(MENAFN- GetNews) The Global Lancet And Pen Needles Market is expected to grow at a CAGR of 10.30% during the forecast period, 2017-2027. Lancet and Pen Needles Market Information: By Type (Push Button Safety Lancets, Pressure Activated Safety Lancets And Side Button Safety Lancets), Application (Insulin, Capillary Blood Sampling, Hormones, Skin Testing) End-User – Global Forecast Till 2027
The Medical Device Industry is a dynamic and vital component of the healthcare industry. Developments in the medical device industry are made to simplify the diagnosis, prevention, and treatment of various diseases. Every component of this industry plays an important role in the market sizing. Lancet is one of the widely used alternative devices to obtain blood samples by performing vein puncture. This device is receiving global recognition and acceptance due to its several convenient characteristics which give lancets an edge over the traditional methods for vein puncture. Some of the very important features of lancets are painless vein puncture, easy handling, and safety while using.
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Lancet and Pen Needles have significant use in the blood-based diagnosis, monitoring, and medication of diseases like diabetes and osteoporosis. This report on the Lancet And Pen Needles Market includes factors such as increasing geriatric population in the region and preference to invest more in healthcare, along with favorable government policies as compelling drivers that can steer the lancet and pen needles market forward.
However, the pin needs removal after a single use and its cost is comparatively higher than insulin vials which can impede the regular lancet and pen needles market growth speed during the forecast period.
Lancet and Pen Needles Market - Key Players
Some of the key players in this market are B. Braun Melsungen AG, Terumo Corporation, Becton Dickinson, Sanofi, F. Hoffmann-La Roche AG, Bayer AG, Novo Nordisk A S, Eli Lilly and Company, Owen Mumford Ltd, Medtronic, Ypsomed Holding AG, Sarstedt AG & Co, Greiner Bio One, Abbott Laboratories, HTL-STREFA S.A, Improve Medical, UltiMed, Inc., Allison Medical, Inc., Artsana S.p.a., VOGT MEDICAL, Perrigo Diabetes Care, MedExel Co., Ltd, ARKRAY Inc., Simple Diagnostics, Stat Medical, Terumo, Trividia Health, and others.
Lancet and Pen Needles Market - Segmentation
The Global Lancet and Pen Needles Market is segmented on the basis of type, application, and end user.
On the basis the type, it is segmented into lancets and pen needles. The lancet segment is further segmented into safety lancets and regular lancets. The safety lancets are further sub-segmented into push button safety lancets, pressure activated safety lancets, and side button safety lancets. The pen needles are further sub-segmented into standard pen needles and safety pen needles.
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On the basis of the application, it is segmented into insulin, capillary blood sampling, hormones, GLP, skin testing, and others.
On the basis of the end users, it is segmented into hospitals & clinics, diagnostic centers & medical institutions, home care & home diagnostics, research & academic laboratories, and others.
Lancet and Pen Needles Market - Regional Analysis
Europe dominates the global lancet and pen needles market owing to the increasing prevalence of patients, the presence of major market players. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014 while France recorded the second highest level of current healthcare expenditure of EUR 237 billion.
The Americas hold the second position in the market owing to increasing support from the government, the presence of huge geriatric population, and high healthcare spending. Moreover, improvement in medical device regulation, the presence of a strong economic condition, and focus of research institutions on updating technology for new and advanced treatment methods for lancet and pen needles are some of the other factors contributing to the growth of this market in the region.
Asia Pacific is the fastest growing market owing to the presence of more number of developing nations such as India and China in this region. These countries are encouraging the growth of the lancet and pen needles market.
The Middle East & Africa is expected to hold the least market share due to less availability of medical facilities, and less development in the healthcare domain. However, countries such as Qatar and Kuwait are focusing more on the healthcare sector and developing medical facilities, which will boost the market of this region.
Lancet and Pen Needles Market - Key Findings
- The GlobalLancet and Pen Needles Marketwas estimated to USD 3,329.94 million in 2016
- Capillary blood sampling is the fastest growing segment, by application which is projected to grow at a CAGR of 10.77% during the forecast period from 2017-2027
- Europe has captured the largest market globally and is expected to reach USD 3,719.58 million by 2027
- Asia Pacific is the fastest growing region across the globe and expected to grow at a CAGR 10.75% during the forecast period
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