(PharmaNewsWire.Com, July 03, 2021 ) The study involved four major activities in estimating the current Pen Needles Market Size. Exhaustive secondary research was done to collect information about the market, peer markets, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Thirdly, both top-down and bottom-up approaches were employed to estimate the complete market size.
Expected Revenue Surge: The pen needles market is expected to reach USD 2.2 Billion by 2026 from an estimated USD 1.3 billion in 2021, at a CAGR of 11.2%.
The Growth in the market is largely driven by the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. On the other hand, the preference for alternative modes of drug delivery, poor reimbursement in developing countries, and needle anxiety are expected to restrain the overall market growth. Misuse of insulin pens and reuse of pen needles are the challenges faced by the market. The growing preference for biosimilar drugs and emerging markets are areas of opportunity in the market.
the pen needles market is segmented into standard and safety pen needles. Safety pen needles are seen to be growing at the highest CAGR. Due to the rising awareness regarding the risks associated with blood-borne pathogen transmission, needle safety has become an issue of concern for hospitals, doctors, and patients, thus spurring the demand for safe needles.
By Therapy;
the pen needles market is categorized into insulin therapy, glucagon-like peptide-1 (GLP-1) therapy, growth hormone therapy, and other therapies. In 2020, insulin therapy held maximum of the global pen needle market, primarily due to the high and growing diabetic population globally. This segment is also expected to grow at the highest rate during the forecast period.
Geographically, Segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific accounted for the highest growth of the pen needles market in 2020. The medical industry in the region has grown significantly over the years, and manufacturers are beginning to focus on providing well-established technologies to ensure sustainable and strong future revenue growth. Being a high-growth market, many manufacturers are also extending their global manufacturing bases to the APAC. With the low-cost manufacturing advantage, China and India are regarded as the most profitable manufacturing and R&D locations by most manufacturers. The rising demand for healthcare, driven by the rapid growth in the aging population, the growing prevalence of diabetes and other chronic diseases, drive market growth.
Key Market Players
Prominent players in the pen needles market include Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), Owen Mumford (UK), Terumo Corporation (Japan), Nipro Corporation (Japan) Allison Medical (US), AdvaCare Pharma (US), Berpu Medical Technology (China), ARKRAY (Japan), GlucoRx (UK), HTL-STREFA (Poland), UltiMed, (US), Hindustan Syringes and Medical Devices (India), Artsana Group (Italy), PromiseMed Diabetes Care (Canada), Montmed (Canada), Trividia Health (US), VOGT Medical Vertrieb (Germany), Van Heek Medical (Netherlands), Simple Diagnostics (US), Iyon (Turkey), Links Medical Products (US), and MHC Medical Products (US).
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