Pen Needles Market– Statistics And Analysis & Forecast To 2025Posted by Mrudula Anil Karmarkar on April 26th, 2021 The global pen needles market size is expected to reach a value of USD 4.8 billion by 2025, expanding at a CAGR of 13.0%, according to a new report by Grand View Research, Inc. Rising prevalence of diabetes is the primary reason for the significant growth of the pen needles market. According to the International Diabetes Federation (IDF), nearly 415 million people were suffering from diabetes in 2015. Such a high prevalence of diabetes across the globe has led to rising demand for pen needles. Patients suffering from diabetes commonly use injectable pen devices, which helps in easy drug delivery. With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor. Diabetes mellitus is a chronic disease affecting people of nearly all age groups. Type 1 diabetes, indicating insulin deficiency, is generally found amongst pediatric population and young adults. As per the estimates of the American Diabetes Association, only 5% of the overall diabetic population have type 1 diabetes. On the other hand, type 2 diabetes indicates insulin resistance and is the most common type of diabetes occurring amongst people. Obese people are commonly diagnosed with type 2 diabetes. According to the WHO, in 2014, there were nearly 600 million obese people in the world. Such a huge obese population has also raised the epidemiology of type 2 diabetes across the globe. As a result, in order to facilitate drug delivery, pen needles along with insulin pens are highly demanded by diabetic patients. Huge technological advancements are taking place in the field of pen needles market. Traditionally, people suffering from diabetes use insulin and other medication injectables in the form of syringes and vials. However, with improved technology, insulin pens have gained wide popularity amongst the target population. Insulin pens with needles of varied lengths are largely used owing to their portability and ease of handling. Moreover, these days, pen needles are manufactured using modern techniques to facilitate needle smoothness. The fine pointed tip of these needles also helps in easy penetration, particularly, for the obese diabetic population. Further Key Findings from the Study Suggest:
In addition, safety pen needles are being manufactured with improved technology that ensures safety. The primary advantage of using safety pen needles is that it eliminates the risk of needlestick injuries. The plastic caps attached to these needles facilitate additional safety for both the patient and the needle. Some pen needles are designed in such a way that it reduces the risk of post-usage contamination by covering both the ends of the needle. For instance, the BD AutoShield Duo safety pen needle manufactured by Becton Dickinson and Company has dual shields that ensures protection of both ends. Needles with shorter lengths provide greater comfort during drug delivery as they are painless. Pen needles commonly help the diabetic patients for insulin delivery. Thus, rising public awareness regarding self-administration of insulin or any other drug has also accelerated the growing usage of pen needles. Europe comprises one of the largest diabetic population throughout the world. According to the International Diabetes Federation (IDF), in 2015, 59.8 million people were living with diabetes in Europe and this figure is expected to rise to 71.1 million in 2040. Hence, with rising diabetic population in the European region, demand for pen needles is also expected to increase in the near future. North America is also expected to witness significant growth in the pen needles market due to huge penetration of advanced technology, which encourages increased adoption of pen needles. Insulin pens coupled with needles are considered as an improved alternative drug delivery process in comparison to syringes and vials. Traditional syringes are large and create difficulty in self-administration. However, pen needles have fine pointed tips, which helps in easy penetration into the patient’s muscle. These needles also facilitate safety pertaining to insulin delivery amongst diabetic patients. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1218/ibb Some of the key players in the market comprise Novo Nordisk A/S, Becton, Dickinson and Company, TERUMO CORPORATION, Owen Mumford Ltd., Ypsomed, B. Braun Melsungen AG, HTL-STREFA, UltiMed, Inc., Allison Medical, Inc., and Artsana S.p.a. The key companies are engaged in new product development through the introduction of improved technology, regional expansion, and mergers & acquisitions in order to target the unmet need for diabetic patients. For instance, in 2013, Becton, Dickinson, and Company launched BD Autoshield Duo Safety Pen Needle in the U.K. and Ireland, which helps in minimizing needlestick injuries. Grand View Research has segmented the global pen needles market on the basis of product, needle length, therapy: Pen Needles Product Outlook (Revenue, USD Million; 2014 - 2025)
Pen Needles Length Outlook (Revenue, USD Million; 2014 - 2025)
Pen Needles Therapy Outlook (Revenue, USD Million; 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |