Pen Needles Market Worth $1.8 billion by 2024 – Global Industry Leaders & Growth Divers Adopted

PUNE, India, 2020-Nov-23 — /EPR Network/ —

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.

According MarketsandMarkets Research –  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 Key Factors Who will Drives the Market Growth?

• Growing Prevalence of Chronic Diseases
• Favorable Reimbursement in Selected Countries
• Growing Preference for Biosimilar Drugs

Recent Developments in Pen Needles Industry:

• In 2018, Becton, Dickinson and Company (US) launched its BD Ultra-Fine micro pen needle 6mm x 32G in the market.
• In 2016, Ypsomed (Switzerland) entered into an agreement with Tonghua Dongbao Pharmaceutical (China) with an aim to distribute its mylife Clickfine pen needles in China.
• In 2015, Ypsomed (Switzerland) launched mylife Clickfine DiamondTip pen needles.

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Market Segmentation in Depth:

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, 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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Leading Key Players in the Worldwide Industry:

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).

Geographical Regions Mapped in Report:

North America dominated 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. 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.