A Research Study Titled, “Pen Needle Market by Type, Needle Length, Therapy and Mode of Purchase – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the pen needle market is projected to be around $4.9 billion by 2025.
Pen Needle Market – Competitive Analysis:
Major players in the market are Terumo Corporation, Ulti Med, Inc., Allison Medical, Inc., Ypsomed Holding AG, Owen Mumford, Ltd., Becton, Dickinson and Company, Novo Nordisk A/S, HTL-STREFA S.A., and Artsana S.p.a. and B. Braun Melsungen. These players are highly focused on developing new products, improving existing products, expansions, mergers and acquisitions in order to expand their customer base and increase market share.
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Pen Needle Market – Industry Trend Analysis:
Global market for pen needle is projected to be around $4.9 billion in 2025. Rising incidence of diabetes worldwide is the major factor driving the market. According to International Diabetes Federation (IFD), approximately 415 million people were suffering from diabetes in 2015. Such a high occurrence of diabetes within people is the major factor that contributes to the market growth. In addition, increasing obesity and related disorders among population is another important factor for the market growth. Such population forms target customer for companies manufacturing pen needles.
Market is expected to grow further by technological advances and up gradation. Pen needle allow comfort and easy mode of insulin delivery which is one of the strong drivers for market growth. These devices are technologically advanced and provide superior alternative drug injection method in comparison to traditional syringes and vials.
Pen Needle Market – Market Opportunities:
The pen needle market has witnessed fast growth due to technological up gradation and growing demand for safe, pain free needles and the need to minimize needle related injuries. Innovative products such as Easy Flow technology with 5mm compact needle for more comfort and digital pen needles with visual displays will be seen dominating the market in next few years.
Pen Needle Market – Product Outlook and Trend Analysis:
As of 2016, standard pen needle occupied the largest share in overall market. Growing diabetic population, increasing awareness about insulin delivery methods, and low cost as compared to safety needles are set to drive the market growth. 8mm needle accounted for the largest share of the global market. These pens are more prescribed to all patients including people with obesity and related problems whereas 4mm needle is expected to grow at fast rate till 2025, owing to its short length. Insulin therapy segment will dominate the market in coming years because of ease of usage, convenient and safe method to deliver insulin in body. Retail mode of purchase will be dominating market as more people tend to purchase insulin needles directly from pharmaceuticals, retail stores, and hospital pharmacy.
Reusable and disposable needle pen accounted for almost equal shares with reusable pens having slightly higher share in 2016. Disposable needle pen are mostly used in developing countries such as China and India whereas developed markets such as U.S. and UK prefer reusable needle pen.
Pen needle market is segmented on following basis:
Pen Needle Market – By Type:
Safety Pen Needles
Standard Pen Needles
Pen Needle Market – By Needle Length:
Pen Needle Market – By Therapy:
Pen Needle Market – By Mode of Purchase:
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Pen Needle Market – By Region:
North America – U.S, Canada, Mexico
Europe – Germany, France, UK, Italy, Spain, Rest of Europe
Asia-Pacific – Japan, China, Australia, India, South Korea, Rest of Asia Pacific
Rest of the World – Brazil, South Africa, Saudi Arabia, United Arab Emirates, Others
Pen Needle Market – Regional Outlook and Trend Analysis:
Europe is expected to lead pen needle market with largest share of the overall market in 2016,followed by North America, Asia-Pacific and rest of the world. U.S. leads pen needle market in North American. This is attributed to increasing diabetic population, improving regulatory framework to minimize needle related injuries, increased utilization of engineered devices, funding for diabetes research, awareness campaigns and patients looking for easy methods for insulin delivery. Despite Europe having largest market share, it is expected to grow at slow rate as market is highly saturated. Asia-Pacific is projected to show high growth, due to increase ability of patients to pay for better healthcare facilities, growing awareness level and government initiatives to provide improved health care services will drive the market growth.
Pen Needle Market – List of Tables:
Table 1.Global Pen Needle Market, By Type ($Million), 2016-2025
Table 2.Standard Pen Needles Market, By Region ($Million), 2016-2025
Table 3.Safety Pen NeedlesMarket, By Region ($Million), 2016-2025
Table 4.Global Pen Needle Market, By Needle Length ($Million), 2016-2025
Table 5.4mm NeedleMarket, By Region ($Million), 2016-2025
Table 6.5mm Needle Market, By Region ($Million), 2016-2025
Table 7.6 mm Needle Market, By Region ($Million), 2016-2025
Table 8.8 mm Needle Market, By Region ($Million), 2016-2025
Table 9.10 mm Needle Market, By Region ($Million), 2016-2025
Pen Needle Market – List of Figures:
Figure 1.Global Pen Needle Market Share, By Type, 2016 & 2025
Figure 2.Pen Needle Market Share, By Needle Length, 2016& 2025
Figure 3.Pen Needle Market Share, By Therapy, 2016& 2025
Figure 4.Pen Needle Market Share, By Mode of Purchase, 2016& 2025
Figure 5.Pen Needle Market, By Region, 2016 ($Million)
Figure 6.Becton, Dickinson and Company: Net Revenues, 2014-2016 ($Million)
Figure 7.Becton, Dickinson and Company: Net Revenue Share, By Segment, 2016
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Key Findings of the Research Study:
- Standard pen needles segment accounted for the largest share of the global market in 2016, due to increase in diabetic population and availability of cost effective standard pen needles.
- Reusable and disposable pen needlessegment accounted for almost equal share with reusable having slightly higher market share in 2016.
- U.S. dominated the global market and will continue to dominate during forecast period due to high demand for technologically advanceddevices and availability of better health infrastructure.
- 4mm needle length segment is expected to witness highest growth rate during forecast period due to its short length.
- Insulin therapy segment dominated the global market in 2016, owing to increasedpreferencefor self-administration of insulin.
- UK and Germany dominated the European market due to EU’s regulatory framework to minimized needle related injuries and to increase in preference of self-administrative methods.
About Crystal Market Research:
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customised research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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