Pen Needles Market Research Report

 

Growth opportunities in the Pen Needles market look promising over the next six years. This is mainly attributed to the growing incidences of chronic diseases and the growing requirement for insulin pens for the diabetes patients. Pen needles are used by the diabetes patients for the injection of insulin or other injectable medication.

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Pen Needles Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The major key driver responsible for the growth of the global pen needles market share includes the rising prevalence of chronic diseases at the global level. According to the International Diabetes Federation (IDF), approximately 642 million people are projected to have diabetes by 2040. Therefore, the growing number of diabetes patients are contributing to the pen needles market growth over the coming years.

The pen needles are increasingly used by diabetic patients for the injection of insulin or other injectable medication in the human body. The rising obesity cases is further growing the possibilities of diabetes in people. The pen needles are experiencing an increase in the demand owing to the growing requirement for insulin pens for diabetes patients. In addition to this, the constant technological advancements is further surging the growth of the pen needles market size.

The lack of education and training given to patients and caregivers on the proper usage of pen needles followed by the shortage of medical professionals for the treatment of hormonal imbalance and conditions such as diabetes, thyroid disorders, and other diseases are hampering the market growth.

Type Segment Drivers

Based on type, the standard one is projected to dominate the market over the forecast period. The rising adoption of this type of pen needle owing to its high adoption in economies such as India, China, and Brazil, as it is cost-effective is a major factor that is surging the market growth.

Regional Drivers

Based on the region, North America is expected to grow at a higher CAGR over the forecast period. This is attributed to the increasing incidences of diabetes in the region. According to the IDF Diabetes Atlas 9th Edition, in 2019, approximately 47.6 million adults in the age group of 20-29 years are suffering from diabetes in the IDF NAC region. The increasing number of patients, and the growing preference for home use applications and safety vaccinations are further driving the market growth.

Pen Needles Market’s leading Manufacturers:

·        BD

·        Novo Nordisk A/S

·        Ypsomed India Private Ltd.

·        Owen Mumford Ltd.

·        HTL-Strefa

·        B. Braun Melsungen AG

·        Terumo Corporation

·        UltiMed, Inc.

·        Allison Medical, Inc.

·        GlucoRx

Pen Needles Market Segmentation:

Segmentation by Type:

·        Standard Pen Needles

·        Safety Pen Needles

Segmentation by Length:

·        4mm

·        5mm

·        6mm

·        8mm

·        10mm

·        12mm

Segmentation by Therapy:

·        Insulin Therapy

·        Glucagon-Like Peptide-1 (GLP-1) Therapy

·        Growth Hormone Therapy

·        Others

Segmentation by mode of Purchase:

·        Retail

·        Non-Retail

Segmentation by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company's large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird's eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.

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