Pen Needles Market worth $1.8 billion by 2024 – Becton, Dickinson and Company (US) and Novo Nordisk (Denmark) are Leading Key Players

PUNE, India, 2021-May-21 — /EPR Network/ — The report “Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) – Global Forecast to 2024″, 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 Growth in the pen needles market is mainly driven by factors such as the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. The growing preference for biosimilar drugs is another factor providing a wide range of growth opportunities for key players in this Needles Market.

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The standard pen needles segment is expected to account for the largest share of the market.

On the basis of type, segmented into standard and safety pen needles. In 2018, the standard pen needles segment is expected to account for the largest share of the pen needles market. Growth in this market is attributed to the low cost of standard pen needles. The low cost of standard pen needles has also led to their widespread adoption in emerging economies such as China, India, and Brazil where the presence of safety pen needles is very low to almost negligible. On the other hand, as standard needles are not equipped with safety shields, the risk of accidental needlestick injuries with the use of these needles is high.

Geographical View in-detailed:

North America is expected to dominate 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.

Global Key Leaders:

The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), 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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Becton, Dickinson and Company (US) dominated the pen needles market in 2018. The company offers a wide range of drug delivery products. It offers both standard and safety pen needles, such as BD Ultra-Fine Nano, BD PentaPoint products, and BD AutoShield Duo Pen Needles. The company primarily focuses on product launches in order to maintain its leading position in the market. For instance, the company launched its BD Ultra-Fine micro pen needle 6mm x 32G and BD AutoShield Duo in 2017. Moreover, BD is focusing on expansions to strengthen its geographic reach. For instance, in 2015, the company opened its Advanced Diabetes Care facility in Andover, Massachusetts, US, to accelerate the development of next-generation technologies for diabetes management.

Novo Nordisk (Denmark) is one of the leading players operating in the pen needles market. The company offers safety pen needles (NovoFine Autocover) and standard pen needles (NovoFine Plus and NovoTwist) through its Diabetes Care segment, which is its largest and fastest growing business. The company has its distribution and production facilities in more than 75 countries and has strategically placed its facilities in five countries across four continents. It has been a constant contributor to raising awareness about diabetes and its management through various campaigns. For instance, in 2018, Novo Nordisk UK launched a campaign to raise awareness of the risk of heart attacks and strokes in people living with type II diabetes. In the same year, Novo Nordisk Education Foundation (NNEF) and Novo Nordisk India launched the ‘1000-day Challenge’ program along with leading healthcare practitioners to address uncontrolled diabetes in India.