Pen Needles Market | Growing Prevalence of Chronic Diseases | Growing at a CAGR of 10.8%

PUNE, India, 2020-Apr-22 — /EPR Network/ —

[143 Pages Report] 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.

The study involved four major activities in estimating the current market size for pen needles. Exhaustive secondary research was done to collect information about the market, peer markets, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Thirdly, both top-down and bottom-up approaches were employed to estimate the complete market size.

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The standard pen needles segment held the largest share of the market in 2018

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 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.

The insulin therapy segment to grow at the highest CAGR during the forecast period

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.

Report Objectives: 

• To define, measure, and describe the pen needles market by type, length, therapy, mode of purchase, and region
• To provide detailed information about the major factors influencing market growth (drivers, restraints, challenges, and opportunities)
• To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market

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North America dominated the pen needles market in 2018

North America dominated the pen needles market in 2018. The large share of the North American pen 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. For instance, Ypsomed Holding AG (Switzerland) has launched mylife Clickfine DiamondTip pen needles with the innovative 6-bevel technology, and Becton, Dickinson and Company (US) has upgraded its pen needles with the PentaPoint and EasyFlow technology.

Key Market Players:

The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford (UK).

Novo Nordisk (Denmark) is a leader in the diabetes care market with an experience of more than 90 years in diabetes care. As a significant volume of Novo Nordisk’s insulins are used in injectable devices, the company is witnessing a surge in the sale of its insulin pens and supplies including pen needles. The company has its distribution and production facilities in more than 79 countries and markets its products in more than 180 countries.