Top 8 Companies in the Global Lancet Market

The global lancet market was valued at USD 2 billion in 2023, driven by the increasing availability of a big pool of diabetic patients. The market is anticipated to grow at a CAGR of 10.6% during the forecast period of 2024-2032 to achieve a value of USD 4.9 billion by 2032.

A lancet is a small medical device purposed to prick the skin, particularly for blood sugar monitoring or capillary blood sampling. It is commonly used by diabetic patients or healthcare providers to monitor diabetic patients. The growth of the lancet market can be attributed to the availability of a large diabetic patient pool and the growing incidences of infectious diseases requiring blood testing for diagnosis and therapy, along with increased awareness of diabetes treatment globally.

The lancet market growth can be attributed to the growing geriatric population as they are more susceptible to chronic diseases including high blood sugar levels, and cholesterol. In June 2023, The Lancet published that about 0.5 billion people are currently living with diabetes across the globe including men, women, and children. Further, the number is expected to more than double by 2053. The rising prevalence of diabetes and awareness among people is contributing to the increase in regular monitoring of blood sugar levels in diabetic patients, propelling the utilisation of lancets and bolstering market demand. The risk of diabetes-associated diseases like ischemic heart disease and stroke is contributing to an increase in diagnoses of diabetes among people. As estimated by the Centers for Disease Control and Prevention (CDC), more than 1 in 3 Americans are at a high risk of Type 2 diabetes. About 1 in 10 Americans (38 million) suffer from diabetes and most of them are Type 2. Due to the high prevalence and rising sedentary lifestyle even children, teens, and young adults are developing type 2 diabetes.

The market is witnessing pivotal regulatory approvals by the authorities, enabling the acceleration of opportunities for large-scale clinical trials and increasing patient accessibility in remote monitoring healthcare settings. For instance, in April 2024, Drawbridge Health, a healthcare technology company focused on reinventing the blood draw experience, announced the U.S. Food and Drug Administration (FDA) 510(k) clearance of its at-home, patented blood sampling device, NanoDrop, for Over-the-Counter use. The clearance of the sampling device is poised to bring better opportunities to the lancet market as this novel dual nano-lancet technology contributes to a wide range of innovative products that already includes the OneDraw Collection System, cleared by the FDA as a Class II medical device to collect blood samples to measure HbA1c for monitoring the long-term control of blood sugar (glucose) in diabetic people.

Top Companies Leading the Lancet Market in 2024

Terumo Corporation

Terumo is a Japanese medical technology company specializing in cardiovascular systems, blood management, and transfusion technologies. Terumo offers high-quality lancets and blood collection systems designed for safe, precise blood sampling, widely used in diabetes care and diagnostics.

Bayer AG

Bayer AG is a global leader in pharmaceuticals and life sciences providing healthcare solutions ranging from pharmaceuticals to consumer health products. The company focuses on providing innovative diabetes care solutions, including lancets that support efficient, minimally invasive blood testing.

MTD Medical Technology and Devices

MTD focuses on developing and distributing medical technology products, primarily for blood sampling and diagnostics. MTD offers advanced, reliable lancets designed for comfort and accuracy in blood glucose monitoring and other diagnostic applications.

Sarstedt AG & Co. KG

Sarstedt AG is a German manufacturer specializing in laboratory and medical devices offering high-quality products for blood collection and diagnostics. The company provides a range of safety lancets designed for painless blood sampling and easy use in both professional and home settings.

BD

A global medical technology company, BD is renowned for its innovative solutions in diagnostics and biosciences. BD offers a broad portfolio of safety lancets designed to minimise patient discomfort and ensure accurate, reliable blood sampling in clinical and home environments.

Abbott

Abbott is a global healthcare leader, known for its diagnostics, medical devices, and nutrition products. The company portfolio focuses on enhancing diabetes management, with a range of high-performance lancets and blood glucose monitoring devices aimed at improving patient comfort and accuracy.

F. Hoffmann-La Roche Ltd.

Roche is a global leader in pharmaceuticals and diagnostics. Roche provides advanced lancet devices, particularly through its Accu-Chek brand, which focuses on improving blood glucose monitoring for diabetes patients with minimal discomfort and high precision.

B. Braun SE

B. Braun is a German medical and pharmaceutical company offering a wide range of healthcare products. B. Braun provides high-quality, ergonomic lancets designed for safe, effective blood sampling, particularly in diabetes care and diagnostics, focusing on patient comfort and ease of use.