Pen Needles Market - Future Growth, Comprehensive Analysis & Key Players
Market Size Estimation:
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segment analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by type, end user, and region).
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, the demand and supply sides.
According to the new market research report “Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) – Global Forecast to 2024”, published by MarketsandMarkets™.
The insulin therapy segment to grow at the highest CAGR during the forecast period
On the basis of therapy, the pen needles market is segmented into insulin, GLP-1, growth hormone, and other therapies such as osteoporosis, fertility, and obesity. The insulin therapy segment is expected to grow at a higher CAGR during the forecast period primarily due to the high and growing diabetic population globally. Since pen needles need to be replaced after every injection, the rising use of insulin pens is a major factor driving the demand for pen needles. Additionally, favorable reimbursement scenario for pen needles in several North American, European, and Asian countries is the other major factor driving the demand for pen needles.
In 2018, the 8mm segment accounted for the largest share of the pen needles market
On the basis of length, the market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. In 2018, the 8mm segment accounted for the largest share of the pen needles market. Growth in this market is largely driven by the high adoption of these needles among diabetes patients. However, the usage of these needles is likely to witness a decrease in the coming years due to the increased usage of shorter needles that cause less pain and enable easy insulin administration
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North America is expected to dominate the market in 2018. The large share of the North American market can primarily be attributed growing diabetes prevalence and favorable reimbursement scenario for pen needles, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, and the development of improved pen needle technologies.
The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford (UK).
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