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The pen needle market size is expected to reach USD 3.12 Billion in 2030 and register a revenue CAGR of 11.1% over the forecast period, according to the latest report by Reports and Data. Pen needle market revenue growth is due to rapid prevalence of diabetes across the globe.
Pen needles are used by both healthcare providers and patients for administration of various injectable medications. Insulin administration for diabetic patients is a major application segment for pen needles. Advancement in technology has resulted in increasing adoption of pen needles over conventional syringes. Pen needles are easy-to-use and minimally invasive.
Design is a major factor for product efficacy and is continuously worked upon for ensuring proper lubrication, minimum friction, and attached safety caps. Increasing incidence of chronic diseases such as, diabetes and cancer, is one of the major factors contributing toward market revenue growth worldwide. According to American Diabetes Association more than 30 million people in America have been diagnosed with diabetes and more than 84 million people have high risk of suffering from diabetes. Pen needle is used mainly in diabetes for administration of insulin. Moreover, it does not require any professional skills. Rising demand for minimally invasive treatment is one of the key factors promoting market growth.
The global market is highly competitive in nature. The top market players are constantly working on new technologies and products to enhance their global footprint. Companies adopt both organic and inorganic growth strategies in order to ensure a steady pattern of growth. Acquisitions and mergers are commonly witnessed. For instance, in January 2019, Becton, Dickinson and Co. launched an ergonomic pen needle technology, which has been designed for an enhanced injection depth.
The developing countries are expected to observe lucrative growth because of an increasing incidence of chronic diseases and the rising spending on healthcare. Despite a lucrative growth scenario, the preference for alternative modes of drug administration, and reuse of pen needles remain major challenges that need to be addressed for advancements in the pen needles market.
Some Key Highlights in the Report:
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Surge in geriatric population and rising incidence of obesity is driving pen needle market revenue growth – Our Expet Opinion
Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
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.
Needle Length Outlook (Revenue, USD Billion; 2019–2030)
Product Type Outlook (Revenue, USD Billion; 2019–2030)
Application Outlook (Revenue, USD Billion; 2019–2030)
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