Pen Needle Market Size Is Projected To Be Around $4.9 Billion By 2025
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A research study titled, “Pen Needle Market by Type, Needle Length, Therapy and Mode of Purchase - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the pen needle market is projected to be around $4.9 billion by 2025.
Diabetes is one of the most occurring chronic diseases characterized by either incapability of pancreas to produce glucose or incapability of body to absorb glucose produced by pancreas. According to survey conducted by International Diabetic Federation (IDF) in 2015, around 415 million are living with diabetes with proportion of type-2 diabetics increasing globally. Largenumber of people aged 40 to 59 suffer from diabetes and related complications. Diabetic people have high risk of developing several complications (such as vascular disorders, kidney malfunctioning besides affecting eyes, nerves and teeth) due to high glucose level. Diabetes has long term impact on health and economic condition of individual. Over a period of time, diabetes affect kidney, damages heart vessels, and eyes, leading to malfunctioning of body.Besides, people with diabetes are likely to incur huge expenditure causing financial burdens on them and family members. There are many methods to inject insulin in body such as through syringes and pen needles. Withseveral risks(such as sharp injuries or rapture of blood vessels) associated with the use of syringes, the demand for insulin syringes is expected to decline in near future. However, this will provide ample growth opportunities for the pen needle market.
Standard pen needles segment dominated the global market in 2016, due to growing awareness among consumers about the availability of safe insulin delivery methods, increasing prevalence of diabetes with rise in geriatric population, and standard pen needles being cost effective as compared to other insulin delivery methods. However,standardpen needles are expected to witness decline in the growth during forecast period due to various risks of needle related injuries such as rupture of blood vessel while injecting insulin in the body. Among various needles available, 8mm needle length accounted for the largest share of the global market in 2016; as these needles are prescribe to large number of people including obese people. Insulin therapy segment dominated the overall market in 2016, primarily due to increasing adoption of self-administration of insulin for diabetes type-1 as well as type-2. With increasing trend in e-commerce, online purchase segment will witness high growth during the forecast period.
Europe accounted for the major share of the global pen needles market in 2016, primarily due to rising diabetic population, increased funding for diabetic research, high adoption of technologically advanced devices, and rise in demand for safe insulin delivery methods.However, Asia-Pacific is expected to witness high growth in forecast period, due to increasing demand for better healthcare infrastructure and rise in awareness about commercially available treatments for diabetes.
Major players in the market are Becton, Dickinson and Company, Novo Nordisk A/S, Owen Mumford, Ltd., HTL-STREFA S.A., B. Braun Melsungen, Ypsomed Holding AG, Terumo Corporation, and Allison Medical, Inc.These players are highly focused on developing advanced products for the treatment of diabetes. For instance, in 2013, Becton, Dickinson and Companylaunched BD Ultra-Fine Nano 4mm pen needle with easy flow technology for easier and faster delivery of insulin in the body.Advanced features such as easy flow with 5mm needles and digitalized pen needles will dominatethe market in coming years.
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Key Findings of the Research Study:
- Standard pen needles segment accounted for the largest share of the global market in 2016, due to increase in diabetic population and availability of cost effective standard pen needles.
- Reusable and disposable pen needlessegment accounted for almost equal share with reusable having slightly higher market share in 2016.
- U.S. dominated the global market and will continue to dominate during forecast period due to high demand for technologically advanceddevices and availability of better health infrastructure.
- 4mm needle length segment is expected to witness highest growth rate during forecast period due to its short length.
- Insulin therapy segment dominated the global market in 2016, owing to increasedpreferencefor self-administration of insulin.
- UK and Germany dominated the European market due to EU’s regulatory framework to minimized needle related injuries and to increase in preference of self-administrative methods.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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