Pen Needles Market: Needles Shrink in Size to Support Near-to Pain-free Experience
The global pen needles market was valued at USD 1,450.0 million in 2019 and is expected to grow at a CAGR of 11.7% over the forecast period. The market is anticipated to grow on account of rising prevalence of diabetes. According to the World Health Organization, approximately 422 million people are currently living with diabetes across the globe and is attributed to 1.6 million deaths annually.
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The pen needles offer several advantages including improved patient satisfaction and adherence, greater ease of use, superior accuracy for delivering small doses of insulin, greater social acceptability, and less reported injection pain. All these factors are anticipated to augur market growth over the forecast period.
With diabetic patients atop the list of chronic patients and number of patients rising every day, advances in insulin technology are taking leaps as many new market participants enter the competition spectrum. Echoing this, a new insulin pen needle has just been released to heighten health outcome and overall injection efficacy.
This innovative pen injection which has smaller needle dimensions promises high efficacy and reliability, and significantly reduces the penetration force and associated pain thus delivering a near-to pain-free injection experience.
Adroit Market Research investigates multi-dimensional developments prevalent in pen injections space and how they shape overall growth. The report is primarily designed to serve as an ideal investment guide for inquisitive readers and support mindful business decisions of established and new market participants in pen injections space.
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Medical delivery and the mode of medication are highly co-related. Expert research suggests that anxiousness about daily doses of painful injections adversely affect routine intake of medication, thus interfering with diabetes management which is crucial for maintaining the right balance for a healthy lifestyle. Reduction in needle size is expected to significantly diminish pain and associated anxiety, thus improving medicinal intake tangibly. Factors as such are poised to reflect favorably towards large scale adoption of pen needles, thus supporting market expansion.
Other market participants such as BigFoot Biomedical is also awaiting FDA nod for its next gen smart insulin pens that is designed for appropriate self management of diabetes by providing precise dosage at every shot. The development is expected to revolutionize self administration for chronic diabetic patients dependent on multiple insulin doses daily. Keeping a tap on the intake is a tricky affair and the next big pen injection from BigFoot Biomedical is expected to emerge as a significant disruptor.
North America currently dominates the global pen needles market owing to the presence of a large number of people suffering from diabetes. According to the American Diabetes Association in the year 2018, 34.2 million Americans were having diabetes which equates to 10.5% of the total population. The percentage of Americans age 65 and older remains high, at 26.8%, or 14.3 million seniors (diagnosed and undiagnosed). Furthermore, annually there is an increase of 1.5 patients diagnosed with diabetes. Adroit Market Research further predicts that the favorable reimbursement scenarios over the forecast period will fuel market growth.
The prominent players operating in global Pen Needles market includes B. Braun Melsungen AG, Ypsomed AG, Owen Mumford Ltd., Novo Nordisk A/S, BD, Terumo Corporation, Allison Medical, Inc., UltiMed, Inc., HTL-Strefa, Arkray, Inc. among other prominent players.
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- The study provides an in-depth analysis of the market along with current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis of the industry from 2019 to 2025 to enable stakeholders to capitalize on the prevailing market opportunities.
- Comprehensive analysis of geographical regions is provided to determine the prevailing opportunities.
- Key players and their strategies have been thoroughly analyzed to understand the competitive outlook of the global market.
- Extensive analysis by product elucidates the types of pen needles used for delivering injectable medications.
Key segments of the global pen needles market
Product Overview, 2015-2025 (USD Million)
- Standard Pen Needles
- Safety Pen Needles
Needle Length Overview, 2015-2025 (USD Million)
Therapy Overview, 2015-2025 (USD Million)
- Glucagon-like-Peptide-1 (GLP-1)
- Growth Hormone
Regional Overview, 2015-2025 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central and South America
- Rest of Central and South America
- Middle East & Africa
- Rest of Middle East and Africa
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a Market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable Market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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