The pen needles market accounted for over US$ 1,126.1 million in 2019. It is anticipated to grow at a CAGR of 10.5% from 2020 to 2030.
The growth of the pen needle market can be attributed to several factors such as the increasing number of diabetic patients globally. These patients primarily utilize such needles for the administration of insulin. According to a report published by the American Diabetes Association, in 2018, 30 million people in America were diagnosed with diabetes. Additionally, various market players got engaged in launching pen needles in the market. For instance, Novo Nordisk, one of the key leaders in the diabetes market, launched Novo Fine that features super flow tech to regulate higher flow of the drug through its hairline thin gauze without causing pain. Moreover, the growing prevalence of various chronic diseases and favorable reimbursement scenarios in various countries are also driving growth of the pen needle market. The risk of infection is among the major constraints affecting growth of the pen needle market
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Some of the key players operating in the pen needles market include UltiMed, Inc., Novo Nordisk A/S, Allison Medical, Terumo Corporation, Becton, Dickinson & Company, GlucoRx Ltd, B. Braun Melsungen AG., Ypsomed AG, HTL-STREFA S.A., and Owen Mumford Ltd, among others.
The growing prevalence of diabetes has led to a rising demand for pen needles. According to the International Diabetes Federation (IDF), 642 million people are estimated to have diabetes by 2040. With rising populations of diabetics, the target market is expected to grow rapidly in the near future. Obese people are also highly susceptible to diabetes. According to Diabetes.co.uk, there is an 80 to 85 percent risk of developing diabetes among obese people. The growing number of diabetic patients further propels the demand for insulin pens to inject the drug into the body in a fast and convenient manner. Pen needles utilized with the insulin pens help to deliver the exact dosage of the drug to a patient.
Favorable reimbursement scenarios for pen needles in North America, Asia, and Europe will propel their demand extensively. Technological advancements will also contribute significantly to growth of the global pen needle market. Increasing penetration by leading players in the pen needle market, federal initiatives to increase awareness regarding injection techniques and the development of improved pen needle technologies will boost growth of the pen needle market.
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Segmentation Based On:
By Product Type –
Standard Pen Needles
Safety Pen Needles
By Length Type –
10mm, and 12mm
By Therapy –
Growth Hormone Market
Glucagon-Like Peptide-1 (GLP-1) Therapy
By Mode of Purchase –
North America dominated the pen needles market in 2019. The large share of North America can primarily be attributed to the growing prevalence of diabetes, favorable reimbursement scenarios, federal initiatives to create awareness regarding injection techniques, increasing market penetration by leading players and the development of improved pen needle technologies. The presence of major market players in the region, the rising number of early-onset patient populations, increasing health-care expenditure, among others, will further boost growth of the pen needle market in North America.
Various complications and risks are associated with the utilization of pen needles, such as the high risk of causing needle stick injuries, which may hamper growth of the pen needle market to a certain extent. Additionally, blood-borne infections, such as HIV/AIDS, commonly spread due to shared needles. These factors are expected to further hamper growth of the pen needles market.
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Table of Contents
3.Years Considered for the Study
1.Historical Years – 2016 & 2017
2.Base Year – 2018
3.Forecasted Years – 2019 to 2030
3.Currency Used for the Study
4.Report Beneficiary List
2.Data Collection Technique
4.Market Estimation Methodology
1.Bottoms Up Approach
2.Top Down Approach
5.Data Validation and Triangulation
1.Market Forecasting Model
2.Limitations of the Study
3.Assumptions of the Study
3.ABSTRACT OF THE STUDY
4.MARKET DYNAMICS ASSESMENT
In the end, Pen Needles Market industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.
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