Pen Needles Market is anticipated to grow at a CAGR of 10.5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Pen Needles Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the pen needles market accounted for over US$ 1,126.1 million in 2019. It is anticipated to grow at a CAGR of 10.5% from 2020 to 2030.
The growth of the pen needle market can be attributed to several factors such as the increasing number of diabetic patients globally. These patients primarily utilize such needles for the administration of insulin. According to a report published by the American Diabetes Association, in 2018, 30 million people in America were diagnosed with diabetes. Additionally, various market players got engaged in launching pen needles in the market. For instance, Novo Nordisk, one of the key leaders in the diabetes market, launched Novo Fine that features super flow tech to regulate higher flow of the drug through its hairline thin gauze without causing pain. Moreover, the growing prevalence of various chronic diseases and favorable reimbursement scenarios in various countries are also driving growth of the pen needle market. The risk of infection is among the major constraints affecting growth of the pen needle market.
The growing prevalence of diabetes has led to a rising demand for pen needles. According to the International Diabetes Federation (IDF), 642 million people are estimated to have diabetes by 2040. With rising populations of diabetics, the target market is expected to grow rapidly in the near future. Obese people are also highly susceptible to diabetes. According to Diabetes.co.uk, there is an 80 to 85 percent risk of developing diabetes among obese people. The growing number of diabetic patients further propels the demand for insulin pens to inject the drug into the body in a fast and convenient manner. Pen needles utilized with the insulin pens help to deliver the exact dosage of the drug to a patient.
Favorable reimbursement scenarios for pen needles in North America, Asia, and Europe will propel their demand extensively. Technological advancements will also contribute significantly to growth of the global pen needle market. Increasing penetration by leading players in the pen needle market, federal initiatives to increase awareness regarding injection techniques and the development of improved pen needle technologies will boost growth of the pen needle market.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/pen-needles-market/353
Various complications and risks are associated with the utilization of pen needles, such as the high risk of causing needle stick injuries, which may hamper growth of the pen needle market to a certain extent. Additionally, blood-borne infections, such as HIV/AIDS, commonly spread due to shared needles. These factors are expected to further hamper growth of the pen needles market.
North America dominated the pen needles market in 2019. The large share of North America can primarily be attributed to the growing prevalence of diabetes, favorable reimbursement scenarios, federal initiatives to create awareness regarding injection techniques, increasing market penetration by leading players and the development of improved pen needle technologies. The presence of major market players in the region, the rising number of early-onset patient populations, increasing health-care expenditure, among others, will further boost growth of the pen needle market in North America.
Some of the key players operating in the pen needles 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.
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