The insulin therapy segment to grow at the highest CAGR during the forecast period
Northbrook, IL -- (SBWIRE) -- 04/29/2021 -- According to the new market research report "Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) – Global Forecast to 2024" published by MarketsandMarkets™
The study involved four major activities in estimating the current market size for pen needles. Exhaustive secondary research was done to collect information about the market, peer markets, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research.
In the secondary research process, various secondary sources such as the WHO, International Diabetes Federation, World Bank, Global Burden of Disease Study, Food and Drug Administration, American Diabetes Association, American Association of Diabetes Educators, Centers for Disease Control and Prevention, Diabetes Canada, Statistics Canada, European Association for the Study of Diabetes, European Society of Endocrinology, Diabetes UK, National Health Service, OECD Health Statistics, Asian Association for the Study of Diabetes, ASEAN Federation of Endocrine Societies, Statistical Handbook of Japan, OECD Obesity Update, Brazilian Diabetes Society, Latin American Diabetes Association, directories, industry journals, databases, press releases, and annual reports of the companies have been used to identify and collect information useful for the study of this market.
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Expected Revenue Surge: The pen needles market is expected to reach USD 1.8 billion by 2024 from an estimated USD 1.1 billion in 2019, at a CAGR of 10.8% during the forecast period
Geographical Scenario in Depth:
North America dominated the pen needles market in 2018. The large share of the North American needles market can primarily be attributed growing diabetes prevalence and favorable reimbursement scenario for pen needles, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, and the development of improved pen needle technologies. For instance, Ypsomed Holding AG (Switzerland) has launched mylife Clickfine Diamond Tip pen needles with the innovative 6-bevel technology, and Becton, Dickinson and Company (US) has upgraded its pen needles with the PentaPoint and EasyFlow technology.
The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford (UK).
Becton, Dickinson and Company (US) is a leading company in the field of drugs delivery systems. The company is a pioneer in the field of pen needles. The company offers a wide range of products including both standard and safety pen needles, such as BD Ultra-Fine Nano, BD PentaPoint products, and BD AutoShield Duo Pen Needles. BD also collaborates with universities, medical centers, and other entities to conduct R&D programs to support its efforts in specialized fields. In order to maintain its position, the company has adopted growth strategies, such as geographical expansions and product launches. The company opened its Advanced Diabetes Care facility in Andover, Massachusetts, US, in 2015.
Novo Nordisk (Denmark) is a leader in the diabetes care market with an experience of more than 90 years in diabetes care. As a significant volume of Novo Nordisk's insulins are used in injectable devices, the company is witnessing a surge in the sale of its insulin pens and supplies including pen needles. The company has its distribution and production facilities in more than 79 countries and markets its products in more than 180 countries. The growing diabetes market globally serves as an opportunity for the company to gain stable revenues from its diabetes care segment.
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