Asia Pacific Lancet and Pen Needles Market – Overview
The market for lancets and pen needles has grown at a rapid pace owing to the rising number of diabetes mellitus globally, which has spurred the growth of the market in the Asia Pacific region. Market dedicated reports connected to the healthcare sector among others lately have been made accessible by Market Research Future which publishes reports on this sector. The market for lancets and pen needles is projected to witness a CAGR of 6.5 percent approximately in the forecast period.
Lancet and Pen Needles Industry Updates:
March 2018 Ypsomed has set up its first subsidiary in Canada in the North American region. The foundation of the business in Canada is an important milestone in the constantly pursued growth strategy. With the establishment of its subsidiary in Canada, Ypsomed is steadily following its growth strategy and is opening up large sales market for its products, in particular for its manufactured insulin pump mylife YpsoPump. Ypsomed has gained a foothold in the North American region with Canada.
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As a part of the treatment regime for diabetes, lancets and pen needles are used excessively. Moreover, they are the most popular product offering in the invasive methods for diabetes management. This fact has contributed immensely to the development of the market over the past few years, owing to which manufacturers operating in this market have been able to scale their output citing growing demand increasingly. Improvements in product design and efficacy are adding to the attractiveness of the market at a gradual pace. However, escalating interest in developing noninvasive products for diabetes management is expected to hinder the growth of the market in the forthcoming period.
Asia Pacific Lancet and Pen Needles Industry Segments:
The Asia Pacific lancet and pen needles market is segmented on the basis of needle length, gauge, therapy, and end users. The market segmentation on the basis of the needle length comprises of 4mm, 8mm, 12mm, and others. The gauge segment of the market is segmented into 21G, 17/18G, 23G, and others. The therapy based segment of the market comprises of glucagon-like peptide-1 (GLP-1), insulin, growth hormones and others. On the basis of the end users, segmentation of the market comprises of medical institutions & research organizations and others.
Detailed Regional Analysis of Asia Pacific Lancet and Pen Needles Market:
On the basis of region, the Asia Pacific region is segmented into Australia, India, Japan, China, the Republic of Korea, and the Rest of Asia Pacific. Japan controls a significant share of the market followed by Australia and the Republic of Korea due to the well-developed healthcare industry and high per capita healthcare spending. Additionally, favorable governmental policies have boosted the market growth in these regions. India and China have a developing market owing to a huge population base, increasing demand for superior quality products, rapidly changes in the economy, growing healthcare expenditure, and increasing number of biotechnological & pharmaceutical companies. Furthermore, growing number of healthcare organizations like hospitals and private research institutes have led to a growing market in India.
Competitive Analysis of Lancet and Pen Needles Industry:
The escalating interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. Challengers are also investing a certain amount in innovation so as to provide a certain degree of innovation in the market and expand the avenues for growth especially in the duration of the forecast period. The market trends have also necessitated the need to ensure financial sustainability to invest in development prospects as and when they arise. Companies are also continually attempting to create financial leverage, so as to be better positioned to capitalize on market gains. The objective of the firms in the market to grow their shareholder’s value, while enhancing the capability to power their competitive edge has enabled the company’s growth to a great extent. The chances for increasing revenue inflow in the business are expected to multiply through the forecast period.
The prominent players in the Asia Pacific lancet and pen needles market are Novo Nordisk A/S (Europe), BD. (U.S.), Ypsomed (Europe), B. Braun Melsungen AG (Europe), Owen Mumford Ltd. (Europe), Terumo Corporation (Asia Pacific), HTL-STREFA (Europe), Artsana S.p.A. (Europe), among others.
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