Europe Pen Needles Market is projected to reach USD 0.87 billion by 2021 from USD 0.54 billion in 2016, at a CAGR of 10.0% from 2016 to 2021.Pen needles are used in conjunction with injection pens to deliver injectable medications into the body.
A pen needle consists of a hollow needle which is embedded in a plastic hub and attaches to injection pens. Pen needles come in a variety of needle lengths and diameters and are used by health professionals and patients for injection of a variety of medications. They are commonly used by people with diabetes who often require multiple daily insulin injections.
Needle technology has changed over the past decades. Many years ago home use syringe needles were large, and had to be sterilized and sharpened by hand by patients themselves. Today’s pen needles are engineered and manufactured for greater comfort and ease of use with electro-polishing for needle smoothness; thin, fine point tips for ease in penetration; lubrication for less friction and more glide; plastic caps for safety; and individual wrapping for sterility. Injection pen and pen needles are an alternative drug delivery method to the traditional vial/syringe method.
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Europe Pen Needles Market: Drivers & Restraints
Growing rate of diabetic patients, existence of favorable regulatory policies to reduce needle stick injuries, increasing government focus on the utilization of safety devices, growing funding resources for diabetes care & research in the U.K., and presence of favorable reimbursement policies in Germany are driving the growth of pen needles market in Europe. In addition, increasing number of aging population & availability of high insurance in France, growing number of diabetes awareness programs in Italy, and existence of regulations that mandate the utilization of safety pen needles & presence of huge diabetic population in Spain are further driving the growth of the market in Europe. However, lack of awareness on the pen needles utilization and presence of uncertain reimbursement policies across Europe are restraining the growth of pen needles market in Europe.
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Europe Pen Needles market: Segmentation
- Insulin Therapy
- GLP-1 Therapy
- Growth Hormone Therapy
- Standard Needle
- Safety Needle
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Europe Pen Needles market: Overview
Insulin pens are the most convenient and fastest mode of injecting drug delivery. Pen needles are highly demanded in conjunction with growing need for insulin pens for people suffering from diabetes. These devices used with insulin pens help in delivering the dosage of the drug to the patient.
Insulin pens coupled with needles are considered as an improved alternative drug delivery process in comparison to syringes and vials. Traditional syringes are large and create difficulty in self-administration. However, pen needles have fine pointed tips, which helps in easy penetration into the patient’s muscle. These needles also facilitate safety pertaining to insulin delivery amongst diabetic patients.
Safety pen needles are expected to showcase lucrative growth over the forecast period due to rising technological advancements in this field. These devices enable the minimization of needlestick injuries amongst patients.
GLP-1 therapy is also expected to exhibit significant growth in the near future. This is due to its capability to minimize the blood glucose level amongst patients suffering from type 2 diabetes. In addition, Novo Nordisk is also focusing on the expansion of GLP-1 market.
Europe Pen Needles market: Region-wise Outlook
On the basis of geographical areas, Europe pen needles market is segmented as U.K., Germany, France, Italy, and Spain. Germany is estimated to account for the largest share of the Europe pen needles market in 2016, whereas France is estimated to grow at the highest CAGR during the forecast period 2016-2021.
Key Questions Answered
- What is the current and future Pen Needles market outlook worldwide? What trends are affecting the Europe market?
- What is the competitive landscape and market share of major players in the Pen Needles space in Europe?
- What are the key, high growth markets that Pen Needles manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Pen Needles currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Pen Needles?
- What are the challenges and barriers that have hindered widespread adoption of Pen Needles?
Europe Pen Needles market: Key Players
Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) are the major players accounting for major share of the Europe pen needles market 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.
Reasons to buy Europe 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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