Global demand for pen needles market was valued at USD 1,945.9 million in 2018, and is expected to generate revenue of USD 3,939.2 million by end of 2025, growing at a CAGR of 10.6% between 2019 and 2025
According to the report, global demand for pen needles market was valued at USD 1,945.9 million in 2018, and is expected to generate revenue of USD 3,939.2 million by end of 2025, growing at a CAGR of 10.6% between 2019 and 2025
The report covers forecast and analysis for the global pen needles market. The study provides historic data from 2016 to 2018 along with forecast from 2019 to 2025 based on revenue (USD Million). In-depth secondary research is used to ascertain overall market size, top industry players, top product, industry associations, etc. Macro-economic indicators such as healthcare industry outlook, healthcare spending, research funding, GDP along with company websites, company annual reports, white papers, financial reports and other sources have also been considered to arrive at the indicated market numbers.
Pen needles are attached to injection pens by means of plastic hub and have the essential amount of medication in it. They are majorly used by diabetic patients in order to inject insulin. Pen needles propose numerous benefits over the syringe device and conventional needle such as they do not require expertise and help in self-administration of the drugs and medication. Insulin pens are known as the fastest mode of drug delivery and considered to be the most suitable, convenient to use. Pen needles are highly required in combination with rising need for insulin pens for individuals suffering from diabetes. Increasing prevalence of diabetes is one of the significant factors contributing for the growth of pen needles market.
The study provides a decisive view on the pen needles market by segmenting the market based on type, length, therapy, mode of purchase, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2025. The market for pen needles is bifurcated on the basis of type into safety pen needles, and standard pen needles. The standard pen needles segment is gaining traction in the market due to its everyday use of higher doses by patients suffering from diabetes. Patients suffering from dexterity problems usually use these needles. Though, standard pen needles are not ideal owing to associated risk of causing needlestick harms, which affects the safe applicability of pen needles. Hence, the demand for them is anticipated to reduce in the near future.
On the basis of length the global market is divided into 5mm, 4mm, 8mm, 6mm, 10mm, and 12mm. The 8mm segment held major share in the global pen needles market in 2018. These kinds of needles are most frequently prescribed to all patients counting the overweight population affected by target disease. Needle length of 4mm is expected to show higher CAGR over the forecast period owing to its small length. Thinnest and shortest needles are progressively being used by patients owing to its better comfort level as compared to injections. Additionally, their short layer assists to reach at the subcutaneous tissue easily will raise the demand for the 4mm needles in near future.
Based on therapy the market is divided into insulin therapy, glucagon-like peptide-1 (GLP-1) therapy, growth hormone therapy and other therapies. The insulin therapy segment held major share of the market in 2018. This is due to the aggregated awareness regarding self-administration of insulin therapy among the patients suffering from type 1 and type 2diabetes. Based on mode of purchase the global pen needles market is classified into retail and non-retail segment. The retail segment is anticipated to account for the largest market share during the forecast period. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa with its further bifurcation into major countries.
The study also includes drivers and restraints for the pen needles along with the impact they have on the demand over the forecast period. Besides, the report includes the study of opportunities and trends available in the pen needles market on global level. As According to WHO, the number of patients suffering from diabetes has augmented from 108 Mn in 1980 to 422 Mn in 2014. Nearly 415 million people globally have diabetes, with 75% living in low and middle income countries. Among the consequences of DM are the increased incidences of amputation of the lower limbs and mortality. Increasing severity of diabetes and lack of awareness among the population will significantly propel the market growth over the forecast period.
The report also provides company market share analysis in order to give a broader view of the key players in the market. Industry insights and information is delivered in the required format. ZMR develops a list of industry players (manufacturers), distributors, retailers and industry experts. Some of the players within global pen needles market include Becton, Dickinson and Company, B. Braun Melsungen AG, HTL-STREFA S.A., Novo Nordisk A/S, Ypsomed Holding AG, Allison Medical, Inc., Terumo Corporation, Owen Mumford, and Artsana S.P.A.
This report segments the global pen needles market as follows:
Global Pen Needles Market: Type Segment Analysis
Global Pen Needles Market: Length Segment Analysis
Global Pen Needles Market: Therapy Segment Analysis
Global Pen Needles Market: Mode of Purchase Segment Analysis
Global Pen Needles Market: Regional Segment Analysis
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