The new report by Expert Market Research titled, ‘Global Pen Needles Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the global pen needles market, assessing the market based on its segments like product types, needle lengths, therapies, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 13.1%
The pen needles market is being driven by technological advancements, the increasing research and development (R&D) activities, expansion of the healthcare sector, and the convenience and portability offered by pen needles over syringe and vials industry. As insulin pens with colour coding reduce patient pen section errors, their demand is surging, which is significantly contributing to the growth of the pen needles industry. Moreover, evolving eating habits, rising obesity issues, and the increasing prevalence of sedentary lifestyles are increasing the incidences of diabetes. This, in turn, is increasing the use of pen needles for self-usage, which is providing further impetus to the growth of the market.
Industry Definition and Major Segments
A pen needle is a portable device that is used to inject medication under the skin. It is typically used for drugs that are injected frequently over a short period of time. It improves patient adherence by making injectable medication simple and convenient to use. Pen needles are effective alternatives to traditional syringes and vials because they allow people with limited dexterity or poor vision to administer medication on time.
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The market, on the basis of product type, can be segmented into:
• Standard Pen Needles
• Safety Pen Needles
On the basis of needle length, the market can be categorised into:
• 4 mm
• 5 mm
• 6 mm
• 8 mm
• 10 mm
• 12 mm
The major therapies of pen needles are:
• Insulin
• Glucagon-like-Peptide-1 (GLP-1)
• Growth Hormone
The regional markets for pen needles include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The market is being aided by the rising demand for diabetes, which is surging the use of pen needles for frequent insulin administration. The growing prevalence of various cardiovascular issues is surging the demand for pen needles, which is driving the market growth. Moreover, the introduction of various favourable government initiatives to boost the cost-effectiveness of pen needles is surging their demand among lower socioeconomic classes, which is projected to propel the market growth. The increasing usage of pen needles in emerging nations such as China, India and Brazil, among others, to combat chronic illnesses like diabetes is expected to significantly contribute to the industry growth in the forecast period.
Key Market Players
The major players in the market are Becton, Dickinson and Company, Nova Nordisk A/S, Ypsomed Holding AG, Owen Mumford, Ltd., Htl-Strefa S.A., and B.Braun Melsungen AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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