{"id":677736,"date":"2023-11-21T18:58:01","date_gmt":"2023-11-21T18:58:01","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=677736"},"modified":"2023-11-21T18:58:01","modified_gmt":"2023-11-21T18:58:01","slug":"pen-needles-market-worth-25-billion-by-2028","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/pen-needles-market-worth-25-billion-by-2028_677736.html","title":{"rendered":"Pen Needles Market worth $2.5 billion by 2028"},"content":{"rendered":"
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Embecta Corp. is the largest player in the global pen needles market. The company has a vast portfolio of pen needles including both standard and safety pen needles. <\/div>\n<\/div>\n<\/div>\n
The global Pen Needles market size is projected to reach USD 2.5 billion by 2028 from USD 1.6 billion in 2023, at a CAGR of 9.1% during the forecast period.<\/div>\n

Pen Needles Market<\/a><\/strong> in terms of revenue was estimated to be worth $1.6 Billion in 2023 and is poised to reach $2.5 Billion by 2028, growing at a CAGR of 9.1% from 2023 to 2028 according to a new report by MarketsandMarkets™.<\/p>\n

The increasing healthcare expenditure on diabetes care, and mandates pertaining to safety pen needles are some factors that provide lucrative opportunities for key players in the market. However, reuse and misuse of pen injectors, and factors such as needles anxiety and preference of alternative modes of drug delivery, such as infusion pumps, are expected to restrain the market and pose significant challenges for market players.<\/p>\n

Download an Illustrative overview: https:\/\/www.marketsandmarkets.com\/pdfdownloadNew.asp?id=75948613<\/a><\/strong><\/p>\n

“Discounts offered on the online purchases of pen needles to drive the growth of this segment”<\/strong><\/p>\n

Online purchase is the fastest growing segment of the pen needles market, by mode of purchase. The convenience of online purchases, and time-efficient drive the growth of this segment. Additionally, patients who need pen needles on a regular basis can even get subscriptions for a monthly supply, which further makes it more convenient.<\/p>\n

The over-the counter purchase segment accounted for the largest share of the pen needles market by mode of purchase, in 2022. This is due to the large number of patients buying pen needles from local pharmacies without the need of a prescription. Additionally, distributors and suppliers provide discounts to hospitals and clinics on bulk purchases, which further contributes to the large share of this segment.<\/p>\n

“Asia Pacific likely to emerge as the fastest-growing pen needles market, globally”<\/strong><\/p>\n

The pen needles market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa. Asia Pacific attributes to the highest growth rate amongst the other regions. The emerging Asian countries, such as China, India, and Japan, are offering significant growth opportunities for market players. The expansion of healthcare infrastructure and increase in disposable incomes, increase incidences of diabetes are factors which are likely to support the growth of pen needles market in the region.<\/p>\n

Request Sample Pages: https:\/\/www.marketsandmarkets.com\/requestsampleNew.asp?id=75948613<\/a><\/strong><\/p>\n

Pen Needles Market Dynamics:<\/strong><\/p>\n

Drivers:<\/strong><\/p>\n

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  1. Growing adoption of self-administration<\/li>\n<\/ol>\n

    Restraints:<\/strong><\/p>\n

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    1. Preference for alternative modes of drug delivery<\/li>\n<\/ol>\n

      Opportunities:<\/strong><\/p>\n

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      1. Emerging markets<\/li>\n<\/ol>\n

        Challenge:<\/strong><\/p>\n

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        1. Reuse of pen needles<\/li>\n<\/ol>\n

          Key Market Players of Pen Needles Industry:<\/strong><\/p>\n

          The key players in the pen needles market B. Braun Melsungen AG (Germany), Embecta Corp. (US), and Novo Nordik A\/S (Germany). These companies adopted strategies such as collaborations, partnerships, and investments to strengthen their presence in the market.<\/p>\n

          Recent Developments:<\/strong><\/p>\n