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Insulin Pen Needles Market to Expand at a CAGR of 8.0% Till 2026; Rising Need for Therapeutic Gadgets to Augment Global Industry - TMR
ALBANY, New York, May 23, 2019 /PRNewswire/ -- The global insulin pen needles market is expected to grow due to an increasing need for therapeutic gadgets from patients, clinics and hospitals. The global insulin pens needles market is projected to expand at a CAGR of 8.0% during the forecast period 2017 to 2026.
In terms of region, the global insulin pen needles market is projected to be dominated by Europe in the upcoming years. The growth in this region can be attributed to a rising number of diabetes cases and government support. On the basis of segmentation, in terms of application, the global insulin pen needles market is divided into type 1 diabetes and type 2 diabetes. The market is expected to be ruled by type 2 diabetes during the forecast period.
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Diabetes to Boost Global Insulin Pen Needles Market
Demand for insulin pen needles will continue to surge the market due to a rising number of diabetic patients across all age. Diabetes can occur at any age and a high amount of blood sugar levels lead to insulin shots to control on the condition. This drives the global insulin pen needles market to expand in the forthcoming years. Insulin pens are easy to handle as compared to conventional syringes. These insulin pens offer needles that are prefilled and can be replaced for the next use. They provide accuracy in dosage while administering injection shots. Insulin pens contain numbers in large fonts that are easier to read as compared to syringes. Hence, the global insulin pen needles market is expected to witness a surge in the upcoming years.
Alternatively, insulin pens click which indicates that the shot has been administered. This means that the injection has been given to the patient. This feature increases the demand for insulin pens, thus resulting in the expansion of the global insulin pen needles market.
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Pharmacies and Hospitals to Bolster Demand
The demand for insulin pens are high and would continue to be the same in the upcoming years. Pharmacies and hospitals stock up insulin pens for sales and treatment purposes respectively. Additionally, online drug stores are also expected to boost the insulin pens market. Such high demand across the globe is likely to result in stellar growth of the global insulin pen needles market. Moreover, patients who need insulin on a daily basis take self-injection shots. Rising demand from home care sector is expected to increase the market for insulin pens in future. Old age homes and rehabilitation centers to need such insulin pen shots to meet the demand of in- house aged patients. Hence, the global insulin pen needles market is projected to witness extensive growth avenues in the years to come.
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Noninvasive gadgets are expected to hinder growth of the global insulin pen needles market during the forecast period. This is due to many companies introducing gadgets to monitor sugar levels. Nonetheless, introduction of advanced features such as facilities to monitor and retrieve data regarding last dose taken by patients are expected to provide a lot of growth opportunities to the global insulin pen needles market during the forthcoming years.
The global insulin pen needles market faces stiff competition and the market is fragmented involving many players, states a forthcoming Transparency Market Research (TMR) report. Some of the prominent leaders in the market include Terumo Corporation, Owen Mumford, Ltd., Dickinson and Company, Becton, Novo Nordisk A/S, and B. Braun Melsungen. These players focus on various business strategies such as collaborations, mergers, and acquisitions. These companies are said to heavily spend on research and development to introduce innovative product lines to establish their positions in the market.
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This review is based upon the TMR report titled, "Insulin Pen Needles Market (Product Type - Standard Insulin Pen Needles, Safety-engineered Insulin Pen Needles; Distribution Channel - Hospital Pharmacies, Retail Pharmacies and Drug Stores, Online Sales, Diabetes Clinics/Centers; Application Type - Type I Diabetes, Type II Diabetes)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026."
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