The Global Pen Needles Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, and Competitive Landscape etc. According to the report, the Global Pen Needles Market is estimated to be USD 2.05 billion in 2018 and predicted to reach USD 3.48 billion by 2023 with a CAGR of 11.18%. The market is segmented by therapy (Insulin therapy, GLP-1 therapy, and Growth Hormone therapy), Type (Standard Needles & Safety Needles), needles length (4mm, 6mm, 8mm, 10mm, & 12mm), and mode of purchase (Retail & Non-Retail). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.
Based on therapy, insulin therapy is estimated to command the largest share of the global pen needles market in 2016 and expected to grow at the highest CAGR during the forecast period 2016-2021. The key driving factor for the growth of this segment is due to presence of huge diabetic population.
Increasing health care expenditure, existence of favorable reimbursement policies, growing number of awareness programs on diabetes conditions, and advantages of pen needles over conventional syringes & vials are driving the growth of global pen needles market. However, stringent regulatory policies, increasing technological advancements for alternative drug delivery methods, high growth rate of pen needles reuse, and limited acceptance of diabetic patients towards the pen needles.
Europe is estimated to account for the largest market share of 32.5% of global pen needles market owing to increasing government focus on the utilization of safety devices, growing number of diabetes awareness programs, and presence of regulations that mandate the utilization of safety pen needles. Asia-Pacific region is estimated to be the fastest growing segment with a CAGR of 14.10% during the forecast period 2016-2021. High growth of the market in this region is due to the increasing prevalence of diabetes and rising adoption of pen devices for insulin delivery.
Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) are the major players accounting for major share of the global pen needles market in 2016. Other players include UltiMed, Inc. (U.S.), Allison Medical, Inc. (U.S.), Owen Mumford, Ltd. (U.K.), B. Braun Melsungen (Germany), Artsana S.p.a. (Italy), HTL-STREFA S.A. (Poland), and Terumo Corporation (Japan), among others.
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