Lancet and Pen Needles Market 2017 Major Key Companies – B. Braun Melsungen AG, Terumo Corporation, Becton Dickinson, Sanofi Forecast 2027

Market Scenario
Lancets are one of the widely used alternative devices to obtain blood samples. Lancets are receiving global recognition and acceptance due to its several convenient characteristics which gives them an edge over the traditional methods for vein puncture. Some of the important features of the safety lancets are painless vein puncture, easy handling, and safety while using. The major applications of the safety lancets are capillary blood micro sampling, cholesterol test, hemoglobin (HBO) and HIV screening test, blood group test, coagulation tests, allergy tests, and many other blood-based tests.

Safety lancets were introduced in 1994 by Medlance with an initiation button and T-shape cover it. They were used to avoid needle-stick injuries and infections caused by them. In the U.S. alone in 2014, around 2.2 million people had chronic hepatitis B virus infection. (CDC, Viral Hepatitis - Hepatitis B Information, 2016). To reduce the prevalence of such blood-borne infections, safety lancets are very helpful. Safety lancets can be further classified by their structural specifications such as push-button safety lancets, pressure activated safety lancets, and side button safety lancets.

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A number of factors such as the favorable reimbursement environment and government support in selected countries, advantages of insulin pens over syringes and vials, technological advancements to minimize pain and needle anxiety, growing diabetic population, and various conferences, meetings, and congresses to create pen needle awareness are expected to drive the growth of the pen needles during the forecast period.

However, the risk associated with blood transfusion may affect the growth of the global lancet and pen needles market negatively.

The global lancet and pen needles market is expected to grow at a CAGR of 10.30% during the forecast period, 2017-2027.
Intended Audience
• Pharmaceutical Companies
• Medical Devices Companies
• Research and Development (R&D) Companies
• Market Research and Consulting Service Providers
• Potential Investors
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 sub-segmented into safety lancets and regular lancets. The safety lancets are further categorized into push-button safety lancets, pressure activated safety lancets, and side button safety lancets. The pen needles is further categorized into standard pen needles and safety pen needles.
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.
Key Findings
• The global lancet and pen needles market was 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
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.

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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.

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