The global insulin pen needles market is estimated to witness a significant growth in forthcoming years, says TMR. The major players are focusing on the expansion of the distribution networks. Companies are indulging into several business strategies such as mergers and acquisitions and collaboration to enhance their position in global insulin pen needles market. In order increase their global reach, firms are investing heavily in the research and development activities. The firms leading in the global pen needle market are Dickinson and Company, Becton, Novo Nordisk A/S, Ypsomed Holding AG, Ultimed, Inc., Artsana S.P.A., B. Braun Melsungen, Allison Medical, Inc., Terumo Corporation, Owen Mumford, Ltd., and Htl-Strefa S.A.
Rising help from several government bodies is foreseen to surge growth of the global insulin pen needles market significantly. As per Transparency Market Research the global market of insulin pen needles is likely to expand at a steady CAGR of 8.0% during 2017 to 2026.
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On the basis of application type, the segment of type II diabetes is foreseen to experience a strong rise as per the revenue, holding a value of more than US$ 1,000 mn by the end of forecast period. Regionally, Europe is expected to dominate the global pen needle market in the span of forthcoming years, trailed by North America, owing to favorable reimbursement policies, rising government support, along with increasing cases of diabetes.
Rising Cases of Chronic Ailments to Fuel Market Demand
Rising demand in the global insulin pen needles market is majorly attributed to several micro-economic and macro-economic factors. The global insulin pen needles market is notably fueled by rising cases of diabetes, across the globe. In addition, rising number of other ailments such as hepatitis and HIV is as well likely to pump up the sales of insulin pen needles. Functions for example, pre-filled pens and replaceable needles are foreseen to keep on affecting the growth of global insulin pen needles market within the forecast period. Owing to autoshield needles, the insulin pens provides increased precision at the time of administering dosage.
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Moreover, makers in the healthcare sector are progressively concentrating on creating inventive healthcare gadgets that offers comfort and wellbeing to the patients while managing dosages. Organizations in the medical sectors are primarily concentrating on creating therapeutic gadgets, for example, ‘Timesulin’, which is insulin pens that enables the patients to manage dose measurements through pumps. In addition, the top of timesulin is outfitted with new features that empowers the patients to follow and recover information in regards to the time and measure of the last dose directed. This gadget is fundamentally produced for the patients who have type I diabetes. Since the demand regarding for the wellbeing while at the same time checking measurement keeps on expanding, manufacturing organizations are progressively concentrating on creating insulin pens that are outfitted with functions that empower substitution of utilized needles. Further, developing help from the administration associations and good repayment strategy is anticipated to affect the global insulin pen needles market.
Rising Non-invasive Methods to Decrease Market Sales
Nevertheless, various factors are foreseen to keep on inhibiting the global insulin pen needles market during the forecast period. increasing favorism towards the non-invasive methods are contributed in decline in sales of the global insulin pen needles market. Manufacturing firms are progressively focusing on growth medical gadgets for example, glucose-monitoring lens which lets the patient monitor their information about levels of blood-sugar levels and transfer it to phones through the advanced contact lenses. Owing to the rising preference of the non-invasive healthcare gadgets, the global insulin pen needles is foreseen to see a downfall in coming years.
The data and information presented is based on the findings of a TMR report, titled “Insulin Pen Needles Market (Product Type – Standard Insulin Pen Needles, Safety-engineered Insulin Pen Needles; Distribution Channel – Hospital Pharmacies, Retail Pharmacies and Drug Stores, Online Sales, Diabetes Clinics/Centers; Application Type – Type I Diabetes, Type II Diabetes) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026.”
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