Pen Needles Market: Current Analysis and Forecast (2021-2027)

Pen needles are used with the pen injectors for the delivery of injectable dosage forms. A pen needle consists of a hollow needle that fits in a plastic hub and is further connected to the injection pen for drug delivery. Diabetes patients mainly use pen needles because they require multiple insulin injections per day. In comparison to the traditional syringes and vials, pen needles are more convenient and highly effective. The demand for Pen needles is increasing on account of the rising prevalence of Diabetes, Obesity, the rise in the geriatric population, high preference for pen needles over syringes and vials, rising awareness regarding minimally invasive procedures, and favorable reimbursement policies in selected countries. As per the Centers for Disease Control and Prevention (2020), there were 34.2 million people affected with diabetes (10.5% of the US population) in 2020, out of which 26.9 million people were diagnosed and 7.3 million people (21.4% are undiagnosed) were undiagnosed with Diabetes. However, some of the restraints in the market include poor healthcare reimbursement policies in developing and underdeveloped countries and needle anxiety.
Based on Type, the market is fragmented into Standard Pen Needles and Safety Pen Needles. The Standard Pen Needles segment holds the largest share in 2020 and the Safety Pen Needles sub-segment is expected to grow at lucrative during the forecasted period. The increasing awareness regarding the risks associated with blood-borne pathogen transmission, needle safety concerns amongst patients and doctors is intensifying the segment growth. As per the WHO report, at least 50% of injections in 14 of 19 countries were unsafe. Moreover, the association of unsafe injection practices leads to the transmission of bloodborne viruses such as hepatitis B and C, Ebola, Lassa virus infections, and malaria.
Based on Length, the market is fragmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. The 8mm segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the high adoption of these needles among diabetes patients.
Based on Therapy, the market is fragmented into Glucagon-like Peptides, Insulin, and Growth Hormones. The Insulin segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising diabetic population. As per the IDF Diabetes Atlas Ninth edition 2019 report, approximately 463 million adults (20-79 years) were living with diabetes; by 2045 this will rise to 700 million.
Based on Mode of Purchase, the market is fragmented into Retail and Non-Retail. The Retail segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to several discounts offered on retail purchases of pen needles, high convenience, rising awareness on pen needles, and the favorable reimbursement scenario in North America and Europe
For a better understanding of the market adoption of Pen Needles, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Pen Needles market on account of the increasing geriatric population coupled with the rising prevalence of diabetes diseases, and high healthcare spending, Some of the major players operating in the market include Allinson Medical, Inc., Artsana S.p.a, B. Braun Melsungen AG, Becton Dickinson and Company, HTL Strefa S.A., Novo Nordisk, Owen Mumford Ltd., Terumo Corporation, Ultimed Inc., and Ypsomed Holding AG. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

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UMI-19159819

16-Sep-2021

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