Lancet Pen Needles Market: Global Industry Analysis and Forecast (2023 -2029) Trends, Statistics, Dynamics, Segmentation by Type, Length, Gauge, End-User, and Region

Global Lancet Pen Needles Market size was valued at USD 2.05 Bn. in 2022 and the total Lancet Pen Needles revenue is expected to grow by 10.51 % from 2023 to 2029, reaching nearly USD 4.13 Bn.
Lancet Pen Needles Market Overview:
A lancet pen needle is a medical instrument designed with a sharp, double-edged blade and a pointed tip, specifically used for creating small incisions. Lancet pen needles are used for blood glucose monitoring, which is important for managing diabetes.

The Lancet Pen Needles Market experienced significant growth in recent years due to the increasing number of people with diabetes worldwide. These needles have seen advancements in design and technology, making them more convenient and user-friendly. Lancet pen needle market growth is driven by the increasing adoption of these devices for blood glucose monitoring. People with diabetes are realizing the importance of regularly monitoring their blood sugar levels, leading to a higher demand for lancet pen needles. Key players in the market, such Braun Melsungen AG, HTL-STREFA S.A., GlucoRx, ARKRAY, Inc., UltiMed, Inc., Owen Mumford Ltd., Allison Medical, Inc., Terumo Corporation and Artsana S.p.a, are developing new techniques to make lancer easier to use and painless incisions.
Lancet Pen Needles Market Scope and Research Methodology
The Lancet Pen Needles Market report is a withal representation of global players, and local players holding Market in different countries. The report covered Market structure by comparative analysis of key players, and market followers, which makes this report insightful to the Lancet Needles industry outlook.

The objective of the Lancet Pen Needles Market report is to outlook the market size based on segments, regional distribution and industry competition. The bottom-up approach has been used to estimate and forecast market size and market growth. The report provides a detailed examination of the key players in the Lancet Pen Needles industry, including revenue. The report covers the global, regional and local level analysis of the Market with the factors restraining, driving and challenging the market growth during the forecast period.


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Lancet Pen Needles Market Dynamics:
Lancet Pen Needles Market Drivers

Growing number of diabetes cases boosts market growth

Increasing number of diabetes cases worldwide, with sedentary lifestyles, unhealthy eating habits, and ageing populations. This surge in diabetes cases has led to a growing demand for lancet pen needles. For instance, the International Diabetes Federation predicts that the global diabetic population is expected to reach 700 million by 2045, which creates a substantial need for lancet pen needles.

Technological advancements in lancet pen needle designs have played a crucial role in driving market growth. These innovations include the development of ultra-thin needles, improved safety features, and compatibility with various insulin delivery systems.

For example, the introduction of pen needles with adjustable depths and built-in safety mechanisms has significantly enhanced patient comfort and safety during blood sampling and insulin injection procedures. The Lancet Pen Needle market is driven by the increasing prevalence of diabetes globally, the rising adoption of lancet pen needles for blood glucose monitoring, and the continuous advancements in lancet pen needle technology. These factors, along with the growing demand for painless and convenient blood sampling methods and the expanding geriatric population with increased healthcare expenditure, are fueling the growth of the market.

Lancet Pen Needles Market Restraint

High cost of lancet pen needles hinders the market growth

Lancet pen needles cost is high as compared to traditional lancets or syringes is the major restraint for lancet pen needle market growth. This can limit their adoption, especially in price-sensitive markets. For example, patients in developing regions may find it difficult to afford lancet pen needles due to limited healthcare budgets.

The risk of needlestick injuries and bloodborne infections associated with lancet pen needles hinders market growth. Improper disposal and reuse of these needles pose safety concerns for both patients and healthcare professionals. Needlestick injuries have prompted regulatory bodies to impose stricter guidelines for safe disposal practices. The Lancet Pen Needle market is affected by stringent regulatory requirements for manufacturing and approval of these devices. Compliance with these regulations adds complexity and costs to the manufacturing process. Additionally, alternative blood sampling methods are available in the market, which may impact the demand for market.
Lancet Pen Needles Market Opportunity

Advancement of technology offers a growth opportunity for the market

The growth of healthcare infrastructure is an opportunity for the Lancet Pen Needle market. As healthcare facilities expand and improve, there is a higher demand for lancet pen needles to support various medical procedures. The increasing installed base of the lancet and pen needle products reflects the growing adoption of these devices. The development of new technologies in lancet pen needles offers an opportunity for market growth. Advanced features and functionalities integrated into lancet pen needles enhance their performance and usability, contributing to improved patient experiences and healthcare outcomes.

Market analysis also considers the impact of healthcare expenditure and regulatory scenarios on the Lancet Pen Needle market. Increasing healthcare expenditure indicates a higher allocation of funds towards medical equipment, including lancet pen needles. Changes in healthcare regulations can influence market dynamics, creating opportunities for manufacturers and suppliers to adapt to evolving requirements and meet regulatory standards. Lancet Pen Needle market benefits from the growing use of these devices worldwide, investment in research and development, expansion of healthcare infrastructure, technological advancements, and changes in healthcare regulations. These factors collectively create opportunities for market growth and innovation in the Market.
Lancet Pen Needles Market Segment Analysis:
Based on Gauge, 28G is dominating the Lancet Pen Needles Market on the basis of gauge, as 28G is a commonly used gauge size due to its efficacy in achieving small incisions, which is a primary goal in medical procedures. the 21G, 23G, and 25G needles are also expected to grow during the forecast period as smaller needles may not be suitable for all patients, particularly those with thick or rough skin. In such cases, one can select slightly larger gauge needles to ensure effective penetration.

Based on the End User, Hospitals and Clinics segment hold a dominant position with a 33.80% market share in 2022. This dominance is expected to continue throughout the forecast period as continuous need for minor blood tests in hospitals, which necessitates the regular use of lancet pen needles. Home Diagnostics and Diagnostic Centers are expected to contribute significantly to the market share in the coming years due to the increasing prevalence of diabetes on a global scale, which highlights the importance of monitoring glucose levels. Home Diagnostics allows individuals to conveniently and regularly check their glucose levels, hence driving the demand for lancet pen needles in this segment.

Research & Academic Labs and Medical Institutions are expected to rapidly growth in the forecast period. This growth can be attributed to the accelerating technological advancements in the medical field. These institutions often require lancet pen needles for research purposes and to facilitate accurate and efficient medical procedures.
Lancet Pen Needles Market Regional Insights:
North America is expected to lead the global pen needles market due to the rising prevalence of diabetes in the region. According to The National Diabetes Statistics Report, 2020, 34.2 million Americans have diabetes.

Europe holds a second position in the Lancet Pen Needle market, accounting for a substantial revenue share of around 38.0% in 2021 due to the high prevalence of diabetes in the region and increased awareness about lancet pen needles. The region benefits from a well-established market, with a large patient volume and higher product prices contributing to its market share. The adoption of advanced devices is facilitated by patient awareness and favorable reimbursement scenarios. The sedentary lifestyle and rising obesity rates in Europe further drive the demand for lancet pen needles. The U.K. government is actively investing in diabetes care and research, aiming to improve treatment techniques for diabetic patients. Asia-Pacific region expected significant growth in the Lancet Pen Needle market. The region has a large population, and the prevalence of diabetes, along with obesity and other lifestyle disorders, is continuously rising.

Competitive Landscape:

The Lancet Pen Needle market is highly competitive, with key players engaging in intense competition to gain market share. These players employ strategies such as product innovation, strategic partnerships, and geographical expansion to strengthen their position in the market. The competitive landscape provides insights into the profiles of key players, including their market strategies, product portfolios, financials, and recent developments.

The major players in the Lancet Pen Needle market include Novo Nordisk A/S, Ypsomed Holding AG, B. Braun Melsungen AG, HTL-STREFA S.A., GlucoRx, ARKRAY, Inc., UltiMed, Inc., Owen Mumford Ltd., Allison Medical, Inc., Terumo Corporation, Artsana S.p.a, Greiner Bio-One International GmbH, and Gerresheimer AG. The report provides details on each company's overview, financials, market potential, research and development investments, global presence, production capabilities, strengths and weaknesses, product launches, and application dominance. For example, recently BD introduced the BD Ultra-Fine micro pen needle 6mm x 32G, expanding their product offerings for use with leading pen injection devices. This launch provided healthcare practitioners with an additional needle length option, demonstrating BD's commitment to meeting the diverse needs of people with diabetes who inject insulin.
Lancet Pen Needles Market Scope: Inquire before buying



Lancet Pen Needles Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 2.05 Bn.


Forecast Period 2023 to 2029 CAGR:
10.51%
Market Size in 2029:
US$ 4.13 Bn.


 Segments Covered:
by Product
Regular Lancets
Safety Lancets


by Type
4mm
5mm
6mm
8mm


by Application
21G
23G
25G
28G
30G


by End-User
Hospitals and Clinics
Diagnostic Centers
Medical Institutions
Home Diagnostics
Research And Academic Labs



by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Allison Medical Inc.
2. Arkray Inc.
3. Becton, Dickinson and Company (BD)
4. Braun Melsungen AG
5. Gerresheimer AG
6. HTL-STREFA S.A.
7. Lonza
8. MedExel Co., Ltd.
9. Medtronic plc
10. Novo Nordisk A/S
11. Owen Mumford Ltd.
12. Perrigo Diabetes Care
13. SARSTEDT AG & Co. KG,
14. Terumo Corporation
15. Trividia Health Inc.
16. Rimidi Inc.
17. UltiMed, Inc.
18. Ypsomed AG

Frequently Asked Questions:

1] What segments are covered in the Global Market report?
Ans. The segments covered in the Market report are based on Type, Length, Gauge, End User, and Region.

2] Which region is expected to hold the highest share of the Global Needles Market?
Ans. The North America region is expected to hold the highest share of the Market.

3] What is the market size of the Global Lancet Pen Needles Market by 2029?
Ans. The market size of the Market by 2029 is expected to reach US$ 4.13 Bn.

4] What is the forecast period for the Global Lancet Pen Needles Market?
Ans. The forecast period for the Market is 2022-2029.

5] What was the market size of the Global Lancet Pen Market in 2022?
Ans. The market size of the Market in 2022 was valued at US$ 2.05 Bn.