Pen Needles Market To Exceed US $ 1.6 Billion During the Forecast Period From 2019 to 2026

  • 21 Aug 2019

Pen Needles Market to value over US $ 1.6 billion and grow at a CAGR of over 9.6% during the forecast period from 2019 to 2026.

The increment in the prevalence of diabetes has driven numerous people to obtain medical procedures involving the use of pen needles. In order to facilitate the intake of insulin, which can be self-administered using an insulin pen, the use of pen needles is widely utilized and thus promotes the global market’s growth. These self-administered devices are more convenient to use than traditional syringes and vials which is why they are preferred over other devices thus bolstering the pen needles market growth. Progression in technology, increasing consumer awareness attributed to the numerous initiatives of healthcare conferences and seminars, and favourable reimbursement policies of governments are some of the factors driving the market growth. The market, however, is facing restrains due to the reuse of pen needles, complications and apprehension associated with needle usage.

On the basis of type, the market is segmented into standard pen and safety pen needles. Standard pen needles held the largest market share owing to its widespread application in the diagnosis and cure of diabetes. Increasing number of diabetes patients, cost efficiency, and rising awareness among consumers regarding the usage of these products contribute to the growth of this segment. For instance, BD AutoShield Duo pen needle, shields over front and back ends of needles and does not require to pinch up, thus, reducing the risk of needlestick injuries.

Based on the length of the needle, the market is characterised into 4mm, 5m, 6mm, 8mm, 10mm, and 12mm. 8mm size pen needle is foreseen to dominate the market. Ensuring faster and better drug delivery promoted market growth. Needle length of 4mm is predicted to exhibit the fastest growth over the forecast period owing to its short length. The accuracy of the pen needle to get insulin to the fat layer is 99.5% at all the injection sites. It does not offer resistance while injecting and it provides good comfort as compared to other injections. The sharp tip of these needles helps to reach the subcutaneous tissue very easily without much pain.

On the basis of therapy, insulin therapy dominated the market and is projected to witness lucrative pen needles market growth over the forecast period. This is due to the increasing number of patients and the level of awareness about self-administration.

Based on region, Europe dominated the market because of the growing patient pool in the region. According to Diabetes UK, 4 million people are found to be suffering from diabetes. Moreover, the UK government is taking initiatives to raise awareness among people and invest in diabetes care and research so that better treatment techniques and facilities are available for diabetic patients.

The Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising awareness about the availability of technologically advanced products for the treatment of diabetes. The changing lifestyle of people has also led to an increase in a number of patients with type 2 diabetes.

Prominent players are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland), and B. Braun Melsungen AG (Germany).

Competitive Landscape:

● Firms indulge in mergers, acquisitions and launching new products to strengthen market presence.

● Becton, Dickinson and Company (US) came up with its BD Ultra-Fine micro pen needle 6mm x 32G and launched it in the market.

● Ypsomed (Switzerland) launched mylife Clickfine DiamondTip pen needles.

Pen Needles Market Segmentation:

By Type 

● Standard Pen Needles

● Safety Pen Needles

By Length 

● 4mm

● 5mm

● 6mm

● 8mm

● 10mm

● 12mm  

By Therapy 

● Insulin Therapy

● Glucagon-Like Peptide-1 (GLP-1) Therapy

● Growth Hormone Therapy

● Other Therapies

By Mode of Purchase 

● Retail

● Non-Retail   

By Region

● Europe

● North America

● APAC

● Latin America

● Rest of World

Competitive Landscape 

● Tier 1 players- established companies in the market with a major market share

● Tier 2 players

● Emerging players which are growing rapidly

● New Entrants 

FutureWise Takeaways 

● Growth prospects

● SWOT Analysis

● Key Trends

● Key Data Points Affecting Market Growth

Objectives of the Study:

● To provide an exhaustive analysis on the global pen needles market by type, by length by therapy, by mode of purchase, and by region

● To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)

● To evaluate and forecast micro-markets and the overall market

● To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world

● To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions

● Profiling of companies to evaluate their market shares, strategies, financials and core competencies

 

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