(PharmaNewsWire.Com, August 06, 2021 ) The Key Elements of the Research Report in Detailed?
The Growth in Pen Needles 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.
Worldwide Growth Opportunities in Terms of Revenue:
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%.
Opportunity: Growing preference for biosimilar drugs;
Biosimilars were introduced in 2006 by many pharmaceutical companies such as Sandoz (Germany), Teva Pharmaceutical Industries Ltd. (Israel), and JCR Pharmaceuticals Co., Ltd. (Japan). Due to their lower costs (compared to their patented counterparts), the demand for biosimilars has increased significantly. In addition, the impending patent expiry of many biologic molecules will also serve to drive the demand for biosimilars.
Even insurance companies and governments are favoring the use of biosimilars and generics. For instance, CVS Caremark, a major prescription insurer in the US, has replaced branded injectable drugs such as Lantus by Sanofi and EpiPen by Mylan with their biosimilars Basaglar (available in injection pen) by Eli Lilly and Adrenaclick (an autoinjector) by Amedra Pharmaceuticals. This favors the pen needles market as Basaglar is administered via pen injector. Many other injectable drugs also rely on pen injection; thus, the growing preference for biosimilar drugs and support from governments and insurance providers will ensure strong opportunities for growth in this market.
Geographically, the pen needles market is 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.
Major Key Players Mentioned in the research report are:
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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