Rising geriatric populace and increasing prevalence of obesity-associated diabetes and favorable reimbursement options are the significant factors fueling the pen needle market growth.
Market size: USD 1.53 billion in 2019, Growth rate: 7.3%, Market trends: Rising occurrence of diabetes, product launches, and advances in R&D.
The global pen needles market is predicted to rise from USD 1.53 billion in 2019 and reach USD 2.66 billion by 2027, with a CAGR of 7.3%.
Pen needles are commonly used by healthcare professionals and patients for drug administration of various diseases. These are mostly preferred over the conventional needle and syringe devices. The pen needles assist in self-administrating the drug with no expert supervision. These pens are most widely used by diabetic people who need regular injections of several doses of insulin.
They are screwed through a plastic hub into injection pens. The prescribed amount of medicine is then injected into the body through injection pens.
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One of the important factors contributing to the growing demand is that each pen is marked with the strength and name of the product. This function contributes to a reduction in the unlabeled needles and syringes that are commonly observed in the case of unit-based vial insulin preparation.
Advances in therapy and a robust reimbursement structure available in many countries, these pen needles have become popular and are in high demand.
According to a report presented by the World Health Organization (WHO), the aged global population will rise from 12% to 22% due to the high prevalence of target diseases, like cancer and chronic disorders. A rise in healthcare spending will encourage the acceptance of user-friendly techniques worldwide. The American Diabetes Association stated that the rising diabetes incidences over the last 5 years has increased the annual healthcare cost in the United States by around 26%.
Pen Needles Market By Type (Standard, Safety), By Length (4 mm, 5 mm, 6 mm, 8 mm, 10 mm, 12 mm), By Therapy (Insulin, Glucagon-like peptide-1 (glp-1), Growth hormone, Others), By Usability (Reusable, Disposable), By Distribution Channel (Retail, Non-Retail), And By End Use (Home healthcare, Hospitals, OTC, Clinics, Others), By Region, Segment Forecasts To 2027, To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/pen-needles-market
Key findings in the report:
- 4 mm pen needles and longer needles offer equal glycemic control. In comparison with longer needles, the 4mm pen needles show less discomfort, reduce injection-related anxiety, and provide an overall better experience. This has resulted in the acceptance of injectable therapy programs among diabetic patients.
- As insulin cannot be consumed orally, the insulin pen is an essential part of the insulin therapy. The insulin pens are gaining popularity as they are easy, convenient, and accurate for use as compared to vials and syringes.
- The insulin therapy sector is expected to see significant growth mainly due to the growing diabetic population. Favorable compensations for pen needles in the regions including North America, the Asia Pacific, and Europe is expected to fuel the market growth.
- Reusable pens are in demand as the cartridge is discarded by the patient and replaced with a new one. These pens can be used for many years if properly used.
- The retail segment is mainly driven by consumers falling within the cohort of developing regions. The increasing diabetes incidences is a major factor boosting the segment. By developing a robust distribution unit based on retail sales, the manufacturing companies can tap into these exclusive market characteristics.
- North America held the highest market share in 2019 due to the rising prevalence of diabetes, huge market penetration, and investments by market leaders, favorable compensation options, and rising awareness regarding injection techniques.
Key players in the pen needles market:
- Becton, Dickinson and Company
- Novo Nordisk A/S
- Ypsomed Holding AG
- Braun Melsungen AG
- HTL-Strefa S.A.
- Terumo Corporation
- Owen Mumford Ltd.
- Allison Medical Inc.
- Ultimed, Inc.
For the purpose of this report, Reports and Data has segmented the Global Pen Needles Market on the basis of type, length, therapy, usability, distribution channel, end-use, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Safety pen needles
- Standard pens
Length Outlook (Revenue, USD Billion; 2017-2027)
- 4 mm pens
- 5 mm pens
- 6 mm pens
- 8 mm pens
- 10 mm pens
- 12 mm pens
Therapy Outlook (Revenue, USD Billion; 2017-2027)
- Glucagon-like peptide-1 (glp-1) therapy
- Growth hormone therapy
- Insulin therapy
Usability Outlook (Revenue, USD Billion; 2017-2027)
- Disposable pens
- Reusable pens
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Home healthcare
- Over the counter (OTC)
Regional Outlook (Revenue, USD Billion; 2017-2027)
Middle East & Africa
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