Lancet Market Market Rising Trends, Growing Demand And Business Outlook 2020 To 2030

By Author: Swati Sharma
Total Articles: 13
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The earth is home to 422 million diabetics, as per the World Health Organization (WHO). Similarly, 17.9 million die of cardiovascular diseases (CVD) and 9.6 million of cancer each year. An important step in diagnosing, treating, and managing these and other diseases, including asthma, chronic obstructive pulmonary disease, chronic liver disease, and even simple infections, is blood tests. Since the blood carries all the nutrients and other hormones and enzymes throughout the body, it can be used to look at the levels of such substances, as well as ascertain the presence of bacteria, viruses, and other infectious agents.

For instance, diabetes management requires regular testing of the blood glucose, while respiratory diseases usually mandate the testing of arterial blood gases. Similarly, the amount of cholesterol, myoglobin, and troponin in the blood can indicate a CVD. Other common blood tests are kidney function test (KFT) and liver function test (LFT), for the diseases of the respective organs. Thus, with the growing incidence of such disease and the role of blood tests in their diagnosis, treatment, and management, ...
... the lancet market revenue will likely rise from $830.3 million in 2019 at a 9.5% CAGR between 2020 and 2030.

Traditionally, syringes were used for drawing blood, but they are invasive, and several people have strong trypanophobia (fear of needles). Moreover, because the needles are usually exposed to the surroundings, they can easily accumulate pathogens and then raise the risk of healthcare-acquired infections. This is why the usage of lancets is increasing; they are pen-type syringes where the needle remains protected inside a case, thus limiting the risk of infections and needlestick injuries. Additionally, these instruments are less invasive, being able to draw blood merely from the fingertips.

Lancets are majorly used for glucose, hemoglobin, and coagulation testing, among which glucose testing is the key application of such instruments. This is because unlike several acute diseases where blood tests are a one–two-time event, diabetes mandates regular blood testing, often several times a day. The dosage of insulin to be given to the patient directly depends on the blood glucose level at that instant, as more than the required dose can easily send people into hypoglycemia. In such cases, the blood glucose level falls below the safe level, which leaves the body without enough energy to sustain itself, thus sending people into a coma, in extreme cases.

As a result of the surging cases of diabetes, unfortunately among children too, the usage of lancets in homecare settings is rising fast. Being a multiple-times-a-day procedure, going to a diagnostic lab or hospital becomes financially taxing for diabetics, which is why for a long time, they have been testing their own blood glucose levels at home, using syringes. But, with the increasing awareness about the convenience lancets provide and their lower risk of needlestick injuries, the adoption of such instruments is growing in homecare settings.

Presently, as per P&S Intelligence, North America is the most-productive lancet market on account of the high prevalence of CVDs, diabetes, and cancer in the region. The Centers for Disease Control and Prevention (CDC) estimates the number of diabetics in the U.S. at 34 million at least. In addition, with the surging geriatric population in North America, which will likely reach 80.1 million by 2050 from around 60 million in 2019, as per the United Nations (UN), the prevalence of chronic diseases is rising. Due to similar reasons, the usage of these devices is burgeoning in other parts of the world too, especially Asia-Pacific (APAC).

Thus, with the increasing awareness about the importance of testing blood for disease diagnosis and management, the demand for lancets is rising.

Browse report overview: https://www.psmarketresearch.com/market-analysis/lancet-market