Many hospitals, clinics, doctor’s offices, and research centres use lancet and pen needles as part of their program on how to teach hospital staff not to accidentally hurt themselves while handing sharp instruments/devices. Health and medical areas find that they have an easier time keeping patients safe if they teach the hospital staff how to effectively handle and dispose of sharp instruments and/or devices.
The global health field uses lancets and pen needles to help treat people suffering from endocrine-related problems and/or issues. These instruments and devices are also useful in helping people with various heart-related issues. Some of the many other uses for lancet needle pens include testing for diabetes, testing blood sugar levels, testing infants’ health, screening for certain diseases and issues, dealing with and healing people with severe scarring and/or burns.
There are two main factors fueling the rapid expansion of the lancet and pen needles market. One is the fact that individuals are living longer. Increasing numbers of these individuals are being diagnosed with diabetes, also known as 'the deadly sugar disease.' Blood-borne and blood-transmitted diseases are becoming increasingly prevalent worldwide, which is a second factor.
More and more people around the world desire stricter regulations regarding the use of lancet needle pens and comparable devices. Another factor contributes to the expansion of this industry. This is the fact that an increasing number of individuals would rather be treated at home than in a hospital.
The increased global usage of lancet needle pens has prompted manufacturers to invest significantly in research and development for a variety of reasons. This has allowed them to create a new generation of lancets and needle pens that utilize cutting-edge technology and are more effective and potent. There is a further consequence of this. The objective has been to maintain patient safety in hospital, clinic, and home health care settings. Additionally, healthcare providers are able to provide these patients with superior attention.
In tandem with the increased demand for insulin pens among diabetic patients, pen needles are in high demand. These devices used in conjunction with insulin syringes facilitate the administration of the patient's medication. During the forecast period, it is anticipated that technological advances in the various kinds of products will also contribute to the growth of the lancet and pen needles market.
November 2022: Owen Mumford (Oxford, United Kingdom) is exhibiting at this year's MEDICA in Düsseldorf, Germany, presenting medical device technology of the future today. MEDICA is the world's largest event for the medical industry, attracting several thousand exhibitors from more than 50 countries each year, along with tens of thousands of key decision-makers. Thus, Owen Mumford is exhibiting its innovative products from three distinct categories: safety pen needles, venous blood collection sets, and capillary blood sampling devices.
COVID-19 analysis
COVID-19 first appeared on the global stage in the Spring of last year. At first, this seemed to be nothing more than a nuisance virus. However, global public health officials soon realized that this was not the case since a small percentage of people who got COVID-19 had to be hospitalized. A very small percentage of these people died because of it. Governments responded by imposing quarantines and lockdowns.
Many industries and markets suffered because global economic activity either stopped or halted dramatically. The lancet needle pens industry was no exception. Manufacturers in this industry found it difficult to source the raw materials needed to produce these lancet and pen needles at affordable prices. This raised the cost of manufacturing them dramatically. The manufacturers were forced to pass this extra cost onto the end consumer in the form of higher prices.
Lancet and Pen Needles Market Dynamics
Drivers
There are two things that are driving fast growth in the lancet and pen needles market. One is the fact that people don’t die young anymore. More and more of these people are being diagnosed with diabetes, aka ‘the deadly sweet disease.’ The other factor is the fact that diseases that are carried in and transmitted through the blood are becoming more and more common around the world.
More and more individuals around the world want to see better regulations in terms of the usage of lancet needle pens and similar devices. There is another factor that is driving growth in this industry. This is the fact that more and more people prefer to be treated at home rather than in a hospital.
Opportunities
The fact that lancet needle pens are being used more often around the world and for many different reasons has motivated the manufacturers to invest heavily in research and development. This has enabled them to create a new generation of more effective and more powerful lancets and needle pens that use state-of-the-art technology to operate. There is another result of this. It has been to ensure that patients remain safer in hospital, clinic, or home health care situations. Healthcare providers are also able to provide these patients with better healthcare.
Restraints
There are risks of infecting the person who is receiving a blood transfusion. Also, more and more hospitals, clinics, and healthcare facilities are opting for the use of drugs that can be taken orally. Finally, the new generation of lancet and pen needles are different from their predecessors in that they are reusable.
Challenges
Perhaps the greatest challenge that lancet needle pens manufacturers will face is that of making affordable prices in light of the fact that far less expensive alternatives exist. Manufacturers are dealing with this by investing heavily in research and development. They are able to produce a new generation of lancets and pen needles that are technologically advanced and are innovative in terms of usage.
Cumulative growth analysis
The CAGR for the lancet and pen needles market is 10.30%. It is expected to remain this way until 2027. The market is expected to be worth the U.S. $9,789.63 million by then.
Technology analysis
Abbott Laboratories is an American company. It has managed to retain its position as an industry leader by investing heavily in research and development. This has enabled it to come up with a new generation of lancets and pen needles that help people who have diabetes check their blood sugar levels less often and with more accurate readings.
Lancet and Pen Needles Market Segmentation
By type
The lancet and pen needles market can be separated into the following groups by type:
The lancet group type is further classified into regular lancets and safety lancets. The Safety lancet sub-type had about the U.S. $105.6 million in terms of the lancet and pen needles market share.
There are many different types of safety lancets. These are push-button safety lancets, pressure-activated safety lancets, and sand button safety lancets.
The needle pens type can be further classified into standard needles and safety needles.
By application
Lancets and pen needles have many uses. Some of these are
- Insulin
- A sampling of blood in the capillaries
- Checking hormonal levels in the blood
- Checking blood-sugar levels
- Testing the skin for cancer
- Other applications
By end-use
The lancets and pen needles market can be separated into the following categories based on usage:
- Hospitals and clinics
- Diagnostic centers and medical institutions
- Home care and home diagnostics
- Research and academic labs
Lancet and Pen Needles Market Regional Analysis
The lancet and pen needles market can be broken down into four major global regions:
- The Americas
- The European Union
- Asia-Pacific
- The Middle East and North Africa
The Americas region has the second-highest lancet and pen needles market share. The main reason why is because more and more people in this region are suffering from contagious and non-contagious diseases. Many more people in this region are becoming diabetic, suffering from various types of cardiovascular diseases, a growing elderly population that is living longer, higher spending on healthcare, and better technology.
The European Union has the highest lancet and pen needles market share. The reason is that more and more Europeans are being diagnosed with diabetes. European nations are also spending much more on national health care systems. Finally, the rules and regulations governing lancets and pen needles are strict in this part of the world.
The Asia-Pacific region is expected to have the highest regional CAGR. The reason is that the market for these devices and this equipment is vast. This is large because India and China have such large populations. Many of the economies are growing rapidly in this region in the world. This translates into rapid advances in technological development.
There are many opportunities for developing more effective and technologically advanced devices because more and more people are being afflicted by diabetes and heart disease. Finally, the elderly population is growing rapidly. This is especially true in Japan. In fact, the lancet and pen needles market share in Japan was 23.2% as of 2016.
The healthcare and infrastructure in the Middle East and North Africa are improving. This is leading to greater demand for these products. The political situation in many nations in this region is unstable. Also, the healthcare system in this region is underdeveloped at best.
February 2022: Gilde Healthcare, a specialized healthcare investor, has acquired EUROPIN, the leading medical needle manufacturer, to establish a leading integrated contract manufacturer for custom cannulas and cannula systems. KPMG has served as a buy-side consultant. The investor will merge EUROPIN with its portfolio company Acti-Med, one of the foremost medical technology manufacturers. Acti-Med specializes in highly regulated, custom-made cannulas and cannula systems for pharmaceutical and medical applications. By joining forces, EUROPIN and Acti-Med will be able to substantially expand their footprint, both geographically and in terms of product portfolio scope and depth. This organization will represent one of Europe's largest contract manufacturers of unprocessed cannulas and cannula systems.
Lancet and Pen Needles Market Competitive Landscape
The lancet and pen needles market is highly competitive. One of the reasons for this is that there are few barriers to entry, and the market is lucrative. Companies are finding that they can stay competitive by investing heavily in research and development. This helps them come up with a new generation of innovative devices that are technologically advanced.
Companies are also finding that they can enter into strategic partnerships and merge with/acquire other companies. This allows them to enter into new markets on a strong footing. They can also solidify their market shares in existing markets.
Abbott Laboratories is a major American player in the lancet pen needles industry. It has been successful by investing heavily in research and development. This has allowed it to come up with a new generation of lancets and pen needles with more innovative applications.
Key Players in the Lancet and Pen Needles Market
- Terumo Corporation - Japan
- Beacon Dickinson - USA
- Sanofi - USA
- F. Hoffmann-LaRoche - Switzerland
- Bayer A.G. - Germany
- Novo Nordisk A.S. - USA
- Eli Lily and company - USA
- Owen Mumford LTD - USA
- Medtronic - USA
- Greiner Bio-one - USA
- Abbott laboratories - USA
- HTL - Strefa SA - USA
- Improve medical - the USA
Recent developments
- Braun Melsungen set up an office in Zambia in 2017
- Sanofi and Lonza set up a partnership to produce large-scale biologics in Switzerland
- Eli Lily and Rimini set up a partnership to develop customized insulin medicines
Lancet and Pen Needles Market Report overview
The lancet and pen needles market has been growing at a CAGR of more than 10%. This is expected to continue until 2027. The market is growing rapidly because of the increasing prevalence of diabetes and a rapidly aging global population.
