The report “Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) – Global Forecast to 2024″, 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 (2019–2024).
What Drives the Market Growth?
The 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 this market.
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Market Segmentation in Detailed:
Based on type, segmented into standard and safety pen needles. In 2018, the standard pen needles segment accounted for the largest share of the pen needles market. Growth in this market is associated with the low cost of standard pen needles. 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.
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Geographical View in-detailed:
North America is expected to dominate the pen needles market in 2018. The large share of the North American needles 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.
Global Key Leaders:
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).
In 2017, Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) together accounted for a share of ~62.7% of the needles market.
Becton, Dickinson and Company (US) dominated the pen needles market in 2018. The company offers a wide range of drug delivery products. It offers both standard and safety pen needles, such as BD Ultra-Fine Nano, BD PentaPoint products, and BD AutoShield Duo Pen Needles. The company primarily focuses on product launches in order to maintain its leading position in the market. For instance, the company launched its BD Ultra-Fine micro pen needle 6mm x 32G and BD AutoShield Duo in 2017. Moreover, BD is focusing on expansions to strengthen its geographic reach. For instance, in 2015, the company opened its Advanced Diabetes Care facility in Andover, Massachusetts, US, to accelerate the development of next-generation technologies for diabetes management.