Pen Needles Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

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Pen Needles Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

Status : July, 2020 | Medical Devices | PPT format

Report Digest


Global Pen Needles Market: Snapshot

The global market for pen needles has been growing alongside the propensity of the masses to self-inject drugs and other medications in the body. Pen needles are an advanced form of technology that can be used by the common masses and are often used in conjunction with insulin pens. The advent of pen needles has witnessed a decrease in the pressure on the medical fraternity to employ staff for injecting medical doses in patients. It is anticipated that the growth of self-care and self-medication trends across the world would give an impetus to the growth of the market for pen needles.

The most prominent driver of demand within the global market for pen needles is the rise in the number of people suffering from diabetes. Diabetics who require frequent injection of insulin in the body have found pen needles as an easy and viable option. Furthermore, the ease of usage of these needles along with their reasonable price has also given an impetus to market growth. Biodegradable pen needles are also in the pipeline, and this is expected to further elevate demand within the global market.

The healthcare industry in North America has been steadfast in promoting and distributing pen needles to the masses. This has created growth spaces in the market for pen needles in North America where the patients are wary of the benefits and ease offered by these needles.

Global Pen Needles Market: Overview

The usage of pen needles in conjunction with that of insulin pens helps in accurate, fast, and convenient injection of drug deliveries for diabetic patients. Thus, the growing need for insulin pens is foretold to bode well for the global pen needles market. Moreover, the shorter length of pen needles makes it convenient to employ them for drug administration when treating patients suffering from almost any type of health problem including overweight.

Global Pen Needles Market: Key Trends

The target market for pen needles is anticipated to grow impressively in the coming years due to the rising diabetes population. By 2040, an approximate 642 mn people could suffer from diabetes, as per the statistics of the International Diabetes Federation (IDF). Products such as pen needles are used to administer injectable medications to diabetic patients. Since obesity could make people highly susceptible to diabetes, the growing size of obese population is expected increase the demand in the world pen needles market.

Vendors functioning in the world pen needles market are predicted to invite lucrative opportunities in the business in the event of significant technological advancements. Compared to conventional syringes and vials, pen needles allow enhanced drug delivery, easier penetration, and greater safety during drug administration. As a result, the demand in the world pen needles market could aggravate further.

Standard pen needles are prognosticated to suffer a slack in demand on account of concerns raised against their safe applicability. However, the rising awareness about the usage of pen needles in diabetic treatment and augmenting number of diabetic patients could support the growth of standard pen needles. Safety pen needles, on the other hand, are envisaged to offer some crucial opportunities in the world pen needles market. This could be because of their ability to minimize needlestick injuries and magnifying technological developments.

Global Pen Needles Market: Market Potential

The Ultra-Fine Nano 4mm x 32G Pen Needle by Becton, Dickinson and Company (BD) is claimed as a new and improved way of insulin injection in diabetic patients. However, the needle is also considered effective for all kinds of patients. The technology and design are expected to make a whole lot of difference in how patients feel during drug injection. With a smooth needle finish, needle glide, and injection comfort, the pen needle could be a breakthrough innovation in the medical devices industry. The proposed thinnest and shortest pen needle by BD is manufactured with the help of three technologies, viz. electro-polishing, micro-bonded lubrication, and PentaPoint technology.

Global Pen Needles Market: Regional Outlook

A majority of research analysts study the Europe region to have dominated the international pen needles market in 2015, owing to a ballooning prevalence of the target disease diabetes. With a view to upgrade diabetic treatment techniques, ample of initiatives have been taken by the U.K. government to invest in diabetes research and care. Over the course of the forecast period 2017–2025, Asia Pacific is prophesied to register a significant growth in the international pen needles market. This could be due to the elevating awareness about the accessibility to cutting-edge technological devices for diabetes treatment.

Global Pen Needles Market: Competitive Landscape

Top players operating in the worldwide pen needles market are envisioned to focus on fulfilling the unmet needs in diabetic treatment through mergers and acquisitions, geographical expansion, and the advent of technological breakthroughs for new product development. Some of the dominant companies in the worldwide pen needles market could be Ypsomed, Owen Mumford Ltd., Terumo Corporation, BD, and Novo Nordisk A/S.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.