(PharmaNewsWire.Com, November 05, 2020 ) According to the new market research 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″ published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
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.
Growth Boosting Factors:
- Growing Prevalence of Chronic Diseases - Favorable Reimbursement in Selected Countries - Growing Preference for Biosimilar Drugs
Recent Developments Insulin Pen Needles Market:
- 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.
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.
On the basis of therapy, categorized into insulin therapy, glucagon-like peptide-1 (GLP-1) therapy, growth hormone therapy, and other therapies. The insulin therapy segment is expected to grow at the highest CAGR during the forecast period 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.
North America is expected to dominate the pen needles market. The large share of the North American 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.
Key Market Players:
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) are the Prominent key players in the pen needles market
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