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Pen Needle Market (By Type, Needle Length, Therapy and Mode of Purchase) is Projected to Reach 4.9 billion in 2025

Pen Needle Market (By Type, Needle Length, Therapy and Mode

Industry Trend Analysis
Global market for pen needle is projected to be around 4.9 billion in 2025. 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. In addition, increasing obesity and related disorders among population is another important factor for the market growth. Such population forms target customer for companies manufacturing pen needles.

Market is expected to grow further by technological advances and up gradation. Pen needle allow comfort and easy mode of insulin delivery which is one of the strong drivers for market growth. These devices are technologically advanced and provide superior alternative drug injection method in comparison to traditional syringes and vials.

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Product Outlook and Trend Analysis
As of 2016, standard pen needle occupied the largest share in overall market. Growing diabetic population, increasing awareness about insulin delivery methods, and low cost as compared to safety needles are set to drive the market growth. 8mm needle accounted for the largest share of the global market. These pens are more prescribed to all patients including people with obesity and related problems whereas 4mm needle is expected to grow at fast rate till 2025, owing to its short length. Insulin therapy segment will dominate the market in coming years because of ease of usage, convenient and safe method to deliver insulin in body. Retail mode of purchase will be dominating market as more people tend to purchase insulin needles directly from pharmaceuticals, retail stores, and hospital pharmacy.

Reusable and disposable needle pen accounted for almost equal shares with reusable pens having slightly higher share in 2016. Disposable needle pen are mostly used in developing countries such as China and India whereas developed markets such as U.S. and UK prefer reusable needle pen.

Regional Outlook and Trend Analysis
Europe is expected to lead pen needle market with largest share of the overall market in 2016,followed by North America, Asia-Pacific and rest of the world. U.S. leads pen needle market in North American. This is attributed to increasing diabetic population, improving regulatory framework to minimize needle related injuries, increased utilization of engineered devices, funding for diabetes research, awareness campaigns and patients looking for easy methods for insulin delivery. Despite Europe having largest market share, it is expected to grow at slow rate as market is highly saturated. Asia-Pacific is projected to show high growth, due to increase ability of patients to pay for better healthcare facilities, growing awareness level and government initiatives to provide improved health care services will drive the market growth.

Competitive Analysis
Major players in the market are Terumo Corporation, Ulti Med, Inc., Allison Medical, Inc., Ypsomed Holding AG, Owen Mumford, Ltd., Becton, Dickinson and Company, Novo Nordisk A/S, HTL-STREFA S.A., and Artsana S.p.a. and B. Braun Melsungen. These players are highly focused on developing new products, improving existing products, expansions, mergers and acquisitions in order to expand their customer base and increase market share.

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Market Opportunities
The pen needle market has witnessed fast growth due to technological up gradation and growing demand for safe, pain free needles and the need to minimize needle related injuries. Innovative products such as Easy Flow technology with 5mm compact needle for more comfort and digital pen needles with visual displays will be seen dominating the market in next few years.

Pen needle market is segmented on following basis:
By Type:
Safety Pen Needles
Standard Pen Needles

By Needle Length:
12mm
10mm
8mm
6mm
5mm
4mm

By Therapy:
Glucagon-like-Peptide-1 (GLP-1)
Insulin
Growth Hormone

By Mode of Purchase:
Retail
Non-retail

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