The rising number of patients suffering with diabetes and adoption of injection pens over traditional syringes and vials is expected to increase the demand for pen needles over the forecast period.
According to The Insight Partners market research study titled ‘Pen Needles Market to 2025 – Global Analysis and Forecasts by Type, Therapy, and Length the global pen needles market was valued at US$ 1,603.8 Mn in 2017 and is estimated to reach US$ 2,280.6 Mn by 2025. The report highlights the trends prevalent in the global pen needles market and the factors driving the market along with those that act as deterrents to its growth. The rising number of patients suffering with diabetes and adoption of injection pens over traditional syringes and vials is expected to increase the demand for pen needles over the forecast period. However, the high penetration of alternate drug delivery devices is expected to restrict the market growth.
The pen needles attached to injection pens have been found to be re-used by the patients at a significant rate. One of the major reason behind this reuse is known to be the cost of these needles. According to a survey conducted by BD in determining the pattern of pen needle usage among population in 2014-2015, 23.3% participants in the survey reported reuse of pen needles due to the price of these needles as well as for cost-saving purposes. Thus, the market launch of affordable yet efficient pen needles is expected to be one of the potential opportunities that can be utilized by the market players to increase their sales and thereby establish a significant position in the highly competitive pen needles market.
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Pen Needles Market Competitive Landscape and Key Development
The key players operating in the field of pen needles worldwide include BD, Novo Nordisk A/S, YPSOMED AG, B. Braun Melsungen AG, Owen Mumford, Ltd., HTL-Strefa S.A., Ultimed, Inc., Terumo Corporation, Allison Medical, Inc., and Artsana S.p.A. among others.
The pen needles market is aimed to describe, define and estimate the forecast for market size of the pen needles till 2025. The report strategically analyzes macro and micro-markets to entail the major factors impacting the growth of the global pen needles market. The market report for pen needles is appropriate to cater the needs and demands of various stakeholders that include manufacturers, distributors and suppliers of pen needles, public and private hospitals, academic medical centers and teaching hospitals, privately practicing physicians and surgeons, medical institutes, research centers and other academic hostilities, pharmacies, ambulatory surgical centers and other distribution channels.
According to the International Diabetes Federation (IDF) Europe, in 2017, there were 7.476.800 cases of diabetes in Germany. Moreover, approximately 270,000 new cases are recorded in Germany each year. This is expected to drive the market for overall pen needles in this country. On the other hand, Asia Pacific is expected to witness significant growth in the market owing to factors such as increasing focus of market players developing novel products at affordable prices, developing healthcare infrastructure and massive pool of diabetic prevalent population.
Europe is expected to be the dominant region in the global pen needles market. This dominance is primarily driven by the increasing Prevalence of diabetes is increasing among all ages in the European Region, majorly due to increase in overweight & obesity, unhealthy diet and physical inactivity.
Pen Needles Market: Segmental Overview
The global pen needles market is segmented on the basis of type, therapy, and length and geography. On the basis of type, the market is segmented into standard pen needles and safety pen needles. On the basis of therapy, the market is segmented into insulin therapy, GLP-1 therapy and growth hormone therapy. Based on length, the global pen needles market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm.
The global pen needles market is a matured market in the developing countries as well as developing economies worldwide. The market on the basis of type is segmented into standard pen needles and safety pen needles. Standard pen needles segment led the market in 2017, and is expected to retain its dominance during the forecast period owing to the easy availability as well as affordability. On the other hand, safety pen needles are expected to grow with a rapid CAGR owing to increasing awareness among populace regarding the benefits offered by safety pen needles over standard ones.
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