Growth in the pen needles market is mainly driven by factors such as the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. The growing preference for biosimilar drugs is another factor providing a wide range of growth opportunities for key players in the market.
How the Market Growth looks like and Industry Segmentation?
The Pen Needles Market is expected to reach USD 1.8 billion by 2024 from an estimated USD 1.1 billion in 2019, at a CAGR of 10.8% during the forecast period.
Based on type, the market is segmented into standard and safety pen needles. In 2018, the standard pen needles segment accounted for the largest share of the pen needles for diabetes. Growth in this market is associated with the low cost of standard pen needles for lantus. The low cost of standard pen needles has also led to their wide adoption in emerging economies such as China, India, and Brazil where the presence of safety pen needles is very low to negligible. However, as standard needles are not equipped with safety shields, the risk of accidental needlestick injuries (NSIs) with the use of these needles is high.
On the basis of therapy, the pen needles market is segmented into insulin, GLP-1, growth hormone, and other therapies such as osteoporosis, fertility, and obesity. The insulin therapy segment is expected to grow at a higher CAGR during the forecast period primarily due to the high and growing diabetic population globally. Since pen needles need to be replaced after every injection, the rising use of insulin pens is a major factor driving the demand for pen needles. Additionally, favorable reimbursement scenario for pen needles in several North American, European, and Asian countries is the other major factor driving the demand for pen needles.
Browse 87 market data Tables and 46 Figures spread through 143 Pages and in-depth TOC – Request Research Sample Pages:
- In 2018, Becton, Dickinson and Company (US) launched its BD Ultra-Fine micro pen needle 6mm x 32G in the market.
- In 2016, Ypsomed (Switzerland) entered into an agreement with Tonghua Dongbao Pharmaceutical (China) with an aim to distribute its mylife Clickfine pen needles in China.
- In 2015, Ypsomed (Switzerland) launched mylife Clickfine DiamondTip pen needles.
Key Questions addressed by the report?
- Which are the key players in the market and how intense is the competition?
- What are the growth strategies being implemented by major market players?
- Emerging countries have immense opportunities for the growth of the market, will this scenario continue?
- Which product market will dominate in the insulin pen needles market in the future?
- What are the challenges hindering the adoption of pen needles?
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Geographical Regions Mapped in Report:
North America is expected to dominate the pen needles market in 2018. The large share of the North American market can primarily be attributed growing diabetes prevalence and favorable reimbursement scenario for pen needles, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, and the development of improved pen needle technologies.
Major Key Players Mapped in Research Report:
The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford (UK).