Million Insights
Market Research Released A New Research Report On Global Pen Needles Market -
Forecast Up To 2025. Report Provide Overview Of Top Key Players, Share
Analysis, Size, Stake, Progress, Trends And Their Strategic Profiling In The
Market, Comprehensively Analyzing Their Core Competencies, And Drawing A
Competitive Landscape For The Market.
Pune, India - Pen Needles Market was valued at
USD 1.5 billion in 2015, which is projected to grow at a CAGR of more than
13.0% during the forecast period. Rising prevalence of diabetes has led to the
rise in demand of pen needles. According to the WHO, in 2014, 422 million
people had diabetes and it is estimated that it would be the 7th leading cause
of death in 2030. With the increase in population of this disorder, the market
is estimated to grow rapidly over forecast period. The rising number of
overweight or obese people also contributes to the growth of the market. According
to the Diabetes. Co. UK, obesity accounts for 80% to 85% chances of developing
type 2 diabetes. Excess abdominal fat, increases the chances of having this
type of disorder.
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Pen needles helps in easy delivery of drug to the patient.
They are used in conjunction with insulin pens because of its accuracy in
dosage delivery and can be easily used visually impaired and elderly people.
Technological advancements in pen needles are further
expected to drive market growth. The market players are majorly focusing on
developing new products with respect to the length of the needle. Short length
pen needles can be easily used by everyone including overweight, children, and
the patient with phobia of needles. For instance, in 2014, Novo Nordisk made
NovoFine Plus, the thinnest and shortest needle commercially available in the
U.S.
Pen needles when used in conjunction with insulin pens
provide easy and convenient drug delivery process when compared to the
traditional method of syringes and vials. Syringes are comparatively large and
create difficulty in self-administration. On the contrary, pen needles have
pointed tips, which penetrate easily into the muscle of the patient. It
eliminates the risk of needle stick injuries.
Product Insights
In 2016, standard needles held the largest market share
because of its daily usage by diabetic patients. People with dexterity and
visually impaired patients use these products because it has a clear screen
with clicks that are easy to hear and ensures that proper dosage is
administered. However, these are expected to witness slow growth in near future
owing to the high risk of needle stick injuries restricting the safe
applicability of pen needles. Rising number of diabetes patient, cost
effectiveness, and rising awareness level regarding the usage of these products
contribute to the growth of this segment.
Safety pen needles are anticipated to witness attractive
growth over the forecast period due to the growing technological advancements
in this field. It helps to minimize the risk of needle stick injuries amongst
patients. For instance, BD AutoShield Duo pen needle, has shields over front
and back ends of needles and does not require pinch up, thus, reducing the risk
of needlestick injury.
In 2016, Europe dominated the market because of the growing
prevalence of diabetes in the region. According to Diabetes UK, 4 million
people are found to be suffering with diabetes. Moreover, the UK government is
taking initiatives to raise awareness among people and invest in diabetes care
and research so that better treatment techniques and facilities are available
for diabetic patients.
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Report visit @ https://www.millioninsights.com/industry-reports/pen-needles-market
Market Segment:
Pen Needles Product Outlook (Revenue, USD Million; 2014 - 2025)
• Standard Pen Needles
• Safety Pen Needles
Pen Needles Length Outlook (Revenue, USD Million; 2014 - 2025)
• 4mm
• 5mm
• 6mm
• 8mm
• 10mm
• 12mm
Pen Needles Therapy Outlook (Revenue, USD Million; 2014 - 2025)
• Insulin
• Glucagon-like-Peptide-1 (GLP-1)
• Growth Hormone
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