Global Pen
Needles Market, By Product Type (Standard Pen Needles, Safety Pen Needles), By
Product Length (Nano Length, Medium Length, Long length), By Usability
(Reusable Pen Needles, Disposable Pen Needles), By Application (Diabetes,
Growth Hormone Deficiency, Others), By Therapy (Insulin, Glucagon-like
peptide-1, Growth Hormones), By End-User (Hospitals, Clinics, OTC, Home
Healthcare, Others), By Geography (North America, Europe, Asia-Pacific, Latin
America, Rest of the World) – Industry Trends and Forecast to 2024
The global
pen needles market has accounted for USD 1.9 billion in 2016, and is
expected to reach USD 4.5 billion by 2024 growing at a CAGR of 11.6% in the
forecast period of 2017 to 2024. The new market report contains data for
historic years 2015, the base year of calculation is 2016 and the forecast
period is 2017 to 2024.
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Insulin pens are the easiest
and safest way to deliver insulin. Insulin pens are basically used with pen
needles, which are gaining popularity every day over conventional insulin
delivery methods. The usage of pen needles in insulin delivery is increasing
owing to its benefits such as more convenient as can be used while travelling,
easier to use and can be handled by any one, dosage given is more accurate,
pain free and better discretion. The global pen needles market is expected to
grow significantly owing to rising prevalence of diabetes and other chronic
diseases. There is a shortage of trained professionals in developed countries
which is encouraging patients to use self-use products such as pen needles.
Some of the major Companies operating
in the Global Pen Needles Market are:
·
Becton, Dickinson and Company
·
ADW Diabetes
·
Novo Nordisk
·
A.Menarini Diagnostics
·
Ulticare
·
Ypsomed Holding AG
·
Facet Technologies
·
B. Braun Melsungen AG
·
Shanghai Neo-Medical Co. Ltd
·
HTL-Strefa S.A.
·
Frank Healthcare Co., Ltd
·
Stat Medical Devices, Inc.
·
Terumo Corporation
·
Domrex Pharma Inc.
·
Vogt Medical Vertrieb GmbH
·
Artsana S.p.a
·
Eli Lilly
·
Owen Mumford Ltd
·
KD Medical GmbH Hospital Products
·
Allison Medical, Inc.
·
Digital Medics Pty Ltd
·
Ultimed, Inc. among others.
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The global pen needle market
is segmented based on product type into standard and safety pen needles. The
standard pen needles segment is expected to dominate the market owing to its
daily usage by the diabetic patient pool. The safety pen needles are expected to
grow at the highest CAGR of 15.2% is the forecast period owing to healthcare
professionals striving to make insulin delivery not a regular dosage. Still
standard pen needles in insulin delivery are not expected to decline in near
future, and are expected to dominate the market in 2024. The pen needles market
is also segmented based on product length which varies from 4mm to 13mm in
size. The pen needles segment by product length is long length, medium length
and nano length needles. Depending on the requirement of penetration of the
drugs the length of the needles is selected.
The global pen needles
market is also segmented based on usability into disposable and reusable pen
needles. In 2016 the disposable pen needles is expected to dominate the market
with a share of 73.2% and is expected to grow at the highest CAGR in the
forecast period. The growth and domination of disposable pen needles is owing
to the guidelines and safety measures practiced by healthcare authorities to
prevent infections and other complications in drug delivery.
By application the global pen
needles market is segmented into 3 indications diabetes, growth hormone
deficiency and others. The diabetes segment dominates the market with more than
90% of market share, owing to the large prevalent pool of diabetic patients and
the increasing usage of pen needles in insulin delivery. Also the rising trend
of self management of chronic diseases is expected to drive the growth of
diabetes care using pen needles in the forecast years.
·
North America
·
Europe
·
Asia-Pacific
·
South America
·
Rest of the world
The geographical regions are
further segmented into 24 major countries such as U.S. Canada, Mexico, Germany,
France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore,
Brazil, India, Russia, South Africa and many others. North America is expected
to dominate the market with 42.3% market share in 2016, owing to the favorable
reimbursement scenarios and increasing trend of self injection Injectable in
this market.
Read more about the Global Pen Needles Market
@ http://databridgemarketresearch.com/reports/global-pen-needles-market/
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