Global Pen Needles Market Set to Grow at Healthy CAGR of 6.78 % by 2026
Global Pen Needle markets By Type (Standard Pen Needles, Safety Pen Needles), Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Usability (Reusable Pen Needles, Disposable Pen Needles), Application (Diabetes, Growth Hormone Deficiency, Others), Therapy (Insulin Therapy, Glucagon-Like Peptide-1 Therapy, Growth Hormone Therapy, Other Therapies), Mode of Purchase (Retail, Non-Retail), End-User (Hospitals, Clinics, OTC, Home Healthcare, Others)
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Market Definition: Global Pen Needles MarketPen needles are used to convey injectable medicines into the body in conjunction with injection pens. A pen needle comprises of a resonating needle that is surrounded in a plastic hub and connects to the vaccination pens. Pen needles originate in different type of needle dimensions and diameters and are used to inject a range of medicines by health practitioners and patients.
Market Drivers
- Surging prevalence of chronic diseases, is driving the growth of the market
- High advancement in technology, is helping the market to grow
- Increasing demand of pen devices for self-care diabetes management, fosters the growth of the market
- Painless injections with pen needles and increasing health awareness, is also driving the growth of this market
Global pen needles market is registering a healthy CAGR in the forecast period of 2019-2026. This rise in the market value can be attributed to the surging prevalence of chronic diseases and high advancement in technology.
Market Restraints
- Availability of other modes of drug delivery, hinders the market growth
- Mental factors and complications associated with the use of needle, hampers the growth of the market
- Poor healthcare reimbursement policies in developing as well as underdeveloped countries, hampers the market growth
By Type
- Standard Pen Needles
- Safety Pen Needles
By Length
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
By usability
- Reusable Pen Needles
- Disposable Pen Needles
By Application
- Diabetes
- Growth Hormone Deficiency
- Others
By Therapy
- Insulin Therapy
- Glucagon-Like Peptide-1 (GLP-1) Therapy
- Growth Hormone Therapy
- Other Therapies
By Mode of Purchase
- Retail
- Non-Retail
By End-User
- Hospitals
- Clinics
- OTC
- Home Healthcare
- Others
Key Developments in the Market:
- In September 2017, BD launched ultimate 6mm pen needle for injection pens. BD provides healthcare professionals with an extra BD quality and reliability needle length choice to provide a wider range of needle sizes for individuals with diabetes who injects insulin. By launching this product BD ensured that it has comprehensive portfolio for patients.
- In January 2016, The Ypsomed Group partnered with Tonghua Dongbao Pharmaceutical Co., Ltd. The Ypsomed Group will establish their pen needle market in Chinese market with the help of Tonghua Dongbao Pharmaceutical Co., Ltd.
Competitive Analysis:
Global Pen Needle markets is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of pen needles market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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