Market Challenges And Opportunities

Sterile Lancets Market - Dynamics

Increasing prevalence of diabetes is one of the major factors driving growth of the sterile lancet market. For instance, according to the International Diabetes Federation’s (IDF) Diabetes Atlas 2017, around 425 million patients were suffering from diabetes worldwide by end of 2017 and it is expected to reach around 629 million by 2045. Moreover, over 40% people suffering from diabetes are still undiagnosed, especially in regions such as Asia Pacific, Middle East and some part of North Africa. These patients would require insulin therapy, which would increase the demand for sterile lancets and fuel growth of the sterile lancets market.

According to the World Health Organization (WHO) 2012 factsheet, diabetes is one of the top three causes of death from non-communicable diseases. Changes in lifestyle with more sedentary routine and high calorie consumption leads to obesity. Increasing geriatric population is another factor driving the sterile lancet market growth, as older people often require continuous glucose monitoring due to large incidences of uncontrolled diabetes. As per 2017 IDF estimation, there were around 98 million diabetic people worldwide above the age of 65 years in 2017, which is expected to increase to around 191 million by 2045.

Globally stringent demands for safe injection practices to collect blood is expected to propel demand for sterile lancets, as it avoids the chances of contamination caused due to blood borne pathogens. For instance, according to a report published by the World Health Organization (WHO) in 2014, around 1.7 million people were infected with hepatitis B virus, around 315,000 with hepatitis C virus, and around 33,800 with HIV due to unsafe injection.