Sarasota, FL -- (SBWire) -- 03/07/2019 --Global Pen Needles Market: Overview

Pen needles are used to inject medication (most commonly to inject insulin in diabetic patients). Pen needles offer various advantages over conventional needle and syringe device such as they aid in self-administration of the medication and do not require expertise. Pen needles are screwed to injection pens through the plastic hub and have the required quantity of medication in it. This gets injected through the pen. There are different sizes of pen needle available depending upon the length and gauge.

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Global Pen Needles Market: Growth Factors

The rising prevalence of diabetes is one of the major drivers for the growth of the pen needles market. Huge technological advancements are also driving the growth of pen needles market. In addition, insulin pens are the most convenient and fastest mode of injecting drug delivery. Pen needles are highly demanded in conjunction with the growing need for insulin pens for people suffering from diabetes. These devices used with insulin pens help in delivering the dosage of the drug to the patient. These aforementioned factors will proliferate the expansion of pen needles market in the coming years.

Beneficial features such as improved alternative drug delivery process as compared to syringes and vials, fine pointed tips, and safety will drive the market demand in the near future. The growing preference for biosimilar drugs is another factor providing a wide range of growth opportunities for key players in the market.

Global Pen Needles Market: Segmentation

The global pen needles market can be classified into the product, needle length, therapy, and distribution channel. Product wise, the market is sectored into Standard & Safety Pen Needles. Based on needle length, the pen needles market is sectored into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. On the basis of therapy, the market is sectored into insulin and glucagon-like-peptide-1. On the basis of the distribution channel, the market is sectored into Retail Pharmacy, Hospital Pharmacy, and Online Pharmacies.

Global Pen Needles Market: Regional Analysis

Based on regions, the global pen needles market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe is expected to dominate the pen needles market in 2018. The large share of the European pen needles market can primarily be attributed to the high diabetes expenditure and reimbursement in Germany, NHS support and access to pen needles at a subsidized cost in the UK, high insurance coverage in France, and supportive regulations in Spain.

The Asia Pacific is projected to witness an attractive growth rate over the forecast period. This is primarily due to the rising awareness about the availability of the latest technological devices for diabetes care.

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North America and LATAM are likely to be the major markets in the coming decade.

Global Pen Needles Market: Competitive Players

Some of the key players in pen needles market are Novo Nordisk A/S, Becton, Dickinson, and Company, Ypsomed AG, UltiMed, Inc., TERUMO CORPORATION, HTL-STREFA, Owen Mumford Ltd., B. Braun Melsungen AG, Allison Medical, Inc., Hindustan Syringes and Medical Devices Ltd., and Artsana S.p.a.

Global Pen Needles Market: Regional Segment Analysis

North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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