The Pen Needles Market is expected to reach $1.8 billion by 2024 from an estimated $1.1 billion in 2019, at a CAGR of 10.8% during the forecast period.
The study involved four major activities in estimating the current market size for pen needles. Exhaustive secondary research was done to collect information about the market, peer markets, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research.
Secondary Research:
In the secondary research process, various secondary sources such as the WHO, International Diabetes Federation, World Bank, Global Burden of Disease Study, Food and Drug Administration, American Diabetes Association, American Association of Diabetes Educators, Centers for Disease Control and Prevention, Diabetes Canada, Statistics Canada, European Association for the Study of Diabetes, European Society of Endocrinology, Diabetes UK, National Health Service, OECD Health Statistics, Asian Association for the Study of Diabetes, ASEAN Federation of Endocrine Societies.
Primary Research:
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the pen needles market.
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Market Segmentation:
On the basis of therapy, the pen needles market is segmented into insulin, GLP-1, growth hormone, and other therapies such as osteoporosis, fertility, and obesity. The insulin therapy segment is expected to grow at a higher CAGR during the forecast period primarily due to the high and growing diabetic population globally. Since pen needles need to be replaced after every injection, the rising use of insulin pens is a major factor driving the demand for pen needles. Additionally, favorable reimbursement scenario for pen needles in several North American, European, and Asian countries is the other major factor driving the demand for pen needles.
On the basis of length, the market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. In 2018, the 8mm segment accounted for the largest share of the pen needles market. Growth in this market is largely driven by the high adoption of these needles among diabetes patients. However, the usage of these needles is likely to witness a decrease in the coming years due to the increased usage of shorter needles that cause less pain and enable easy insulin administration
Recent Developments:
- In 2018, Becton, Dickinson and Company (US) launched its BD Ultra-Fine micro pen needle 6mm x 32G in the market.
- In 2016, Ypsomed (Switzerland) entered into an agreement with Tonghua Dongbao Pharmaceutical (China) with an aim to distribute its mylife Clickfine pen needles in China.
- In 2015, Ypsomed (Switzerland) launched mylife Clickfine DiamondTip pen needles.
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Geographical Analysis:
- A further breakdown of the Rest of Asia Pacific CRT market into South Korea, New Zealand, and other South East Asian countries
- A further breakdown of the European CRT market into Belgium, Netherlands, and Rest of Europe.
North America is expected to dominate the market in 2018. The large share of the North American market can primarily be attributed growing diabetes prevalence and favorable reimbursement scenario for pen needles, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, and the development of improved pen needle technologies.
The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford (UK).
The Growth in Pen Needles Market is largely driven by the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries.
On the other hand, the preference for alternative modes of drug delivery, poor reimbursement in developing countries, and needle anxiety are expected to restrain the overall market growth.
Misuse of insulin pens and reuse of pen needles are the challenges faced by the market.
The growing preference for biosimilar drugs and emerging markets are areas of opportunity in the market.According to the new market research report “Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP 1, Growth Hormone), and Mode of Purchase (Retail, Non-Retail) – Global Forecast” published by MarketsandMarkets™Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=75948613Geographically; the pen needles market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The medical industry in the region has grown significantly over the years, and manufacturers are beginning to focus on providing well-established technologies to ensure sustainable and strong future revenue growth.Being a high-growth market, many manufacturers are also extending their global manufacturing bases to the APAC.
With the low-cost manufacturing advantage, China and India are regarded as the most profitable manufacturing and R locations by most manufacturers.
The growth of 3d cell culture market is driven mainly by the increasing focus on developing alternatives to animal testing, growing focus on personalized medicine, increasing incidence of chronic diseases, and the availability of funding for research.
On the other hand, the lack of infrastructure for 3D cell-based research and the high cost of cell biology research are expected to restrain the growth of this market during the forecast period.
Focus on Developing Alternatives to Animal Testing 4.
Microfluidics-Based 3D Cell Culture The global 3D cell culture market size is projected to reach USD 1,846 million in 2024 from USD 892 million in 2019, at a CAGR of 15.7%.
Key Questions Addressed in The Report: 1. Who are the top 10 players operating in the global 3D Cell Culture market?
What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
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