The global pen needles market is expected to
reach a value of USD 4.8 billion by 2025, according to a new report by Grand
View Research, Inc. Rising prevalence of diabetes is the primary reason for the
significant growth of pen needles market. According to the International
Diabetes Federation (IDF), nearly 415 million people were suffering from
diabetes in 2015. Such a high prevalence of diabetes across the globe has led
to rising demand for pen needles. Patients suffering from diabetes commonly use
injectable pen devices, which helps in easy drug delivery.
In addition, obesity is a
significant cause of diabetes. Obese people often suffer from type 2 diabetes,
which makes them one of the highest revenue contributors of the target market.
Thus, people with type 2 diabetes are the common target population for
companies manufacturing pen needles.
Rising technological advancements
is also expected to drive the market growth. Pen needles allow comfort and easy
mode of insulin delivery. These devices are technologically advanced and
provide a superior alternative drug delivery method in comparison to syringes
and vials. For instance, in 2013, Becton, Dickinson and Company launched BD
Ultra-Fine Nano 4mm Pen Needles with EasyFlow Technology, which will enable
diabetic patients with easy adherence of insulin therapy regimens.
Browse full research report on Global Pen Needles Market: http://www.grandviewresearch.com/industry-analysis/pen-needles-market
Further Key Findings from
the Study Suggest:
- Standard needles dominated the market in 2015 due to the availability of cost-effective needles as compared to safety needles
- Safety pen needles are anticipated to showcase lucrative growth over the forecast period due to the continuous technological advancements
- Amongst the needle lengths, 8mm held the largest share in 2015. This is due to the convenience offered by this needle type on diabetic patients
- Needle length of 4mm are expected to witness attractive CAGR over the forecast period owing to its short length
- Insulin therapy accounted for the largest market share in 2015 due to rising awareness regarding self-administration of insulin amongst the diabetic patients
- Europe dominated the market in 2015 followed by North America owing to high prevalence of diabetes in the European region
- Asia Pacific region is anticipated to exhibit the highest growth rate over the forecast period owing to the rising awareness levels amongst the diabetic population regarding easy drug delivery
- Some of the key players include Becton, Dickinson and Company, B. Braun Melsungen AG, Novo Nordisk A/S, Owen Mumford, Ltd., Ypsomed, HTL-STREFA, and TERUMO CORPORATION.
Read our blogs – http://www.grandviewresearch.com/blog/pen-needles-market-size-share
Grand View Research has segmented the pen needles market on
the basis of product, needle length, therapy and region:
Pen Needles Product Outlook (Revenue, USD Million; 2014 -
2025)
- Standard Pen Needles
- Safety Pen Needles
Pen Needles Length Outlook (Revenue, USD Million; 2014 -
2025)
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
Pen Needles Therapy Outlook (Revenue, USD Million; 2014 -
2025)
- Insulin
- Glucagon-like-Peptide-1 (GLP-1)
- Growth Hormone
Pen Needles Regional Outlook (Revenue, USD Million; 2014
- 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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