Pen Needles Market Trends, Competitive Landscape and Regional Forecast 2028

The research report "Global Pen Needles Market by Type (Standard pen needles, Safety Pen Needles), by Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), by Therapy (GLP-1, Growth Hormones, Insulin), by End user (Hospitals, Homecare, Diagnostic centers) and Geography- Global/Region/Country Forecast to 2028." The global pen needles market size was estimated at USD 2.2 Bn in 2021, growing at a CAGR rate of 11.4 percent during the assessment period 2022-2028.

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Growing geriatric population projected to impel the Pen Needles Market:
Pen needles are used in combination with injection pens for the purpose of delivering injectable medications into the body. Pen needles will available in various diameters and lengths for making them used by the patients and healthcare experts easily to administer medications. This needle consists of a needle, which is hallowed and embedded in a plastic hub and attached to injection pens. This needle works as an alternative delivery system of drug administration to the conventional method. Usually, this needed is used by those suffering from diabetes and who need insulin injections. One of the major factors projected to fuel the growth of market is increase in the government initiatives to prevent diabetes.

Increasing cases of diabetic patients is one of the leading causes which enable to fuel the global pen needles market. About 642 Mn of the total population is anticipated to have diabetes till 2040 according to the International Diabetes Federation. Growing aged population and increase in the adaptation of pen needles and minimally invasive methods over conventional systems projected to boost the pen needles market growth. But, the risks about safe use of pen needles, lack of specialized endocrinologists for treating thyroid disorders, diabetes and hormonal imbalances and strict regulatory framework to develop novel products are the factors hampering the pen needles market.

North America got major share in the Pen Needles Market:
On the basis of regional analysis, global market is categorized into North America, Europe, Asia- Pacific, Latin America, The Middle East & Africa. North America witnesses the biggest share in pen needles market owing to the high acceptance of state-of-art technologies and high prevalence of diabetes. In 2015, diabetes is the 7th leading cause of death in U.S with 79,535 deaths as per, American Diabetes Association, in 2015. Europe witnessed the major share in pen needles market. Asia Pacific region is expected to experience major growth because of the innovative product launches, affordability, growing consciousness regarding healthcare in countries like China, India, and Japan.

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Competitive Analysis - Pen Needs Market
A few major players operating in the pen needles market are Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Ypsomed Holding AG (Switzerland), Terumo Corporation (Japan), HTL-STREFA S.A. (Poland) and Artsana S.p.a (Italy), Allison Medical, Inc. (U.S.), UltiMed, Inc. (U.S.) and ARKRAY Inc. (U.S). These players also focus on adopting key strategies.

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