According to the report Global pen needles market has been estimated at USD 1.66 billion in 2016 and is projected to reach USD 2.82 Billion by 2021, at a CAGR of 11.18% during the forecast period from 2016 to 2021.
Pen needles are used to deliver the medication (such as insulin or other injectable medications) in combination with injection pens.
A pen needle comprises of hollow needle attached to injection pen. Pen needles are available with varied needle lengths and are majorly utilized by diabetes patients.
Rising number of diabetic population, increasing technological advancements, growing awareness programs (such as conferences & meetings) on the utilization of pen needles, existence of favorable reimbursement scenarios, and advantages of pen needles as compared to syringes & vials are some of the factors that drive the growth of global pen needles market. However, reuse of pen needles, presence of alternative drug delivery methods, and poor accessibility of pen needles over conventional syringes & vials are restraining the growth of global pen needles market.
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Global pen needles market is segmented based on the therapy, type, needle length, and mode of purchase. On the based on therapy the market is further sub-segmented as insulin therapy, glucose like peptide-1 (GLP-1) therapy, and growth hormone therapy.
The market, by type, is sub-segmented as safety needles and standard needles. The needle lengths include 4mm, 6mm, 8mm, 10mm, & 12mm.
Based on mode of purchase the market is further sub-segmented as retail & non-retail purchase modes.
Based on therapy, insulin therapy is estimated to command the largest share of the global pen needles market in 2016 and expected to grow at the highest CAGR during the forecast period 2016-2021. Based on type, standard pen needle segment is estimated to account for larger share of global pen needles market in 2016, whereas safety pen needles segments is estimated to grow at a higher CAGR for the next five years (2016-2021).
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Among the length of pen needles, 8mm is estimated to command for the largest share of the global pen needles market in 2016 and 4mm is expected to grow at the highest CAGR during the forecast period. Based on the mode of purchase retail purchase mode is estimated to account for larger share of the global pen needles market in 2016 and expected to grow at a higher CAGR for the next five years (2016-2021).
On the basis of geographical region the global pen needles market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Europe is estimated to account for the largest share of 32.5% of the global pen needles market in 2016, whereas Asia-Pacific is estimated to grow at the highest CAGR of 14.10% during the forecast period 2016-2021.
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Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) are the major players accounting for 85-90% of the global pen needles market share in 2016. Other players include UltiMed, Inc.
(U.S.), Allison Medical, Inc. (U.S.), Owen Mumford, Ltd. (U.K.), B. Braun Melsungen (Germany), Artsana S.p.a.
(Italy), HTL-STREFA S.A. (Poland), and Terumo Corporation (Japan), among others.
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