The global pen needle market is growing significantly due to rising need for safety pen needle, increasing prevalence of diabetes and technological advancement in the industry.
Pen needles are mainly used to deliver insulin or growth hormone in the body. Massive unexplored market in pen needle industry of developing economies are creating ample opportunities for the pen needle market to grow at a considerable rate during the forecasted years.
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Moreover, encouraging reimbursement policies in developed countries is also expected to support the growth of the market in the coming years. The advanced research and development facilities, and new and innovative product developments by the companies are propelling the growth of the pen needle industry.
However, decreasing usage of standard pen needle still remains a challenge for the industry.
The pen needle market is categorized on the basis of type, length, and therapy. On the basis of type of pen needle, the market can be categorized as standard pen needle and safety pen needles.
Standard pen needle leads the market; whereas, safety pen needles are expected to grow at a faster rate in the coming years.
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Geographically, Europe will be leading the global pen needle market in the coming years, followed by North America, due to propitious reimbursement policies, increasing government support, and increasing prevalence of diabetes. Asia-Pacific is the fastest growing region in the global pen needle market.
The major reasons for the fastest growth of pen needle market in the region are increasing healthcare expenditure, large pool of patients, increasing government support, and increasing prevalence of diabetes in the region. Moreover, the pen needle market is growing due to increasing awareness of diabetes in the emerging countries, such as India and China, of Asia-Pacific region.Get More Information Visit: P&S Market Research
Some of the companies operating in the global pen needle market are Becton, Dickinson and Company, Novo Nordisk A/S, Ultimed, Inc., Ypsomed Holding AG, B. Braun Melsungen, Terumo Corporation, Allison Medical, Inc., Owen Mumford, Ltd., Artsana S.P.A. and Htl-Strefa S.A.
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