The Global Pen
Needles Market research report interprets
definition, an investigation of significant progress in the industry. It
provides overall industry survey, product description, wide array of
applications, top players, and development forecast. It enhances understanding
about that market along with new business trends.
Industry Insights
The global pen needles
market was valued at USD 1.5 billion in 2015, which is projected to grow at a
CAGR of more than 13.0% during the forecast period. Rising prevalence of
diabetes has led to the rise in demand of pen needles. According to the WHO, in
2014, 422 million people had diabetes and it is estimated that it would be the
7th leading cause of death in 2030. With the increase in population of this
disorder, the market is estimated to grow rapidly over forecast period. The
rising number of overweight or obese people also contributes to the growth of
the market. According to the Diabetes. Co. UK, obesity accounts for 80% to 85%
chances of developing type 2 diabetes. Excess abdominal fat, increases the
chances of having this type of disorder.
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Main features of the report:
·
To provide
detailed analysis of the market structure along with forecast of the various
segments and sub-segments of the global Pen Needles Market.
·
A complete
backdrop analysis, which includes an assessment of the parent market
·
Important
changes in market dynamics
·
Market
segmentation up to the second or third level
·
To provide
country level analysis of the market for segment by application, product type
and sub-segments.
·
To provide
strategic profiling of key players in the market, comprehensively analyzing
their core competencies, and drawing a competitive landscape for the market.
·
Track and
analyze competitive developments such as joint ventures, strategic alliances,
mergers and acquisitions, new product developments, and research and
developments in the global Pen Needles Market.
·
Emerging
niche segments and regional markets
·
An
objective assessment of the trajectory of the industry.
Pen needles helps in easy
delivery of drug to the patient. They are used in conjunction with insulin pens
because of its accuracy in dosage delivery and can be easily used visually
impaired and elderly people.
Technological advancements
in pen needles are further expected to drive market growth. The market players
are majorly focusing on developing new products with respect to the length of
the needle. Short length pen needles can be easily used by everyone including
overweight, children, and the patient with phobia of needles. For instance, in
2014, Novo Nordisk made NovoFine Plus, the thinnest and shortest needle
commercially available in the U.S.
Pen needles when used in
conjunction with insulin pens provide easy and convenient drug delivery process
when compared to the traditional method of syringes and vials. Syringes are
comparatively large and create difficulty in self-administration. On the
contrary, pen needles have pointed tips, which penetrate easily into the muscle
of the patient. It eliminates the risk of needle stick injuries.
Therapy Insights
On the basis of therapy,
insulin therapy dominated the market in 2016 and expected to witness lucrative
growth over forecast period. This is due to increasing number of patients with
diabetes and increasing level of awareness about self-administration amongst
type 1 and type 2 diabetes.
GLP-1 therapy is also
expected to showcase lucrative growth over the forecast period as it can be
used to enhance the glucose control in the adults with type 2 diabetes. Several
companies such as Novo Nordisk are focusing on expanding the market of GLP-1.
Regional Insights
In 2016, Europe dominated
the market because of the growing prevalence of diabetes in the region.
According to Diabetes UK, 4 million people are found to be suffering with
diabetes. Moreover, the UK government is taking initiatives to raise awareness
among people and invest in diabetes care and research so that better treatment
techniques and facilities are available for diabetic patients.
Asia Pacific is expected to
witness fastest growth over the forecast period owing to rising awareness about
availability of technologically advanced products for treatment of diabetes.
The changing lifestyle of people has also led to the increase in number of
people with type 2 diabetes.
Competitive Insights
Some of the major companies
of this market are TERUMO CORPORATION; Novo Nordisk A/S; B. Braun Melsungen AG;
Becton Dickinson and Company; Ypsomed, UltiMed, Inc.; Artsana S.p.a.;
HTL-STREFA; and Allison Medical.
In order to fulfill the
unmet needs of the patients with diabetes, most of the companies go for
regional expansion, development of new products with improvised technology and
mergers & acquisitions. For instance, in 2013, the launch of BD Autoshield
Duo Safety Pen Needle by Becton Dickinson and Company in UK and Ireland aimed
at minimizing needle stick injuries in those countries.
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