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November 2024
The global disposable safety lancets market was estimated at US$ 625 million in 2023 and is projected to grow to US$ 1,142.86 million by 2034, rising at a compound annual growth rate (CAGR) of 5.64% from 2024 to 2034. The rising demand for a quick and convenient way to monitor and assess various health parameters with safety is paramount and driving the adoption of the disposable safety lancets market.
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The lancet device encompasses a small needle that is to be punctured on the fingertip to draw out a drop of blood. A disposable lancet device is made for a single-use purpose and is intended to be carefully discarded after use for safety measures. Safety lancets are designed with built-in features to avoid the risk of accidents with needle sticks. These are widely used in settings where safety is the biggest concern, such as hospitals and clinics. The disposable safety lancets market is highly driven by the utilization of lancet devices for diagnostics purposes such as cholesterol tests, hemoglobin level assessments, and diabetes monitoring.
The continuous glucose monitoring (CGM) device offers management of diabetes with fewer fingerstick checks. A sensor is attached under the skin which measures the glucose level 24 hours a day. It provides real-time data on glucose levels. This constant analysis is important for several factors affecting blood sugar levels.
Currently, several CGM devices are available on the market, and this is a rapidly evolving technology. Some CGM devices connect with insulin pumps, which provide automated insulin delivery systems. This device shows how diabetes is affecting the patient; it alerts the patient when fluctuation is noticed and reduces the fingerstick check need. This growing technology results in being less invasive and convenient for hospitals and at-home settings, contributing to the growth of the disposable safety lancet market.
Often, due to an error or technical issue, the lancet provides inaccurate results, which impact the complete understanding of the health condition and hinder the provision of adequate treatment to the patient. Factors that affect the result include drawing out too little blood, which causes false readings, damaged or expired test strips, the presence of heat or moisture, and contaminants (such as oil, lotion, or food).
North America led the global disposable safety lancets market in 2023. The growth in this region is observed due to the prevalence of diabetes. According to the Centers for Disease Control and Prevention, about 38 million people have diabetes in the United States, and 1 out of 5 people are unaware of it; with the rising number of diabetes patients in North America, frequent check-ups of blood glucose levels and constant monitoring of the same result in boosting the adoption of disposal safety lancets for diabetes management.
Europe held the second-largest share of the disposable safety lancets market in 2023. The European government has implemented strict regulations on the use of safety-engineered devices, which provide a safe environment for healthcare workers and reduce the risk of accidents.
By type, the needle segment accounted for the largest share of the disposable safety lancets market in 2023. The length of the needle determines the penetration depth into the skin. Lancets are supposed to reach the capillary bed to obtain viable blood samples without causing any unnecessary trauma or disturbance to the surrounding tissue. The right needle is a must to draw out desired blood collection without compromising the patient's comfort or safety.
The blade segment is expected to show considerable growth in the market over the forecast period. The expansion of this segment is due to its quick and precise just enough to collect a small blood sample. With its flat design and sharp edge, it creates a quick incision.
By application, the hospital and clinics segment contributed the largest share of the disposable safety lancets market in 2023. The dominance of this segment is due to the safety feature of lancets, which minimize the risk of accidental needle sticks, safeguarding both the patient and healthcare professional. The feature includes a retractable needle embedded with a protective cap that shields the sharp tip post-use. These features ensure safe disposal and reduce any risk of cross-contamination.
The home diagnostics segment is anticipated to witness significant growth in the disposable safety lancet market over the studied period. The segment is expanding due to its growing popularity in healthcare. The at-home diagnostics tools are crucial for the management and diagnosis of acute and chronic diseases and empower patients to make their own informed decisions about health.
In April 2024, Jerome Scelza, Co-CEO of Drawbridge Health, expressed enthusiasm about Nanodrop and mentioned, “the company is continuing to build the ‘healthcare of tomorrow’ through unparalleled research and development, science and technology," Jerome further adds, “NanoDrop’s versatility, accuracy and ease of use make it an essential tool for healthcare professionals and consumers including in a decentralized clinical trial setting.”
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