The pen needle market size is expected to reach USD 3.12 Billion in 2030 and register a revenue CAGR of 11.1% over the forecast period, according to the latest report by Reports and Data. Pen needle market revenue growth is due to rapid prevalence of diabetes across the globe.
Pen needles are used by both healthcare providers and patients for administration of various injectable medications. Insulin administration for diabetic patients is a major application segment for pen needles. Advancement in technology has resulted in increasing adoption of pen needles over conventional syringes. Pen needles are easy-to-use and minimally invasive.
Design is a major factor for product efficacy and is continuously worked upon for ensuring proper lubrication, minimum friction, and attached safety caps. Increasing incidence of chronic diseases such as, diabetes and cancer, is one of the major factors contributing toward market revenue growth worldwide. According to American Diabetes Association more than 30 million people in America have been diagnosed with diabetes and more than 84 million people have high risk of suffering from diabetes. Pen needle is used mainly in diabetes for administration of insulin. Moreover, it does not require any professional skills. Rising demand for minimally invasive treatment is one of the key factors promoting market growth.
The global market is highly competitive in nature. The top market players are constantly working on new technologies and products to enhance their global footprint. Companies adopt both organic and inorganic growth strategies in order to ensure a steady pattern of growth. Acquisitions and mergers are commonly witnessed. For instance, in January 2019, Becton, Dickinson and Co. launched an ergonomic pen needle technology, which has been designed for an enhanced injection depth.
The developing countries are expected to observe lucrative growth because of an increasing incidence of chronic diseases and the rising spending on healthcare. Despite a lucrative growth scenario, the preference for alternative modes of drug administration, and reuse of pen needles remain major challenges that need to be addressed for advancements in the pen needles market.
Some Key Highlights in the Report:
- Based on type, the standard pen needles segment accounted for largest revenue share in 2020. These pen needles are available at a lower price which is expected to boost its demand in countries such as China, India, and Brazil. However, harmful consequences associated with improper disposal of these pens have impacted revenue growth of the segment.
- Based on therapy, the insulin therapy segment is expected to register fastest revenue growth rate during the forecast period. Burgeoning geriatric population along with high number of reported cases of diabetes is pushing the demand for this therapy. Another reason for increasing popularity of insulin pens is that it is accurate, simple, and convenient in terms of usage as compared to syringe and vial. Several users of insulin therapy also prefer the use of insulin pen due to its minimal obstructive nature and accuracy in terms of insulin dose.
- 4 mm segment is expected to witness a significant revenue growth rate during the forecast period because of ease of insulin administration and the widespread availability of this length of pen needles in the market. 4 mm needle is as thin as two strands of hair. This type of needle reduces the risk of injecting into muscle tissues while using it. It also offers equal and in some cases, improved outcomes for obese people with diabetes.
- Market in North America accounted for largest revenue share in 2020 owing to increasing incidence of diabetes in the region. Government initiative to spread awareness about the product along with favorable funding from many private players is leading to market growth in the region. Well-established healthcare system and supportive reimbursement structure is also supporting market growth.
Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2124
Surge in geriatric population and rising incidence of obesity is driving pen needle market revenue growth – Our Expet Opinion
Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Becton, Dickinson and Company, Novo Nordisk A/S, Ypsomed Holding AG, B. Braun Melsungen AG, HTL-Strefa S.A., Terumo Corporation, Owen Mumford Ltd., Allison Medical Inc., Ultimed, Inc., and Arkray, Inc.
Pen Needles Market Segmentation:
Needle Length Outlook (Revenue, USD Billion; 2019–2030)
- 4 mm
- 5 mm
- 6 mm
- 8 mm
- 10 mm
- 12 mm
Product Type Outlook (Revenue, USD Billion; 2019–2030)
- Disposable Pens
- Reusable Pens
Application Outlook (Revenue, USD Billion; 2019–2030)
- Insulin Therapy
- Allergic Reactions
- Glucagon-like Peptide-1 (glp-1) therapy
- Hormone Replacement Therapy
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Pen Needles market over the forecast period?
- What are the major factors driving the growth of the Global Pen Needles Market?
- What are the key challenges impacting the global Pen Needles market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
Thank you for reading our report. For more details please connect with us and our team will ensure the report is customized to meet all the needs of clients. The report also offers a comprehensive regional analysis and specific countries can be included in the report according to the requirements.
Explore Latest Trending Research Reports By Reports and Data:
Contrast Media (Contrast Agents) Market @ https://www.reportsanddata.com/report-detail/contrast-media-contrast-agents-market
Water Flosser Market @ https://www.reportsanddata.com/report-detail/water-flosser-market
Heat and Moisture Exchanger Market @ https://www.reportsanddata.com/report-detail/heat-and-moisture-exchanger-market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Company Name: Reports and Data
Contact Person: John Watson
Email: Send Email
Address:40 Wall St. 28th floor
City: New York City
State: NY 10005
Country: United States