The “Pen Needles Market by Type (Standard and Safety), by Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, and 12mm), by Therapy (Insulin, Glucagon-like peptide, Growth Hormones) - Analysis & Global Forecast to 2019”analyzes and studies the major market drivers, threats, opportunities, and challenges.
This report studies the global pen needles market for the forecast period of 2014 to 2019.This market is expected to reach $2,105 million by 2019 from $1,283 million in 2014, and is poised to grow at a CAGR of 10.4% during the forecast period.
Some of the major players in the global pen needles market include Becton, Dickinson and Company (U.S.), Novo Nordisk (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-Strefa S.A. (Poland), Terumo Corporation (Japan), Artsana S.p.a (Italy), Owen Mumford Ltd (U.K.), Allison Medical, Inc. (U.S.), and Ultimed, Inc. (U.S.).
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The pen needles market is highly competitive with a large number of players, including both big and small players, operating in this market. Needles are used by patients to deliver insulin daily to their body. Rise in the global diabetic population and the increasing need for safety injections have resulted in technological advancements in this field.
The global pen needles market is segmented on the basis of type, needle length, therapy, and region. By type, the pen needles market is categorized into standard and safety needles. The standard pen needles segment is expected to account for the largest share of the market, by type. However, the safety needles segment is expected to grow at the fastest rate in the market, by type.
On the basis of needle length, the market is divided into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. Pen needles with 6mm length is expected to account for the largest share of the market, by needle length. However, the needles with 4mm length are expected to grow at the fastest rate in the market, by needle length.
The pen needles market, by therapy is segmented into insulin, Glucagon-like peptide (GLP), and growth hormones. Insulin therapy is the largest (2014) and fastest (2014-2019) growing market of the market, by therapy.
Over the years, the demand for pen needles is likely to increase owing to favorable reimbursement environment in North America and Europe, strong government support in the Pacific region, advantages of insulin pens over syringes and vials, technological advancements in pen needle technologies, and growing diabetic population. However, poor reimbursement structure in developing countries, severe shortage of Endocrinologists in the U.S., threats involved in reuse of needles, rising incidents of needlestick injuries (NSIs), and alternative drug delivery methods are restraining the growth of this market. Rising use of safety needles is likely to create opportunities for the market. However, minimizing the usage of standard pen needles still remains a challenge for this market.
The key factors that are expected to spur the growth of this market are the rising global diabetic population, favorable reimbursement scenario in North America and Europe, technological advancements, and awareness campaigns and conferences to improve diabetes care and adoption market. However, poor reimbursement structure in developing countries, rising incidents of needlestick injuries (NSIs), and threats involved in reuse of pen needles are hindering the market growth.
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