According to a recent study by Reports and Data, the global demand for pen needles is expected to hit USD 2.66 billion by 2027. Pen needles are used for drug administration in the treatment of different diseases and are used by both healthcare practitioners and patients themselves. With developments in therapeutics and a supportive reimbursement structure in many countries, they have become popularly accepted.
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From 2015 to 2050, according to the World Health Organization the world’s aged population will grow from 12 percent to 22 percent of the total global population. Because of this it is predicted that the incidence of target diseases such as chronic disorders and cancer will rise and in turn, increase the demand for pen needles. The introduction of user-friendly technology is also supported by a rise in healthcare spending around the world. The average healthcare cost in the U.S. has increased by 26 percent over the past five years, according to the American Diabetes Association, due to increased diabetes incidence.
Significantly, the number of people with diabetes is estimated by the WHO to have risen from 108 million in 1980 to 422 million in 2014. In diabetic patients, pen needles are commonly used for insulin administration, especially since most patients who need insulin shots multiple times a day use pen needles to administer the medication themselves.
The fact that each pen is already branded with the intensity and name of the product is another factor in their growing popularity. This trait leads to a decrease in the number of unlabeled needles or syringes, which is commonly found in the case of unit-based vial insulin preparation.
Because of a growing prevalence of diabetes in the region, North America had the largest share as of 2019. Government efforts to raise awareness of pen needles, along with favourable support from several private players, are contributing to demand growth for pen needles.
In order to maintain stable growth, businesses follow a number of growth strategies. It is usual to experience acquisitions and mergers. In December 2017, for example, BD acquired Bard to make use of the product portfolio and innovation pipeline of the latter.
Key participants include in the pen needles market include:
- Becton
- Dickinson and Company
- Novo Nordisk A/S
- Ypsomed Holding AG
- B. Braun Melsungen AG
- HTL-Strefa S.A.
- Terumo Corporation
- Owen Mumford Ltd.
- Allison Medical Inc.
- Ultimed, Inc.
- Arkray, Inc.
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https://www.reportsanddata.com/report-detail/pen-needles-market
Pen Needles Market: Segmentation
For the purpose of this report, Reports and Data has segmented into the global Pen Needles market on the basis of type, length, therapy, usability, distribution channel, end-uses, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Standard pens
- Safety pen needles
Length Outlook (Revenue, USD Billion; 2017-2027)
- 4 mm pens
- 5 mm pens
- 6 mm pens
- 8 mm pens
- 10 mm pens
- 12 mm pens
Therapy Outlook (Revenue, USD Billion; 2017-2027)
- Insulin therapy
- Glucagon-like peptide-1 (glp-1) therapy
- Growth hormone therapy
- Others
Usability Outlook (Revenue, USD Billion; 2017-2027)
- Reusable pens
- Disposable pens
Distribution Channel Outlook (Revenue, USD Billion; 2016-2026)
- Retail
- Non-retail
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Home healthcare
- Hospitals
- Over the counter (OTC)
- Clinics
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
Read More News about Stucco Market report by Reports And Data:
Pen Needles Market :- https://www.prnewswire.com/news-releases/pen-needles-market-to-reach-usd-1-18-billion-by-2026–reports-and-data-300944803.html
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