New York, NY -- (SBWIRE) -- 11/30/2020 -- The global pen needles market is forecast to reach USD 2.66 Billion by 2027, according to a new report by Reports and Data. Pen needles are used for drug administration in the treatment of various diseases and are used by both healthcare professionals and patients themselves. They have become popularly accepted with the advancements in therapeutics and a supportive reimbursement structure in many nations.
According to the World Health Organization (WHO), from 2015 to 2050, the aged population across the globe will be rise from 12% to 22% of the total global population. Owing to this, the incidence of target diseases such as chronic disorders and cancer is expected to grow and, in turn, boost the demand for pen needles. An increase in healthcare expenditure across the globe also supports the adoption of user-friendly technologies. According to the American Diabetes Association, the annual healthcare cost in the U.S. increased by 26% over the last five years due to increased diabetes incidence.
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Significantly, the WHO estimates that number of people with diabetes increased from 108 million in 1980 to 422 million in 2014. Pen needles are widely used for the administration of insulin in diabetic patients, especially because a majority of patients who require insulin shots multiple times a day, use pen needles to administer the drug themselves.
Another factor for their increasing popularity is that each pen is already labeled with the product strength and name. This characteristic leads to reduction of unlabeled needle or syringes, which is usually observed in the case of unit-based preparation of insulin from vials.
North America held the largest share as of 2019 because of an increasing incidence of diabetes in the region. Government initiatives to spread awareness about pen needles along with a favorable funding from many private players is leading to pen needles market growth.
Companies are adopting a variety of growth strategies in order to ensure a steady growth. Acquisitions and mergers are commonly witnessed. For instance, in December 2017, BD acquired Bard to make use of the latter's product portfolio and innovation pipeline.
Key participants include in the pen needles market include:
Dickinson and Company
Novo Nordisk A/S
Ypsomed Holding AG
B. Braun Melsungen AG
Owen Mumford Ltd.
Allison Medical Inc.
To identify the key trends in the industry, click on the link below:
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)
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)
Glucagon-like peptide-1 (glp-1) therapy
Growth hormone therapy
Usability Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2016-2026)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Over the counter (OTC)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
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