Blood Lancet Market Size

Blood Lancet Market Analysis

The Blood Lancet Market size is estimated at USD 1.78 billion in 2024, and is expected to reach USD 2.57 billion by 2029, growing at a CAGR of 7.63% during the forecast period (2024-2029).

COVID-19 had a significant impact on the blood lancet market owing to the increase in blood collection for the COVID-19 antibody test. For instance, in September 2020 update from the U.K. Government, coronavirus antibody test kits were delivered to homes for simple blood sample tests. Using disposable finger-prick blood lancets, a small amount of blood was taken and sent to labs for 3-7-day results. Furthermore, due to the need for self-diagnosis and management by a large number of diabetic patients globally, the COVID-19 pandemic outbreak significantly affected the growth of the blood lancet industry. Currently, as the pandemic restrictions were lifted, the blood lancet market is anticipated to witness growth in the coming years due to the rise in the number of chronic diseases such as diabetes and the increase in the incidence of infectious diseases.

An increase in the incidence of chronic diseases, rising reimbursement policies, and the high prevalence of infectious diseases are expected to drive market growth. Blood lancets are used to collect blood samples which are further used for monitoring several chronic diseases such as diabetes. In diabetes patients, these blood lancets are widely used to check blood glucose levels. As per the IDF Atlas 10th edition, the number of people affected with diabetes was 537 million in 2021. This number is estimated to rise to 643 million by 2030. As the number of diabetics rises, demand for blood lancets is expected to grow over the forecast period. Moreover, various market players currently concentrate their ongoing innovations and developments of medical technologies on continuous evolution and development to raise the quality of equipment being offered to the various patients. Disposable lancets have a very minimal risk of blood transfusion and infection transmission, opening up new commercial potential. For instance, in March 2021, Owen Mumford introduced a 16-gauge (16G) safety lancet for high-volume capillary blood sampling into its Unistik product range. It is also suited for at-home and point-of-care testing (POCT) kits, making it convenient for test kit inclusion by kit manufacturers who require reduced packaging, and bulk order quantities and can benefit from its small form and simple user features.

Blood lancets are widely used in point-of-care diagnostics of sexually transmitted diseases. For instance, as per the article published in January 2023 in the MDPI journal, the researchers developed a POC diagnostic for this STI using the MedMira Rapid Vertical Flow (RVF) Technology test cartridge with a membrane that includes a Vertical procedural/reagent control line (referred to as CVL) and spotted with 1 µg of a 72.4-kDa truncated version of α-actinin called ACT::SOE3. For the test to detect antibodies to ACT::SOE3 from the whole blood, the kit provided contained a sterile blood lancet with a double-edged blade and pointed end. Thus, utilizing blood lancet for research purposes for detecting STIs are expected to drive the market growth over the forecast period. Furthermore, increasing inclination towards home healthcare devices with improving medical device regulation will also create a lucrative opportunity for the blood lancet market.

Thus, due to the rise in chronic disease and infectious disease that utilizes the lancet for the detection of disease by collecting blood, the studied market is anticipated to witness growth over the forecast period. However, the risk of infections due to the reuse of lancets restrains the market growth over the forecast period.