Pen Needles Market By Product Type (Standard Pen Needles and Safety Pen Needles), By Length Type (4mm, 5mm, 6mm, 8mm, 10mm, and 12mm), By Therapy (Insulin Market, Growth Hormone Market and Glucagon-Like Peptide-1 (GLP-1) Therapy), By Mode of Purchase (Retail and Non-Retail) – Global Analysis & Forecast 2020-2030
Report ID : 353 | Published Date : May 2020 | Pages : 180 | Region : Global | Report Code : MD-116
Pen Needles Market Introduction & Overview
Pen needles are used in combination with pen injectors for the delivery of injectable medication. Pen needles comprise a hollow needle that 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 healthcare professionals to inject different types of medications in patients. People suffering from diabetes use pen needles for insulin injection. Injection pens and pen needles are considered to be among the most promising alternative drug delivery methods to the traditional syringe & vial method. Needle technology has undergone significant improvements in the last few decades. Presently, pen needles are manufactured and engineered for better convenience while utilization as the needles are electro-polished for smoothness and have a fine & thin point tip for easy penetration. These pen needles also have plastic caps for safety and individual wrapping for sterilization.
The global pen needles market can be segmented into product type, length type, therapy, mode of purchase, and region.
Pen Needles Market By Product Type
Based on product type, the market can be segmented into standard pen needles and safety pen needles. Safety pen needles are sterile and single-use needles intended for utilization with pen injector devices for injecting a drug. In 2019, the standard pen needles segment accounted for the largest share of the pen needles market. The large market share of standard pen needles is owing to the low cost of standard pen needles, which has led to their wide-scale adoption in emerging economies such as India, China, and Brazil.
Pen Needles Market By Length Type
Based on length type, the market can be segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. The 8 mm segment dominated the market. The large share of this segment can be attributed to the extensive adoption of 8mm needles among diabetes patients, owing to greater comfort levels offered by them as compared to injections. Moreover, the 8mm pen needle helps reach the subcutaneous tissue of patients easily.
Pen Needles Market By Therapy
Based on therapy, the pen needle market can be segmented into insulin, glp-1, and growth hormone. Insulin therapy is expected to exhibit significant growth in the near future owing to the high number of individuals suffering from diabetes. The insulin therapy segment held a major market share owing to aggregated awareness regarding the self-administration of insulin therapy among the patients suffering from type 1 and type 2 diabetes due to growing diabetic populations globally.
Pen Needles Market By Mode of Purchase
Based on mode of purchase, the market can be segmented into retail and non-retail. The retail segment accounted for the largest share of the global pen needles market in 2019. It is also expected to grow at the highest CAGR during the forecast period. This can be attributed to significant discounts offered on the online or retail purchases of pen needles and the convenience associated with online purchases.
Pen Needles Market By Region
The global pen needles market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the pen needles market in 2018. The large share of the North American pen needles market can be primarily attributed to the growing prevalence of diabetes and favorable reimbursement scenarios for pen needles by leading market players.
Pen Needles Market Prominent Players
Some of the key players operating in the pen needle market include UltiMed, Inc., Novo Nordisk A/S, Allison Medical, Terumo Corporation, Becton, Dickinson & Company, GlucoRx Ltd, B. Braun Melsungen AG., Ypsomed AG, HTL-STREFA S.A., and Owen Mumford Ltd, among others.