Pen Needles Market Forecast to Grow at 11.2% CAGR to 2021 led by Standard Needles Segment

28 Jun, 2016, 06:00 ET from ReportsnReports

PUNE, India, June 28, 2016 /PRNewswire/ --

The standard pen needles market segment is expected to account for the largest share of the pen needles industry between the forecast period of 2016 to 2021 and the overall market is dominated by Asia-Pacific that is expected to witness the highest growth rate.

Complete report on pen needles market across 185 pages, profiling 10 companies and supported with 102 tables and 53 figures is now available at http://www.reportsnreports.com/reports/313502-pen-needles-market-by-type-standard-and-safety-needle-length-4mm-5mm-6mm-8mm-10mm-and-12mm-therapy-insulin-glucagon-like-peptide-growth-hormones-analysis-global-forecast-to-2019.html .

The pen needles market is projected to reach USD 2.81 billion by 2021 from USD 1.65 billion in 2016, growing at a CAGR of 11.2% during the forecast period of 2016 to 2021. Over the years, the pen needles market has witnessed various technological advancements in order to cater to the growing demand for safety injections in the healthcare industry. These advancements have led to the development of safety pen needles with an aim to reduce pain, increase comfort, and most importantly reduce needle stick injuries (NSIs). Other factors contributing to the growth of the pen needles market include favorable reimbursement environment and government support in selected countries, advantages of insulin pens over syringes and vials, and growing diabetic population.

The standard pen needles segment is expected to account for the largest share of the pen needles market, by type, in 2016. Increasing diabetic population, rising awareness about the use of pen needles for insulin administration, favorable reimbursement scenario in selected countries, and low costs as compared to safety pen needles are major factors driving the market for standard pen needles. The 8mm pen needles segment is expected to account for the largest share of the pen needles market, by needle length, in 2016.

These pen needles are the most prescribed/preferred as they can be conveniently used on normal as well as obese adult patients. The insulin therapy segment is expected to dominate the pen needles market, by therapy, in 2016. Growth in the insulin therapy segment can be attributed to the increasing use of insulin by the diabetic population and increasing awareness about insulin self-administration among type 1 and type 2 diabetes patients. The retail mode of purchase segment is expected to dominate the pen needles market, by mode of purchase, in 2016. The large share of this segment can mainly be attributed to the increasing purchase of pen needles directly by customers at pharmacies, retail stores, mail orders, and online through websites. Retail stores offer significant discounts on online/retail purchases and provide convenience to customers.

Europe is expected to account for the largest share in the pen needles market in 2016, followed by North America, Asia, and the Rest of the World (RoW). The large share of the European region can be attributed to EU's Directive on the prevention of sharp injuries in hospitals and the healthcare sector; regulatory frameworks to minimize needle stick injuries & boost the use of safety-engineered devices; high diabetes prevalence and favorable reimbursement for pen needles in Germany; activities to pool funds for diabetes care & research in the U.K.; high insurance coverage and increase in aging population and affordability in France; awareness campaigns for diabetes in Italy; large pool of diabetic population and regulations mandating the use of safety pen needles in Spain; and high diabetes prevalence in Russia, Poland, Romania, and Ukraine.

Prominent players in the pen needles market include Becton, Dickinson, and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed Holdings AG (Switzerland), Owen Mumford, Ltd. (U.K.), HTL-STREFA S.A. (Poland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), UltiMed, Inc. (U.S.), Allison Medical, Inc. (U.S.), and Artsana S.p.a. (Italy). Order a copy of Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) - Trends & Global Forecasts to 2021 research report at http://www.reportsnreports.com/purchase.aspx?name=313502 .

Asia is expected to witness the highest growth rate in the forecast period, mainly due to the rapidly growing diabetic population, increasing awareness, and rising adoption of pen devices for insulin delivery.

On a related note, another research on Human Insulin Market Forecasts to 2020 says, global human insulin market is poised to reach ~USD 39.13 billion by 2020 growing at a CAGR of 8.1% from 2015 to 2020.North America is expected to hold the largest share of the global human insulin market in 2015. Human insulin drugs segment is expected to account for the larger share. Companies like Braun Melsungen AG, Becton, Dickinson and Company, Biocon Limited, Biodel Inc., ELI Lilly and Company, OVO Nordisk A/S, Sanofi and others have been profiled in this 157 pages research report available at http://www.reportsnreports.com/reports/291200-human-insulin-market-by-product-type-human-insulin-short-acting-intermediate-acting-premixed-modern-human-insulin-rapid-acting-long-acting-premixed-by-brand-lantus-apidra-levemir-novorapid-novomix-tresiba-others-forecast-to-2018.html .

Explore more reports on the Medical Devices market at http://www.reportsnreports.com/market-research/medical-devices/.  

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