NEW YORK, July 7, 2016 /PRNewswire/ -- 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 needlestick injuries . 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 . 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 needlestick 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. 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.
The global pen needles market witnesses high competitive intensity as there are several big and many small firms with similar product offerings. These companies adopt various strategies to increase their market shares and to establish a strong foothold in the global market. .
Prominent players in the pen needles market include Becton, Dickinson, and Company , Novo Nordisk A/S , Ypsomed Holdings AG , Owen Mumford, Ltd. , HTL-STREFA S.A. , B. Braun Melsungen , Terumo Corporation , UltiMed, Inc. , Allison Medical, Inc. , and Artsana S.p.a. .
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help them garner greater market shares. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies for strengthening their market shares. The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the pen needle market. The report analyzes the market based on type, needle length, therapy, and mode of purchase
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the pen needle market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various pen needles across regions
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the pen needles market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the pen needles market
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