The global pen needles market is
expected to reach a value of USD 4.8 billion by 2025, according to a new report
by Grand View Research, Inc. Rising prevalence of diabetes is the primary
reason for the significant growth of pen needles market. According to the
International Diabetes Federation (IDF), nearly 415 million people were
suffering from diabetes in 2015. Such a high prevalence of diabetes across the
globe has led to rising demand for pen needles. Patients suffering from diabetes
commonly use injectable pen devices, which helps in easy drug delivery.
In addition, obesity is a
significant cause of diabetes. Obese people often suffer from type 2 diabetes,
which makes them one of the highest revenue contributors of the target market.
Thus, people with type 2 diabetes are the common target population for
companies manufacturing pen needles.
Rising technological
advancements is also expected to drive the market growth. Pen needles allow
comfort and easy mode of insulin delivery. These devices are technologically
advanced and provide a superior alternative drug delivery method in comparison
to syringes and vials. For instance, in 2013, Becton, Dickinson and Company
launched BD Ultra-Fine Nano 4mm Pen Needles with EasyFlow Technology, which
will enable diabetic patients with easy adherence of insulin therapy regimens.
Full
Research Report On pen needles market Analysis:
Further Key Findings from the Study
Suggest:
·
Standard needles dominated the
market in 2015 due to the availability of cost-effective needles as compared to
safety needles
·
Safety pen needles are
anticipated to showcase lucrative growth over the forecast period due to the
continuous technological advancements
·
Amongst the needle lengths, 8mm
held the largest share in 2015. This is due to the convenience offered by this
needle type on diabetic patients
·
Needle length of 4mm are
expected to witness attractive CAGR over the forecast period owing to its short
length
·
Insulin therapy accounted for
the largest market share in 2015 due to rising awareness regarding
self-administration of insulin amongst the diabetic patients
·
Europe dominated the market in
2015 followed by North America owing to high prevalence of diabetes in the
European region
·
Asia Pacific region is
anticipated to exhibit the highest growth rate over the forecast period owing
to the rising awareness levels amongst the diabetic population regarding easy
drug delivery
·
Some of the key players include
Becton, Dickinson and Company, B. Braun Melsungen AG, Novo Nordisk A/S, Owen
Mumford, Ltd., Ypsomed, HTL-STREFA, and TERUMO CORPORATION.
View More Reports Of This Category By Grand
View Research At: https://www.grandviewresearch.com/industry/medical-devices
Grand View Research has
segmented the pen needles market on the basis of product, needle length,
therapy and region:
Pen Needles Product Outlook (Revenue, USD
Million; 2014 - 2025)
·
Standard Pen Needles
·
Safety Pen Needles
Pen Needles Length Outlook (Revenue, USD
Million; 2014 - 2025)
·
4mm
·
5mm
·
6mm
·
8mm
·
10mm
·
12mm
Pen Needles Therapy Outlook (Revenue, USD
Million; 2014 - 2025)
·
Insulin
·
Glucagon-like-Peptide-1 (GLP-1)
·
Growth Hormone
Pen Needles Regional Outlook (Revenue, USD
Million; 2014 - 2025)
·
North America
o U.S.
o Canada
·
Europe
o Germany
o UK
·
Asia Pacific
o China
o India
·
Latin America
o Brazil
o Mexico
·
MEA
o South Africa
Access
Full Press Release of this Report:
https://www.grandviewresearch.com/press-release/global-pen-needles-market
https://www.grandviewresearch.com/press-release/global-pen-needles-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more
information: https://www.grandviewresearch.com/