Pen Needles Market to Expand at a CAGR of 4.6% by 2025 - Driven by Adoption of Injection Pens and Patients Suffering with Diabetes

Diabetes refers to a long-term condition in which the blood sugar levels of an individual is very high. It is the most common problem affecting a significant number of population across the globe. Patients suffering with both diabetes type 1 and type 2 require external administration of insulin (patients with type I on a daily basis) which can be performed with the help of traditional needles attached to syringes or the advanced pen needles compatible with insulin injection pens according to the American Diabetes Association, approximately 30.3 million people accounting up to 9.4% of American Population suffered from diabetes, out of which 1.25 million children suffered with diabetes type-I. The high population suffering from diabetes and requiring insulin injections is expected to propel the global pen needles market.

According to a new market research study titled ‘Pen Needles Market to 2025 – Global Analysis and Forecasts by Type, Therapy, and Length the global pen needles market was valued at US$ 1,603.8 Mn in 2017 and is estimated to reach US$ 2,280.6 Mn by 2025. The report highlights the trends prevalent in the global pen needles market and the factors driving the market along with those that act as deterrents to its growth. The rising number of patients suffering with diabetes and adoption of injection pens over traditional syringes and vials is expected to increase the demand for pen needles over the forecast period. However, the high penetration of alternate drug delivery devices is expected to restrict the market growth.

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Global Pen needles Market – By Type
-Standard
-Safety

Global Pen needles Market – By Therapy
-Insulin
-GLP-1
-Growth Hormone

Global Pen needles Market – By Length
-4mm
-5mm
-6mm
-8mm
-10mm
-12mm

Global Pen needles Market – By Geography
-North America
-U.S.
-Canada
-Mexico
-Europe
-UK
-Germany
-France
-Asia Pacific (APAC)
-Japan
-China
-India
-Middle East & Africa (MEA)
-South Africa
-UAE
-South America (SAM)
-Brazil

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The advancement in the field of the healthcare industry is driving the prominent players in pen needles market for more research and developments for the pen needles. The pen needles used in various injection pens have evolved gradually in terms of material, performance, dimensions and safety factors such as sterility and safety packaging. Technological advancement implementing similar improved features in the new products are expected to drive the demand for pen needles market. For instance, ARKRAY USA, Inc., one of the leader in diabetes care products introduced TechLITE pen needles in July 2016 that comes with thin-wall technology and pin-point sharpening to reduce the pain during delivery procedure. The pen needles have evolved in terms of their dimensions with the launch of pen needles that fit to the personal requirement of every individuals.

In the recent years, pen needles market has progressed significantly. The increasing prevalence of diabetes is one of the major factor that is expected to drive the growth of the global pen needles market. Additionally, the technological advancements leading to introduction of novel products in the pen needles market is further anticipated to promote the market growth over the forecast years. However, significant population practicing reuse of the pen needles as well as availability of alternate drug delivery options are expected to confine the pen needles market growth. Additionally, unavailability for appropriate reimbursement structure in various Asian and Middle Easters countries is also expected to hamper the growth of global pen needles market to a significant rate.

Report Aims at

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the pen needles market.
• 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 global pen needles market, thereby allowing players across the value chain 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 security interest with respect to client products, segmentation, pricing and distribution

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