A research study titled, “Pen Needle Market by Type, Needle Length, Therapy and Mode of Purchase - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the pen needle market is projected to be around $4.9 billion by 2025.
Diabetes is one of the most occurring chronic diseases characterized by either incapability of pancreas to produce glucose or incapability of body to absorb glucose produced by pancreas. According to survey conducted by International Diabetic Federation (IDF) in 2015, around 415 million are living with diabetes with proportion of type-2 diabetics increasing globally. Largenumber of people aged 40 to 59 suffer from diabetes and related complications. Diabetic people have high risk of developing several complications (such as vascular disorders, kidney malfunctioning besides affecting eyes, nerves and teeth) due to high glucose level. Diabetes has long term impact on health and economic condition of individual. Over a period of time, diabetes affect kidney, damages heart vessels, and eyes, leading to malfunctioning of body.Besides, people with diabetes are likely to incur huge expenditure causing financial burdens on them and family members. There are many methods to inject insulin in body such as through syringes and pen needles. Withseveral risks(such as sharp injuries or rapture of blood vessels) associated with the use of syringes, the demand for insulin syringes is expected to decline in near future. However, this will provide ample growth opportunities for the pen needle market.
Standard pen needles segment dominated the global market in 2016, due to growing awareness among consumers about the availability of safe insulin delivery methods, increasing prevalence of diabetes with rise in geriatric population, and standard pen needles being cost effective as compared to other insulin delivery methods. However,standardpen needles are expected to witness decline in the growth during forecast period due to various risks of needle related injuries such as rupture of blood vessel while injecting insulin in the body. Among various needles available, 8mm needle length accounted for the largest share of the global market in 2016; as these needles are prescribe to large number of people including obese people. Insulin therapy segment dominated the overall market in 2016, primarily due to increasing adoption of self-administration of insulin for diabetes type-1 as well as type-2. With increasing trend in e-commerce, online purchase segment will witness high growth during the forecast period.
Europe accounted for the major share of the global pen needles market in 2016, primarily due to rising diabetic population, increased funding for diabetic research, high adoption of technologically advanced devices, and rise in demand for safe insulin delivery methods.However, Asia-Pacific is expected to witness high growth in forecast period, due to increasing demand for better healthcare infrastructure and rise in awareness about commercially available treatments for diabetes.
Major players in the market are Becton, Dickinson and Company, Novo Nordisk A/S, Owen Mumford, Ltd., HTL-STREFA S.A., B. Braun Melsungen, Ypsomed Holding AG, Terumo Corporation, and Allison Medical, Inc.These players are highly focused on developing advanced products for the treatment of diabetes. For instance, in 2013, Becton, Dickinson and Companylaunched BD Ultra-Fine Nano 4mm pen needle with easy flow technology for easier and faster delivery of insulin in the body.Advanced features such as easy flow with 5mm needles and digitalized pen needles will dominatethe market in coming years.
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Global market for pen needle is projected to be around $4.9 billion in 2027. Rising incidence of diabetes worldwide is the major factor driving the market. According to International Diabetes Federation (IFD), approximately 415 million people were suffering from diabetes in 2015. Such a high occurrence of diabetes within people is the major factor that contributes to the market growth.