Pen Needles Market growing at a significant CAGR of 10.1% by 2025
Posted by Shristi on November 21st, 2019
“The Global Pen Needles Market was valued around US$ 1.5 Bn by 2018 and growing at a significant CAGR of 10.1% over next seven years 2019-2025 due to growing occurrence of chronic diseases”
The global pen needles market accounted for US$ 1.5 Bn in 2018 and burgeoning over the forthcoming years. Growing occurrence of chronic diseases, increasing awareness of general public, rising diabetes incidences, government support in certain countries and rising initiatives to create awareness among people through campaigns and conferences are some key factors favoring the market growth. However, factors such as poor reimbursement scenario in developing countries, complications associated with needle use and presence of substitutes are hampering the market growth.
Global pen needles market segmented on the basis of type, needle length, therapy, end user and region.
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Safety Pen Needles dominate the Global Pen Needles Market
Based on type, global pen needles market is segmented into standard pen needles and safety pen needles. Safety Pen Needles held considerable market growth during estimated period. Safety pen needles are proposed for professional health care users and non-clinical pen users. Safety Pen Needles are disinfected, merely use needles planned for use with pen injector devices for the injection of drugs. Safety pen needles are designed to protect healthcare professionals and their patients from unintended needle sticks through the injection of insulin.
North America Leads the Global Pen Needles market
PBI’s global pen needles market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis. North America accounted for larger revenue share in global pen needles market with considerable CAGR due to favorable reimbursement scenario for pen needles. High incidences of diabetes, increasing healthcare expenditure together with growing government support and increasing market penetration by leading players are the other factors responsible for the market growth. In addition, Asia Pacific held substantial market growth during estimated period owing to rising awareness regarding the availability of the modern technological devices for diabetes care. China and India are the major contributors for the growth of the market in the region.
Strategic New Product Launches are the Key Strategies Adopted by Market Players
Global pen needles market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For Instance, in July 25, 2016, ARKRAY launched TechLITE Pen Needles used for subcutaneous injection of insulin for insulin-dependent diabetic patients.
Key player’s profiles in the report are Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Ypsomed Holding AG (Switzerland), Terumo Corporation (Japan), HTL-STREFA S.A. (Poland), Artsana S.p.a (Italy), Allison Medical, Inc. (U.S.), UltiMed, Inc. (U.S.), ARKRAY Inc. (U.S) and Owen Mumford Ltd. (U.K.).
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By Needle Length
By End User
Middle East and Africa (MEA)
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About the AuthorShristi
Joined: September 17th, 2019
Articles Posted: 60
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