The Global Pen Needles Market accounted for a value of USD XX million in 2017 and is expected to reach USD XX million in 2017 and USD XX million by 2022, growing at a CAGR of XX% during the forecast period till 2022.
Pen needles, as compared to traditional syringes and vials, provide a convenient, easier and more accurate dosage. Such needles do not require to be pushed through the rubber vial stopper and thus tend to retain their sharpness and lubrication. Insulin syringes, more than 1.5 billion, are used in the United States every year. Such needles, on account of accidental strokes, possess a high risk of secondary infections, which can be reduced by the use of pen needles. Thus, this market possesses a lucrative potential.
Drivers & Restraints:
The rise in prevalence of diabetes has driven more people to take insulin, which can be self-administered using an insulin pen. Such devices are more convenient to use than traditional syringes and vials, hence preferred by more people. Advancement in technology, rising awareness among the general public credited to the numerous healthcare conferences and seminars, and government support in certain countries, along with favorable reimbursement policies, are some of the factors driving the market growth. The market, however, is bound to face an offset due to reuse of pen needles, complications and mental factors associated with needle usage, availability of other convenient dosage forms such as orally administered ones, and poor healthcare reimbursement policies in developing as well as underdeveloped countries. Major market players are expected to face challenges such as stopping people from reusing needles and getting rid of the hesitation while switching from conventional to new methods.
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Global Pen Needles Market Segmentation:
Global pen needles market is segmented by –
1.Type of Product:
2.Length of Needle:
3.Mode of Purchase:
4. Type of Therapy:
In the product type, the market is majorly dominated by standard needles. The safety needles sub-segment is expected to grow at a fast rate during the forecasted period. In the classification based on the length of needles, the 6mm needles are expected to gain a major market share during forecast years. By the type of therapy, wherein, pen needles are used, the market is dominated by insulin therapy. This segment is forecasted to grow at the same pace for the next five years. The market is majorly driven by the rising prevalence of diabetes and dysfunctionality of pancreas.
Geographically, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa and South America. Europe has the largest market share among all the regions, followed by North America, Asia-Pacific, and the Rest of the World. The North American market is expected to record a major growth rate during the forecast years. Due to the EU announcement to reduce sharp injuries in hospitals and the healthcare sector, the market is expected to grow in Europe.
Key Players in the Study
Some of the largest market players in the global pen needle market include –
Allinson Medical, Inc.
B. Braun Melsungen AG
Becton Dickinson and Company
HTL Strefa S.A.
Owen Mumford Ltd.
Ypsomed Holding AG
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Market analysis for the global pen needles market, with region specific assessments and competition analysis.
Market definition along with the identification of key drivers, restraints opportunities and challenges.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with company profiles of key players, along with the analysis of their current strategic interests and key financial information.
Identification and analysis of the macro and micro factors that affect the global pen needles market.
Insights of the market in the regions that have the highest potential for growth and also identify the markets that are still untapped.