Pen Needles Market to Follow a Downward Trend with Continued Impact of COVID-19 Outbreak, Concludes a New Reports And Data Study | Long-term Outlook Remains Positive

The global pen needles market is forecast to reach USD 2.48 Billion by 2026, according to a new report by Reports and Data. Pen needles offer several advantages over conventional needle and syringe device. These devices aid in self-administration of the medication and does not require any expertise. These needles are screwed to injection pens via the plastic hub and have the prescribed quantity of medication in it, which gets injected through the pen.

The report focuses on the important geographies of sale of the Pen Needles (SFC) such as North America, Europe and Asia-Pacific, South America, Middle East and Africa. The entire Pen Needles (SFC) market has been categorized into three segments in this report, namely- manufacturers, regions, type and application.

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The report includes the latest coverage of the impact of COVID-19 on the Pen Needles industry. The incidence has affected nearly every aspect of the business domain. This study evaluates the current scenario and predicts future outcomes of the pandemic on the global economy.

Companies considered and profiled in this market study

Becton, Dickinson and Company, Novo Nordisk A/S, Ypsomed Holding AG, B. Braun Melsungen AG, HTL-Strefa S.A., Terumo Corporation, Owen Mumford Ltd., Allison Medical Inc., Ultimed, Inc., and Arkray, Inc., among others.

For the purpose of this report, Reports and Data has segmented the Pen Needles market on the basis of type, source, animal, application, and region:    

Type Outlook (Revenue, USD Billion; 2016-2026)

Standard pens
Safety pen needles

Length Outlook (Revenue, USD Billion; 2016-2026)

4 mm pens
5 mm pens
6 mm pens
8 mm pens
10 mm pens
12 mm pens

Therapy Outlook (Revenue, USD Billion; 2016-2026)

Insulin therapy
Glucagon-like peptide-1 (glp-1) therapy
Growth hormone therapy
Others

Usability Outlook (Revenue, USD Billion; 2016-2026)

Reusable pens
Disposable pens

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Distribution Channel Outlook (Revenue, USD Billion; 2016-2026)

Retail
Non-retail

End-Use Outlook (Revenue, USD Billion; 2016-2026)

Home healthcare
Hospitals
Over the counter (OTC)
Clinics
Others

Regional Outlook (Revenue in USD Million; 2016–2026)

North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)

Objectives of the study:

Our panel of expert analysts specializing in the value chain has conducted an exhaustive, industry-wide study to offer readers accurate insights into the future of the Pen Needles market and give key market players authentic information derived via both primary and secondary sources of data collection. Additionally, the report also comprises of inputs from our consultants, which can help companies make the most of the available market opportunities. It also offers a detailed breakdown of the sales of Pen Needles and the factors that could potentially influence the growth of the industry. The information provided in this report will be able to help readers capitalize on the available growth prospects.

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Market-O-Nomics:

-The valuation for the Pen Needles market was USD 1.43 Billion in 2018, and it is expected to reach USD 2.48 Billion by 2026.

-Safety Pen Needles are advanced form of the Standard Pen Needles, which includes extra safety shield inner covering around the needle other than the outer cover that is removed. The extra safety shield, which is fixed with the needle, provides stable sliding on the surface of skin while injecting.

-8mm pen needles have proven to be as efficient as the longer ones. Insulin is administered just as reliably with an 8 mm pen needle as with any other, with reduced pain. One-hand usage of short pen needles is possible. It is forecasted to grow with a CAGR of 6.5% during the forecast period.

-Growth hormone pens are witnessing increasing popularity in the therapy. The reason for increasing acceptance of growth hormone pens in this therapy is due to its advantages like reduced injection anxiety & pain, simplicity of the device, and easy-to-learn injection technique.

-Online shopping for medicine is becoming increasingly common among patients. Consumers are switching a trip to the nearby pharmacy with a click onto the Internet. Patients are provided with different options and other health products. With rapid increase in the number of diabetic patients across the globe, the demand for self-medicine, such as pen needle are also increasing and it is easier to buy it online.

-Disposable pens come already filled with insulin and are disposed of when they are empty or do not have a full dose left. These pens hold a set amount of insulin, and the length of time they will last depends on required personal insulin dose.

The insights that are offered by this report of the Pen Needles market are:

– Detailed Overview of Global Pen Needles market helps deliver clients and businesses making strategies.

– Influential factors driving demand and constraints in the market.

– What is market concentration? Is it fragmented or highly concentrated?

– What trends, challenges, and barriers will impact the development and sizing of the Pen Needles market?

– SWOT Analysis of each key players mentioned along with its company profile with the help of Porter’s five forces tool mechanism to compliment the same.

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