Global Pen Needles Market – Industry Review and Future Outlook
A new report “Global Pen Needles Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” offered by DecisionDatabases.com gives an analytical study of the market, its value chain, latest trends, forecasts, innovation, drivers, and restraints. The historical study helps in a better understanding of the market. The report also details the market players who hold a dominating position in the global business scenario.
A number of major factors such as continuous technological innovations, rising diabetic population base and supportive government policies have increased consumer-awareness and are expected to boost the demand of the pen needles market
over the coming years. The favorable compensation policies and advantages of pen needles over conventional syringes in various countries are also pushing the market uphill. However, patient anxiety from the needle, availability of alternate drug delivery procedure and reuse of these needles are some of the major challenges, which can have a negative impact on the growth under the study period.
Pen needles are an injectable therapy, widely used for diabetes treatment. It was launched about 30 years ago by Novo Nordisk, to improve the overall injection experience of the diabetic patient. These needles have relatively shorter and thinner needles, which makes it more user-friendly & painless for application for daily usage.
The global market has been segmented based on types as standard and safety pen needles. The safety pen needles segment is expected to witness a significant growth over the forecast period owing to growing demand for safe and comfortable injections delivery. The pen needles market has been further segmented based on needle length into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. The market has also been segmented based on therapy and mode of purchase. Insulin therapy is one of the leading therapy segments and is anticipated to grow at the highest CAGR over the coming years on account of increasing incidences of pancreas dysfunction across the globe.
Europe is one of the largest pen needle market and is projected to continue its dominance over the coming years due to rising prevalence of diabetes disorders coupled with growing diabetic patient base in the region. In addition, favorable regulatory frameworks to diminish needle injuries & growing popularity of safety-engineered devices are anticipated to further aid the market growth of pen needles in the European market. North America market is also estimated to grow at a considerable rate over the forecast period owing to the rising diabetic population and growing awareness among patients. Asia Pacific is one of the fastest growing markets and is projected to grow at a substantial rate over the forecast period on account of the rapidly rising diabetic population, increasing consumer-awareness, and increasing adoption of pen needles for insulin delivery in the region.
The key players include Allison Medical, Inc., Artsana S.P.A., B. Braun Melsungen, Becton, Dickinson and Company, HTL-Strefa S.A., Novo Nordisk A/S, Owen Mumford, Ltd., Terumo Corporation, Ultimed, Inc. and Ypsomed Holding AG.
In June 2013, BD Medical, a vertical of Becton, Dickinson and Company launched BD Ultra-Fine™ Nano™ 4mm pen needle with EasyFlow™ Technology for easier and faster delivery for daily insulin injections.
In March 2014, Becton, Dickinson and Company launched BD Micro-Fine Ultra™ with 5-level needle technology to make a comfortable experience for diabetes patients.
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