Pen Needles Market | Increased Preference for Biosimilar Drugs | Growing at a CAGR of 10.8%

Pen Needles Market

Pen Needles Market Pen Needles Market

PUNE, India, 2020-May-08 — /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. Finally, the market breakdown and data triangulation method was used to estimate the market size of segments and sub segments.

Secondary Research

In the secondary research process, various secondary sources such as the WHO, International Diabetes Federation, World Bank, Global Burden of Disease Study, Food and Drug Administration, American Diabetes Association, American Association of Diabetes Educators, Centers for Disease Control and Prevention, Diabetes Canada, Statistics Canada, European Association for the Study of Diabetes, European Society of Endocrinology, Diabetes UK, National Health Service, OECD Health Statistics, Asian Association for the Study of Diabetes, ASEAN Federation of Endocrine Societies, Statistical Handbook of Japan, OECD Obesity Update, Brazilian Diabetes Society, Latin American Diabetes Association, directories, industry journals, databases, press releases, and annual reports of the companies have been used to identify and collect information useful for the study of this market.

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the pen needles market.

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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.

In 2018, the 8mm segment accounted for the largest share of the pen needles market

On the basis of length, the market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. In 2018, the 8mm segment accounted for the largest share of the pen needles market. Growth in this market is largely driven by the high adoption of these needles among diabetes patients. However, the usage of these needles is likely to witness a decrease in the coming years due to the increased usage of shorter needles that cause less pain and enable easy insulin administration

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Geographic Analysis

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)

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