Global Pen Needles Market: Overview
Pen needles are used in combination with pen injectors for the delivery of injectable medications. A pen needle comprises a hollow needle which is fixed in a plastic hub and connects to the injection pen. Pen needles are available in different lengths and diameters. These pen needles are used by health professionals to inject different medications. People suffering from diabetes commonly use pen needles, as they require multiple insulin injections per day. Injection pens and pen needles are considered to be alternative drug delivery method to the traditional syringe or vial method. Needle technology has undergone a significant change in the last few decades. Presently, pen needles are manufactured and engineered for more easy use , as they comprises of electro-polishing for the smoothness of needle, fine and thin point tips for ease in penetration. These pen needles also have plastic caps for safety, and are also having lubrication for more glide and less friction, and also individual wrapping for sterilization.
Global Pen Needles Market: Key Trends
Increase in the geriatric population, surge in preference for pen needles over vials and syringes, inclination toward minimally invasive procedures, and rise in prevalence of diabetes and obesity are projected to propel the global pen needles market. According to the International Diabetes Federation, around 425 million adults aged between 20 and 79 were suffering from diabetes in 2017 and the number is anticipated to rise to around 629 million by 2045. According the American Diabetes Association, diabetes was the 7th leading cause of death in the U.S. in 2015, accounting for around 79,535 deaths with diabetes as the underlying cause and around 252,806 deaths with diabetes as an underlying or contributing cause. Moreover, technological advancements boost the growth of the global pen needles market. However, lack of training and education to patients and caregivers on the proper usage of pen needles, and shortage of medical professionals for treating hormonal imbalances and conditions including thyroid disorders, diabetes, and others are anticipated to hamper the growth of the global pen needles market.
Global Pen Needles Market: Segmentation
In terms of product, the global pen needles market can be bifurcated into standard pen needles and safety pen needles. The standard pen needles segment is projected to dominate the global market because of extensive use by diabetic patients. Based on needle length, the global pen needles market can be classified into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. The 8mm segment is anticipated to lead the market, as pen needles of this length are more commonly prescribed to patients. In terms of therapy, the market can be divided into insulin, glucagon-like-peptide-1 1 (GLP-1), and growth hormones. The insulin segment is expected to dominate the market due to increase in awareness about insulin therapy. Based on distribution channel, the market can be categorized into hospital pharmacies, retail pharmacies, and online pharmacies.
Global Pen Needles Market: Regional Analysis
In terms of region, the global pen needles market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is projected to lead the global market due to rise in prevalence of diabetes, technological advancements, and increase in research and development activities on diabetes care. The market in Asia Pacific is expected to expand at a high CAGR during the forecast period owing to rise in awareness about the medical treatments and care, growing health care sector, and increase in research and development.
Global Pen Needles Market: Competitive Landscape
Key players in the global pen needles market include BD, Novo Nordisk A/S, Owen Mumford Ltd., Terumo Corporation, Ypsomed AG, HTL-STREFA, B. Braun Melsungen AG, Hindustan Syringes & Medical Devices Ltd., UltiMed, Inc., and Artsana S.p.A. These players have adopted strategies such as partnerships, collaborations, agreements, and new product development to gain competitive advantage in the global pen needles market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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