2018 Pen Needles Market: Technological Innovation, Opportunities, Regions, key players And Forecast
According to the new market research report “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”, published by MarketsandMarkets™. The Pen Needles Market is expected to reach USD 2.81 Billion will be growing at a CAGR of 11.2%.
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A number of factors such as the favorable reimbursement environment and government support in selected countries; advantages of insulin pens over syringes and vials; technological advancements to minimize pain and needle anxiety; growing diabetic population; and conferences, meetings, and congresses to create pen needle awareness are expected to drive the growth of the Pen Needles Market during the forecast period.
In this report, the Pen Needles Market is segmented on the basis of type, needle length, therapy, mode of purchase, and region. Based on type, the Pen Needles Market is categorized into standard pen needles and safety pen needles. The standard pen needles segment is expected to account for the largest share of the Pen Needles Market in 2016. However, the safety pen needles segment is projected to grow at a higher CAGR during the forecast period.
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Based on needle length, the Pen Needles Market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. The 8mm needle length segment is expected to account for the largest share of the market in 2016. However, the 4mm needle length segment is expected to grow at the highest CAGR during the forecast period.
On the basis of therapy, the Pen Needles Market is segmented insulin therapy, growth hormone therapy, and Glucagon-like Peptide-1 (GLP-1) therapy. The insulin therapy segment is expected to account for the largest share of the market in 2016 and is projected to grow at the highest CAGR in the forecast period.
Based on mode of purchase, the Pen Needles Market is segmented into retail and non-retail purchase. The retail purchase segment is expected to account for the largest share of the market in 2016 and is projected to grow at the highest CAGR during the forecast period.
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Geographically, the global Pen Needles Market is divided into North America, Europe, Asia, and the Rest of the World (Latin America, Pacific countries, the Middle East, and Africa). Europe is expected to account for the largest share of the Pen Needles Market in 2016, followed by North America, Asia, and the Rest of the World. The Asian market is projected to grow at the highest CAGR and serves as a revenue pocket for companies offering pen needle products
Prominent players in the global Pen Needles Market include Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed Holding 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).
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