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 : November, 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.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

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

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?