Pen needles and pen injectors are utilized in combination for the supply of injectable drugs. Rise in the elderly population, increase in need for minimally invasive procedures, increase in inclination toward pen needles over syringes& vials, and increase in the incidence of obesity &diabetes are few factors expected to drive the global pen needles market. Further, technological improvements fuel the expansion of the global pen needles market. Nevertheless, the dearth of training and instruction to caregivers &patients on the correct use of pen needles along with the lack of medical professionals to treat hormonal unevenness and conditions comprising diabetes, thyroid disorders, &others are projected to obstruct the global pen needles market growth.
In 2018, The Largest Share In Market Was Held By Standard Pen Needles Segment
On the basis of type, the global pen needles market is bifurcated into safety and standard pen needles. The biggest share within the global pen needles market was held by the standard pen needles segment in 2018. This expansion can be attributed to the low price of the standard pen needles. Nevertheless, as these standard needles aren’t furnished with safety shields, the possibility of accidental needlestick injuries while using these needles is great.
North America Projected To Dominate The Global Market During The Forecast Period
In 2018, the global pen needles market was dominated by North America and is expected to maintain its dominance during the forecast period as well. This expansion can be credited to the constructive reimbursement situation for pen needles & rising diabetes incidence, federal programs to make people aware regarding injection methods, the development of enhanced pen needle technologies, and the rising market penetration by prominent market players. Further, Europe is also anticipated to witness substantial growth in the market as a result of the increase in diabetes prevalence, rise in R&D activities on diabetes care, and technological advancements. The Asia Pacific market is also projected to grow at a greater CAGR in the years to come on account of the increasing alertness regarding the medical treatments and care, rising research & development activities, and rising healthcare sector.
The prominent players in the global pen needles market consists of Novo Nordisk A/S, BD, Terumo Corporation, Owen Mumford Ltd., HTL-STREFA, Ypsomed AG, Hindustan Syringes & Medical Devices Ltd., B. Braun Melsungen AG, ArtsanaS.p.A., and UltiMed, Inc. Several approaches have been implemented by these players like collaborations, partnerships, new product development, and agreements to obtain competitive benefit in the global pen needles market.
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