(PharmaNewsWire.Com, May 29, 2021 ) 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 market.
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.
The insulin therapy segment is expected to grow at the highest CAGR during the forecast period
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 in 2018. The large share of the North American 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).
Recent Developments;
- 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.
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