Pen Needles Market : Driving Factors, Market Analysis, Investment Feasibility and Trends 2017 - 2025
The usage of pen needles in conjunction with that of insulin pens helps in accurate, fast, and convenient injection of drug deliveries for diabetic patients. Thus, the growing need for insulin pens is foretold to bode well for the global pen needles market. Moreover, the shorter length of pen needles makes it convenient to employ them for drug administration when treating patients suffering from almost any type of health problem including overweight.
Global Pen Needles Market: Key Trends
The target market for pen needles is anticipated to grow impressively in the coming years due to the rising diabetes population. By 2040, an approximate 642 mn people could suffer from diabetes, as per the statistics of the International Diabetes Federation (IDF). Products such as pen needles are used to administer injectable medications to diabetic patients. Since obesity could make people highly susceptible to diabetes, the growing size of obese population is expected increase the demand in the world pen needles market.
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Vendors functioning in the world pen needles market are predicted to invite lucrative opportunities in the business in the event of significant technological advancements. Compared to conventional syringes and vials, pen needles allow enhanced drug delivery, easier penetration, and greater safety during drug administration. As a result, the demand in the world pen needles market could aggravate further.
Standard pen needles are prognosticated to suffer a slack in demand on account of concerns raised against their safe applicability. However, the rising awareness about the usage of pen needles in diabetic treatment and augmenting number of diabetic patients could support the growth of standard pen needles. Safety pen needles, on the other hand, are envisaged to offer some crucial opportunities in the world pen needles market. This could be because of their ability to minimize needlestick injuries and magnifying technological developments.
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Global Pen Needles Market: Market Potential
The Ultra-Fine Nano 4mm x 32G Pen Needle by Becton, Dickinson and Company (BD) is claimed as a new and improved way of insulin injection in diabetic patients. However, the needle is also considered effective for all kinds of patients. The technology and design are expected to make a whole lot of difference in how patients feel during drug injection. With a smooth needle finish, needle glide, and injection comfort, the pen needle could be a breakthrough innovation in the medical devices industry. The proposed thinnest and shortest pen needle by BD is manufactured with the help of three technologies, viz. electro-polishing, micro-bonded lubrication, and PentaPoint technology.
Global Pen Needles Market: Regional Outlook
A majority of research analysts study the Europe region to have dominated the international pen needles market in 2015, owing to a ballooning prevalence of the target disease diabetes. With a view to upgrade diabetic treatment techniques, ample of initiatives have been taken by the U.K. government to invest in diabetes research and care. Over the course of the forecast period 2017–2025, Asia Pacific is prophesied to register a significant growth in the international pen needles market. This could be due to the elevating awareness about the accessibility to cutting-edge technological devices for diabetes treatment.
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Global Pen Needles Market: Competitive Landscape
Top players operating in the worldwide pen needles market are envisioned to focus on fulfilling the unmet needs in diabetic treatment through mergers and acquisitions, geographical expansion, and the advent of technological breakthroughs for new product development. Some of the dominant companies in the worldwide pen needles market could be Ypsomed, Owen Mumford Ltd., Terumo Corporation, BD, and Novo Nordisk A/S.
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Pen needles are used to inject medication (most commonly to inject insulin in diabetic patients). Pen needles offer various advantages over conventional needle and syringe device such as they aid in self-administration of the medication and do not require expertise. Pen needles are screwed to injection pens through plastic hub and has the required quantity of medication in it. This gets injected through the pen. There are different sizes of