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.
According to the report Pen Needles Market, published by Market Data Forecast, the global market is projected to reach USD 2.82 billion by 2021, at a CAGR of 11.18% from 2016 to 2021.
Pen Needles Market: Drivers and Restraints
increasing 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.
Get accurate market forecast and analysis on the Pen Needles Market.
Pen Needles Market: Segmentation
- Insulin Therapy
- GLP-1 Therapy
- Growth Hormone Therapy
- Standard Needle
- Safety Needle
By Needle Length
By Mode of access
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Pen Needles Market: Overview
Based on therapy, insulin therapy is estimated to hold the largest share of the global pen needles market and is expected to grow at the highest CAGR during the forecast period. Based on type, standard pen needle segment is estimated to account for larger share of global pen needles market in, whereas safety pen needles segments is estimated to grow at a higher CAGR.
Among the length of pen needles, 8mm is estimated to command for the largest share of the global pen needles market and 4mm is expected to grow at the highest CAGR during the forecast period.
Billions of insulin syringes are used globally. Accidental wound caused by pen needles can cause secondary infections.
Hence, proper disposal of used pen needles has to be done carefully. Growth Hormone Therapy is also gaining popularity around the globe which is also expected to drive the pen needles market.
Pen Needles Market: Region-wise Outlook
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 due to the increasing prevalence of target diseases in this region and also due to the investments in research and development in diabetes care by government.
Asia-Pacific is estimated to grow at the highest CAGR of 14.10% due to the increasing awareness of the available technologies for diabetes care.
Key Questions Answered
- What is the current and future Pen Needles market outlook globally? What trends are affecting the global market?
- What is the competitive landscape and market share of major players in the Pen Needles market globally?
- What are the key market segments that currently occupy the highest market share? Which market segments are growing the fastest?
- What challenges are restraining the growth of the Pen needles market? How will emerging technologies answer these challenges?
- What is professional perception and market outlook of Pen Needles market?
Pen Needles Market: Key Players
The major companies dominating Pen Needles Market are Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), 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).
Reasons to access Pen Needles Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.
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