Lancet Pen Needles Market Size

Lancet Pen Needles Market Growth Projections and Opportunities

Safety lancets have gained widespread acceptance and recognition globally as an alternative device for obtaining blood samples. Their increasing popularity can be attributed to several convenient characteristics that give them an edge over traditional methods of vein puncture. Notable features include painless vein puncture, ease of handling, and enhanced safety during use. Safety lancets find application in various blood-based tests, including capillary blood microsampling, cholesterol tests, HBO and HIV screening tests, blood group tests, coagulation tests, allergy tests, and more.
Introduced in 1994 by Medlance with an initiation button and T-shape cover, safety lancets have proven to be instrumental in avoiding needle-stick injuries and infections. In the United States alone, around 2.2 million people had chronic hepatitis B virus infection in 2014 (CDC, Viral Hepatitis - Hepatitis B Information, 2016). Safety lancets play a crucial role in reducing the prevalence of blood-borne infections. These lancets can be classified based on their structural specifications, including Push Button Safety Lancets, Pressure Activated Safety Lancets, and Side Button Safety Lancets. Major manufacturers in this space include HTL-STREFA S.A., Medline Industries, Inc., and Sarstedt AG & Co.

The increased prevalence of the diabetic population, growing awareness of blood glucose monitoring devices for home care, and heightened awareness of safety measures to avoid infectious diseases are significant factors contributing to the growing use of safety lancets.

Many safety lancet manufacturers are based in developing Asian countries like China, India, Japan, and the Republic of Korea due to lower labor and research and development costs. China, being highly populated and technologically advanced, has a significant number of lancet manufacturers, including well-known names like Guangzhou Improve Medical Instruments Co, Huang, and KDL China.

In Europe, HTL Strefa and Sarstedt are two companies that have established themselves as major global manufacturers of safety lancets.

The safety lancet market is experiencing rapid growth, driven by the increasing prevalence of needle-stick injuries and a growing awareness of safety lancet applications. Market segmentation by type includes Push Button Safety Lancets, Pressure Activated Safety Lancets, and Side Button Safety Lancets, with Push Button Safety Lancets holding the largest market share in 2016. This growth is attributed to the rising need for safe blood glucose tests in hospitals and the increasing number of insulin users. Push Button Safety Lancets are projected to have the fastest Compound Annual Growth Rate (CAGR) of 12.28% during the forecast period from 2017 to 2023.

Furthermore, the market is segmented based on end-users, including Hospitals & Clinics, Diagnostic Centers and Pathology Laboratories, Home Diagnostics, and others. Hospitals & Clinics dominate among all end-users, followed by Diagnostic Centers and Pathology Laboratories, owing to the global increase in diabetes prevalence. Improved healthcare regulations for medical devices also drive the global safety lancet market, with the market expected to reach USD 2,305.1 million by 2023 from USD 1,056.2 million in 2016.