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 is expected to reach US$ 2,280.6 Mn in 2025 from US$ 1,603.8 Mn in 2017. The market is estimated to grow with a CAGR of 4.6% from 2018-2025. The market is expected to grow due to increasing prevalence of diabetes and endocrine diseases, however, the re-use of pen needles for multiple times is hindering the market growth.
The current pen needle users are inclined towards the use of standard pen needles due to the regular practice and low price as compared to that of the safety pen needles. However, several measures undertaken by the healthcare authorities to streamline the safety procedures as well as reduce risks of needle associated infections are expected to increase the use of safety pen needles by healthcare professionals as well as home based users due to rising awareness regarding needle-stick injuries and bacterial deposition on the open standard needles. For instance, the Safer Needles Network and the Health Safety Wellbeing Partnership prepared an implementation and directive guideline for the use of sharps in compliance with the NHS UK that promotes use of safe needles that are quality tested than that of the directly marketed unsafe needles. Thus, the adoption of safety pen needles over standard pen needles is expected to be one of the prevalent trend in the pen needles market over years to come.
Global pen needles market, based on the therapy is segmented into insulin, GLP-1 and growth hormones. In 2017, the insulin therapy segment held the largest share of the market, by therapy. The similar segment is also expected to witness maximum traction over the years Insulin is one of the most common and widely used biologic administered into the body with the help of injection pens among diabetes patients.
The key players operating in the pen needles market worldwide include BD, Novo Nordisk A/S, YPSOMED AG, B. Braun Melsungen AG, Owen Mumford, Ltd., HTL-Strefa S.A., Ultimed, Inc., Terumo Corporation, Allison Medical, Inc., and Artsana S.p.A. among others.
The report segments the global pen needles market as follows:
Global Pen needles Market - By Type
Global Pen needles Market - By Therapy
Global Pen needles Market - By Length
Global Pen needles Market - By Geography
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