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.
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full research report with TOC @: https://www.crystalmarketresearch.com/report/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.
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