided contained a sterile blood lancet with a double-edged blade and pointed end. Thus, utilizing blood lancet for research purposes for detecting STIs are expected to drive the market growth over the forecast period. Furthermore, increasing inclination towards home healthcare devices with improving medical device regulation will also create a lucrative opportunity for the blood lancet market.

Thus, due to the rise in chronic disease and infectious disease that utilizes the lancet for the detection of disease by collecting blood, the studied market is anticipated to witness growth over the forecast period. However, the risk of infections due to the reuse of lancets restrains the market growth over the forecast period.

Blood Lancet Industry Segmentation

As per the scope, a blood lancet is the blood sampling device used in capillary blood sampling. The instrument has a double-edged blade that punctures the skin, and then the blood sample can be collected, which is further used for various monitoring and diagnosing purposes. The Blood Lancet Market is Segmented by Product Type (Safety Lancet, Homecare Lancet), End User (Hospitals, Blood Banks, Home Care, Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). ). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.

By Product Type
Safety Lancet
Homecare Lancet
By End User
Hospitals
Blood Banks
Home Care
Others
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Blood Lancet Market Size Summary

The blood lancet market is poised for significant growth over the forecast period, driven by the increasing prevalence of chronic and infectious diseases that require blood sample collection for diagnosis and monitoring. The market's expansion is further supported by the rising incidence of diabetes, which necessitates regular blood glucose monitoring using lancets. The COVID-19 pandemic has also played a role in accelerating market growth, as the demand for blood collection for antibody testing and self-diagnosis among diabetic patients surged. As pandemic restrictions ease, the market is expected to benefit from the ongoing innovations in medical technologies and the development of disposable lancets, which offer minimal risk of infection transmission. The growing inclination towards home healthcare devices and improved medical device regulations are anticipated to create lucrative opportunities for market players.

Regionally, North America is expected to hold a significant share of the global blood lancet market, driven by the rising geriatric population and the increasing prevalence of diabetes. The region's well-established healthcare infrastructure and growing healthcare expenditure further bolster market growth. The hospital segment is also projected to witness healthy growth due to the rising number of chronic and infectious disease cases requiring blood testing. Key players in the market, such as Becton, Dickinson and Company, and Abbott, are actively engaging in product innovations and strategic partnerships to enhance their market presence. Recent developments, such as Tasso's 510(k) clearance for remote testing services, highlight the industry's focus on improving blood collection methods and expanding market reach.

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Blood Lancet Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increase in Incidence of Chronic Diseases

      2. 1.2.2 Rising Reimbursement Policies

      3. 1.2.3 High Prevalence of Infectious Diseases

    3. 1.3 Market Restraints

      1. 1.3.1 Risk of Infections due to the Reuse of Lancets

    4. 1.4 Porter's Five Force Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size By Value- USD million)

    1. 2.1 By Product Type

      1. 2.1.1 Safety Lancet

      2. 2.1.2 Homecare Lancet

    2. 2.2 By End User

      1. 2.2.1 Hospitals

      2. 2.2.2 Blood Banks

      3. 2.2.3 Home Care

      4. 2.2.4 Others

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Blood Lancet Market Size FAQs

The Blood Lancet Market size is expected to reach USD 1.78 billion in 2024 and grow at a CAGR of 7.63% to reach USD 2.57 billion by 2029.

In 2024, the Blood Lancet Market size is expected to reach USD 1.78 billion.

Blood Lancet Report Snapshots

Blood Lancet Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)