(PharmaNewsWire.Com, October 19, 2017 ) According to the report Pen Needles market, published by Market Data Forecast Global market is expected to reach USD 2.82 billion by 2021 from USD 1.66 billion in 2016, growing at a CAGR of 11.18% for the next five years 2016-2021. Pen needles are used to deliver the medication (such as insulin or other injectable medications) in combination with injection pens. A pen needle comprises of hollow needle attached to injection pen. Pen needles are available with varied needle lengths and are majorly utilized by diabetes patients.
Rising number of diabetic population, increasing technological advancements, growing awareness programs (such as conferences & meetings) on the utilization of pen needles, existence of favorable reimbursement scenarios, and advantages of pen needles as compared to syringes & vials are some of the factors that drive the growth of global pen needles market. However, reuse of pen needles, presence of alternative drug delivery methods, and poor accessibility of pen needles over conventional syringes & vials are restraining the growth of global pen needles market.
The Global Market for pen needles is broadly categorized based on Therapy, Type, Needle Length, Mode of Purchase and Region.
1. Based on Therapy • Growth Hormone • Insulin • GLP-1
2. Based on Type • Standard Needle • Safety Needle
3. Based on Needle Length • 4mm, 6mm, 8mm, 10mm and 12mm
4. Based on Mode of Purchase • Retail • Non-Retail
5. Based on Region • North America • Europe • Asia Pacific • Latin America • Middle East and Africa
Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) are the major players accounting for 85-90% of the global pen needles market share 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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