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Oct 5, 2020 10:15 AM ET

Global Pen Needles Market Set For Rapid Growth, To Reach Value Around USD 3,939.2 Million by 2025

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Pen Needles Market by Type (Standard Pen Needles, and Safety Pen Needles), by Length (4mm, 5mm, 6mm, 8mm, 10mm, and 12mm), by Therapy (Insulin Therapy, Glucagon-Like Peptide-1 (GLP-1) Therapy, Growth Hormone Therapy, and  Other Therapies), and by Mode of Purchase (Retail and Non-Retail): Global Industry Perspective, Comprehensive Analysis and Forecast, 2019 – 2025”. According to the report, global demand for pen needles market was valued at approximately USD 1,945.9 million in 2018, and is expected to generate revenue of around USD 3,939.2 million by end of 2025, growing at a CAGR of around 10.6% between 2019 and 2025.

Global Pen Needles Market

Pen needles are used in combination with injection pens to inject the medications into the body. These are attached by means of plastic hub to the injection pens and have the essential amount of medication which injected through the pen. These are used by diabetic patients to inject insulin. Pen needles propose numerous benefits over syringe device and conventional needles such as they do not require expertise and help in self-administration of the drugs and medication. Rising prevalence of diabetes is a major factor driving growth of the pen needles market. According to WHO, the number of patients suffering from diabetes has augmented from 108Mn in 1980 to 422Mn in 2015. In 2017, according to a report published by Center for Disease Control and Prevention, more than 100 million of the adult population is suffering from prediabetes or diabetes in the U.S.

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The pen needles market is divided on the basis of type into standard pen needles, and safety pen needles. The segment for standard pen needles is gaining traction in the market due to its usage by patients suffering from diabetes. Besides, patients suffering from dexterity also use these needles. Though, standard pen needles are not ideal due to risk of needlestick injuries, which affects the safe applicability of pen needles. Thus, the demand for these is likely to reduce in the near future. Increasing population diabetic patients and consciousness about the use of insulin pens are certain factors associated with the growth of this segment.

On the basis of length the market is divided into 4mm, 5mm, 12mm, 8mm, 10mm, and 6mm. The segment for 8mm held maximum share of the market in 2018 as this kind of needle is usually prescribed to patients counting the overweight population. Needle length with 4mm is likely to show higher CAGR over the forecast period due to its small length. Short and thin needles are gradually being used by patients due to the comfort level offered when compared to injections. Moreover, short layer help to reach the subcutaneous tissue easily thus raising the demand for 4mm needles in near future.

Based on therapy the market is segmented into glucagon-like peptide-1 (GLP-1) therapy, insulin therapy, growth hormone therapy, and other therapies. The segment for insulin therapy held major share of the market in 2018 mainly due to growing awareness about self-administration of insulin therapy among the patients those suffering from type 2 and type 1 diabetes. Based on mode of purchase the pen needle market is classified into non-retail and retail segment. The retail segment is likely to account major share of the market in the forecast period.

Regionally, the market for pen needles is segmented into Asia Pacific, Europe, North America, Latin America and Middle East & Africa. North America held major market share of the Pen Needles followed by which is the Europe market. According to Centers for Disease Control and Prevention, in 2014, diabetes is one of the utmost common medical conditions in the United States and minimum 9% of Americans are living with diabetes. According to American Diabetes Association, around 30 million people in the United States suffer from diabetes and more than 415 million people globally are affected by diabetes. Furthermore, the high rate of adoption for technologically advanced products, and high government support to avail the treatment are some of the other key factors contributing towards the growth of North America diabetic foot ulcer and pressure ulcer market in the near future. In Europe, with the initiatives to increase awareness of diabetes and government funding is likely to boost the demand for Pen Needles in the region. Moreover, the presence of top players operating the Pen Needles market, and high awareness about diabetic treatment are the key factor contributing towards the share of Pen Needles market in Europe.

Some of the players in pen needles market include Novo Nordisk A/S, Allison Medical, Inc., Becton, Dickinson and Company, Owen Mumford, HTL-STREFA S.A., Ypsomed Holding AG, Terumo Corporation, B. Braun Melsungen AG, and Artsana S.P.A. There is an increased focus on R&D activities and initiatives taken by major manufacturers to maintain the market position which is likely to propel market growth for pen needles in the forecast period.

This report segments the global pen needles market as follows:

Global Pen Needles MarketType Segment Analysis

Global Pen Needles MarketLength Segment Analysis

Global Pen Needles MarketTherapy Segment Analysis

Global Pen Needles Market: Mode of Purchase Segment Analysis

Global Pen Needles Market: Regional Segment Analysis

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Keywords:    Pen Needles Market

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