Pen Needle Market to Reach $ 4.9 Billion By 2025: Terumo Corporation, Ulti Med, Allison Medical, Ypsomed Holding AG, Owen Mumford, Becton, Dickinson and Company, Novo Nordisk A/S, HTL-STREFA S.A., Artsana S.p.a. and B. Braun Melsungen
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.
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Pen Needle Market - 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.
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.
Pen needle market is segmented on following basis:
Pen Needle Market - By Region:
North America - U.S, Canada, Mexico
Europe - Germany, France, UK, Italy, Spain, Rest of Europe
Asia-Pacific - Japan, China, Australia, India, South Korea, Rest of Asia Pacific
Rest of the World - Brazil, South Africa, Saudi Arabia, United Arab Emirates, Others
Pen Needle Market - 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.
Pen Needle Market - 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 - By Type:
Safety Pen Needles
Standard Pen Needles
Pen Needle Market - By Needle Length:
Pen Needle Market - By Therapy:
Pen Needle Market - By Mode of Purchase:
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Pen Needle Market - 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.
Pen Needle Market - List of Tables:
Table 1.Global Pen Needle Market, By Type ($Million), 2016-2025
Table 2.Standard Pen Needles Market, By Region ($Million), 2016-2025
Table 3.Safety Pen NeedlesMarket, By Region ($Million), 2016-2025
Table 4.Global Pen Needle Market, By Needle Length ($Million), 2016-2025
Table 5.4mm NeedleMarket, By Region ($Million), 2016-2025
Table 6.5mm Needle Market, By Region ($Million), 2016-2025
Table 7.6 mm Needle Market, By Region ($Million), 2016-2025
Pen Needle Market - List of Figures:
Figure 1.Global Pen Needle Market Share, By Type, 2016 & 2025
Figure 2.Pen Needle Market Share, By Needle Length, 2016& 2025
Figure 3.Pen Needle Market Share, By Therapy, 2016& 2025
Figure 4.Pen Needle Market Share, By Mode of Purchase, 2016& 2025
Figure 5.Pen Needle Market, By Region, 2016 ($Million)
Figure 6.Becton, Dickinson and Company: Net Revenues, 2014-2016 ($Million)
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Pen Needle market based on product and application. It also provides market size and forecast till 2025 for overall Pen Needle market with respect to five major regions, namely; North America, Europe, Asia-Pacific, Rest of the World, which is later sub-segmented by respective countries and segments. The report evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend and provides exhaustive PEST analysis for all regions.
Also, key Pen Needle market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products and services offered.
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Reason to Buy -
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Pen Needle market, thereby allowing players to develop effective long term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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