Pen Needles Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1872
Pen Needles Market size is projected to experience significant growth from 2017 to 2024.
Increasing worldwide prevalence of diabetes and obesity will spur pen needles market growth during the forecast period. As per International Diabetes Federation, the global prevalence of diabetes was 415 million in 2015 and expected to reach 642 million by 2040. Increasing obese population will accelerate the prevalence of chronic diseases such as diabetes, high blood pressure, coronary heart diseases and stroke.
Rising awareness programs for administration of insulin using, technological advancements for developing novel devices to reduce pain and favorable reimbursement systems in developed countries should fuel the pen needles market size. Alternative drug delivery systems such as oral insulin, inhaled insulin and needle-free products coupled with inability to reuse may hamper the product demand during the forecast years.
Based on product, the industry is bifurcated into standard and safety pen needles. Standard products hold the largest revenue share owing to routine usage by diabetic patient base. Safety pen needles market will witness lucrative growth over the coming years due to its benefits such as minimized patient anxiety and reduced needle stick injuries. 8mm needles market lead the overall revenue share owing to increased usage rates for insulin administration. 4mm needles will witness tremendous growth in the coming years due to its short length, comfort, and ease for administering insulin in the subcutaneous layer of the patients.
Insulin market estimated to foresee lucrative growth due to rising awareness about product and self-administration of insulin coupled with favorable reimbursement policies. GLP-1 therapy will witness healthy growth in future due to its ability to minimize blood glucose level in patients with target disease. Homecare will be the major end user of the pen needles owing to self-administration of insulin on daily basis. Hospital segment is anticipated to witness healthy growth in the coming few years due to availability of highly-skilled professionals and the quality of patient care provided.
U.S. pen needles market is growing rapidly and will witness significant growth in the coming years. As per OECD, obesity prevalence in the U.S. accounts for 35% in 2014 leading to increased risk of type 2 diabetes. Technological advancements, established healthcare infrastructure, rising awareness among patient pool and favorable regulatory scenario are enabling to boost the U.S. pen needles market.
Germany pen needles market will direct the European revenue owing to increased prevalence of chronic disorders, stringent government regulations to facilitate the use of safety devices for insulin administration. Demand for products is expected to rise in U.K. over the forecast period with the increasing efforts in research and diabetes care, awareness campaigns and favorable reimbursement systems. India and China will witness tremendous growth in future due to growing lifestyle related diseases, increasing medical tourism and rising awareness for drug delivery among patients.
Some of the prominent players in the pen needles market include Becton and Dickinson, Novo Nordisk, B.Braun Melsungen and Terumo. Key players are focusing on effective promotional and marketing techniques and rising R&D efforts to develop novel products and capture higher market share. Some of the other participants are Owen Mumford, HTL STREFA, Ultimed and Allison Medical. Collaborations, distribution agreements and product portfolio expansion are other growth strategies for the players to sustain the industry.
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