Global Pen Needles Market Outline
Pen needles Market are used in conjunction with injection pens in order to deliver injectable medications into the body. Pen needle comprises a needle which is hallowed and embedded in a plastic hub and attached to injection pens. Pen needles will available in different lengths and diameters to make them easily used by the healthcare professionals and patients to administer medications. Generally, these pen needles are used by the people with diabetes and who require insulin injections. Pen needles are an alternative delivery system of drug administration to the conventional method.
Increasing prevalence rate of diabetes is one of the primary factors that enables drive the Global Pen Needles Market. As per International Diabetes Federation (IDF), around 642 Mn of the total population is estimated to have diabetes by 2040. People with obesity are highly prone to diabetes which in turns rise market growth of pen needles. As per, Diabetes.Co.UK, obesity is reported for 80-85% of the risk of diabetes development. Growing adaptation of pen needles and minimally invasive methods over conventional systems, increasing geriatric population is expected to fuel the market growth of pen needles. However, a dearth of specialized endocrinologists to treat diabetes, hormonal imbalances, thyroid disorders etc., issues and risks related to the safe usage of pen needles and strict regulatory framework for the development of new products are the few factors which are restraining the pen needles market size growth.
The Global pen needles market is classified on the basis of type, length of the needle, therapy, end user, and geography.
Based on type, the Global Market is segmented into the following
- Standard pen needles
- Safety Pen Needles
Based on needle length, the Global Market is segmented into the following
Based on therapy, the Global Market is segmented into the following
- Growth Hormones
Based on end user, the Global Market is segmented into the following
- Diagnostic centers
Increasing government initiatives in the prevention of diabetes are expected to boost the market growth. For instance, in 2013, World Health Assembly introduced a comprehensive global framework which is accompanied by WHO global action plan for prevention and control of NCD 2013-2020. Growing advanced technologies is also anticipated to drive the market growth of pen needles. For example, In 2013, Becton, Dickson, and Company have launched BD Ultrafine nano 4mm pen needles with easy flow technology which enables easy adherence to insulin therapy regimens in diabetic patients.
Geographically Global Market is segmented into North America, Europe, Asia- Pacific, Latin America, The Middle East & Africa. North America holds the largest share in pen needles market owing to the high prevalence of diabetes, high acceptance of state-of-art technologies. As per, American Diabetes Association, in 2015, diabetes is the 7th leading cause of death in U.S with 79,535 deaths. Europe accounted for the significant share in pen needles market. Asia Pacific region is anticipated to show significant growth due to the innovative product launches, affordability, raising awareness regarding healthcare in countries like China, India, and Japan.
The major companies in the market include 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.).
- July 25, 2016, ARKRAY launched TechLITE Pen Needles used for subcutaneous injection of insulin for insulin-dependent diabetic patients.
- 29, 2014, Novo Nordisk, launched Novofine Plus, thinnest and shortest pen needle in U.S.
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