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™
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Geographically; the pen needles market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific accounted for the highest growth of the needles market in 2020. 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&D locations by most manufacturers. The rising demand for healthcare, driven by the rapid growth in the aging population, the growing prevalence of diabetes and other chronic diseases, drive market growth.
Prominent players in the pen needles market include Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), Owen Mumford (UK), Terumo Corporation (Japan), Nipro Corporation (Japan) Allison Medical (US), AdvaCare Pharma (US), Berpu Medical Technology (China), ARKRAY (Japan), GlucoRx (UK), HTL-STREFA (Poland), UltiMed, (US), Hindustan Syringes and Medical Devices (India), Artsana Group (Italy), PromiseMed Diabetes Care (Canada), Montmed (Canada), Trividia Health (US), VOGT Medical Vertrieb (Germany), Van Heek Medical (Netherlands), Simple Diagnostics (US), Iyon (Turkey), Links Medical Products (US), and MHC Medical Products (US).
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Market Segmentation in Detailed:
The safety pen needles segment holds the highest CAGR during the forecast period.
Based on type, the pen needles market is segmented into standard and safety pen needles. Safety pen needles are seen to be growing at the highest CAGR. Due to the rising awareness regarding the risks associated with blood-borne pathogen transmission, needle safety has become an issue of concern for hospitals, doctors, and patients, thus spurring the demand for safe needles.
The 8mm segment is expected to account for the largest share of the pen needles market
Based on length, segmented into 4mm (5/32’’), 5mm (3/16’’), 6mm (1/4’’), 8mm (5/16’’), 10mm, and 12mm (1/2’’). In 2020, the 8mm segment accounted for the largest share in the needles market. The large share of this segment is mainly attributed to the wide adoption of these needles among diabetes patients.
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.
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.Download PDF (Please share your specific interest to serve you better.
): https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75948613Market 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.
