According to the new market research report “Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) – Global Forecast to 2024” published by MarketsandMarkets™.
The Pen Needles Market is expected to reach USD 1.8 billion by 2024 from an estimated USD 1.1 billion in 2019, at a CAGR of 10.8% during the forecast period.
Recent Developments in Insulin Pen Needles Market:
- 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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The standard pen needles segment held the largest share of the market in 2018
Based on type, the market is segmented into standard and safety pen needles. In 2018, the standard pen needles segment accounted for the largest share of the pen needles market. Growth in this market is associated with the low cost of standard pen needles. The low cost of standard pen needles has also led to their wide adoption in emerging economies such as China, India, and Brazil where the presence of safety pen needles is very low to negligible. However, as standard needles are not equipped with safety shields, the risk of accidental needlestick injuries (NSIs) with the use of these needles is high.
Geographical Regions Mapped in Report:
North America dominated the pen needles market in 2018. The large share of the North American pen needles 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. For instance, Ypsomed Holding AG (Switzerland) has launched mylife Clickfine DiamondTip pen needles with the innovative 6-bevel technology, and Becton, Dickinson and Company (US) has upgraded its pen needles with the PentaPoint and Easy Flow technology
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Key Market Players;
The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford (UK).
Becton, Dickinson and Company (US) dominated the pen needles market in 2018. The company offers a wide range of drug delivery products. It offers both standard and safety pen needles, such as BD Ultra-Fine Nano, BD PentaPoint products, and BD AutoShield Duo Pen Needles. The company primarily focuses on product launches in order to maintain its leading position in the market. For instance, the company launched its BD Ultra-Fine micro pen needle 6mm x 32G and BD AutoShield Duo in 2017. Moreover, BD is focusing on expansions to strengthen its geographic reach.
Novo Nordisk (Denmark) is one of the leading players operating in the pen needles market. The company offers safety pen needles (NovoFine Autocover) and standard pen needles (NovoFine Plus and NovoTwist) through its Diabetes Care segment, which is its largest and fastest growing business. The company has its distribution and production facilities in more than 75 countries and has strategically placed its facilities in five countries across four continents. It has been a constant contributor to raising awareness about diabetes and its management through various campaigns. For instance, in 2018, Novo Nordisk UK launched a campaign to raise awareness of the risk of heart attacks and strokes in people living with type II diabetes.
The study involved four major activities in estimating the current market size for pen needles.
The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research.
Thirdly, both top-down and bottom-up approaches were employed to estimate the complete market size.
Finally, the market breakdown and data triangulation method was used to estimate the market size of segments and subsegments.Growth in the Pen Needles Market is mainly driven by factors such as the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries.
The growing preference for biosimilar drugs is another factor providing a wide range of growth opportunities for key players in the market.According to the new market research report “Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) - Global Forecast to 2024”, published by MarketsandMarkets™.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75948613The Pen Needles Market is expected to reach USD 1.8 billion by 2024 from an estimated USD 1.1 billion in 2019, at a CAGR of 10.8% during the forecast period.The insulin therapy segment is expected to grow at the highest CAGR during the forecast periodOn the basis of therapy, the market is categorized into insulin therapy, glucagon-like peptide-1 (GLP-1) therapy, growth hormone therapy, and other therapies.
The insulin therapy segment is expected to grow at the highest CAGR during the forecast period due to the high and growing diabetic population globally.
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