Published: Nov, 2017
Growing prevalence of various diseases such as HIV, hepatitis and diabetes has led to a surge in demand for the insulin pen needles globally. Increasing support from various government organizations is further expected to impact growth of the global market significantly. Transparency Market research states that the global market of insulin pen needles is projected to reflect a CAGR of 8.0% over the forecast period, 2017-2026.
Factors Fuelling the Global Market Growth
Growth of the global insulin pen needles market is mainly bound to various macro-economic and micro-economic factors. The global market of insulin pen needles is mainly driven by growing prevalence of diabetes globally. Moreover, prevalence of the other diseases such as HIV and hepatitis is further expected to rev up sales of the insulin pen needles. Features such as replaceable needles and pre-filled pens has further continues to impact the global market growth of insulin pen needles during the forecast period. Attributed to the autoshield needles, the insulin pens delivers greater accuracy while administering dosage.
In addition, manufacturers in the healthcare industry are increasingly focusing on developing innovative medical devices that offers convenience and safety to the patients while administering doses. Companies in the healthcare industry are mainly focusing on developing medical devices such as ‘Timesulin’, which is insulin pens that allows the patients to administer drug dosages through the pumps. Moreover, the cap of timesulin is equipped with advanced features that enables the patients to track and retrieve data regarding the time and amount of the last dosage administered. This device is mainly developed for the patients who have type I diabetes. As demand for the safety while administering dosage continues to increase, manufacturing companies are increasingly focusing on developing insulin pens that are equipped with features that enable replacement of used needles. Further, growing support from the government organizations and favorable reimbursement policy is projected to impact the global market growth of insulin pen needles during the forecast period.
However, several factors will continue to inhibit the global market growth of insulin pen needles during the forecast period. Preference for the non-invasive techniques has led to drop in sales of the insulin pen needles. Manufacturing companies are increasingly focusing on developing medical devices such as glucose-monitoring lens that allow the patients to keep a track of information regarding the blood-sugar levels and transmit it to the phones through the smart contact lenses. With the increasing preference of the non-invasive medical devices, the insulin pen needles is likely to witness a decline in the global market.
Sales to Remain High for Standard Insulin Pens and Needles
With the increasing preference for the cost-effective medical devices, sales for the standard insulin pens and needles is projected to remain high. The standard insulin pens and needles is projected to outsell the safety-engineered insulin pens and needles globally. In terms of revenue, the standard insulin pens and needles product type segment is projected to witness significant growth, representing more than US$ 1,000 Mn by 2026-end. On the other hand, the safety-engineered insulin pen needles product type segment is projected to reflect a robust CAGR during the forecast period.
Through 2026, the online sales distribution channel segment is projected to reflect a healthy CAGR in the global market. On the contrary, the hospital pharmacies distribution channel segment is projected to witness the highest revenue growth, accounting for more than US$ 200 Mn by 2017-end. By type I diabetes application type segment is projected to witness the fastest growth throughout the forecast period. However, the type II diabetes application segment is projected to witness robust revenue growth, recording more than US$ 1,000 Mn by 2026-end.
Major players in the global market of insulin pen needles market are Novo Nordisk Inc., Becton, Dickinson and Company, VOGT MEDICAL, Owen Mumford Ltd., MedExel Co., Ltd., HTL-STREFA S.A and Perrigo Diabetes Care.