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Pen Needles Market Set to Grow at 11% CAGR to 2023, Driven by Standard Pen and Safety Pen Needles
PUNE, India, March 5, 2019 /PRNewswire/ -- Pen needles market analysis by standard pen needles and safety pen needles types added in ReportsnReports.com. Pen needles market is expected to reach 3.4 billion by 2023 from an estimated USD 2.0 billion in 2018, at a CAGR of 11.0% during the forecast period. Growth in the pen needles market is mainly driven by factors such as the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries.
Browse 87 Market Data Tables and 46 Figures spread through 144 Pages and in-depth TOC on "Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone, and Others), Mode of Purchase (Retail, Non-Retail) - Global Forecasts to 2023" https://www.reportsnreports.com/reports/313502-pen-needles-market-by-type-standard-and-safety-needle-length-4mm-5mm-6mm-8mm-10mm-and-12mm-therapy-insulin-glucagon-like-peptide-growth-hormones-analysis-global-forecast-to-2019.html.
The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford.
The pen needles market is segmented into standard and safety pen needles. The safety pen needles segment is expected to grow at the highest CAGR during the forecast period as they reduce direct pressure on the skin due to their wide shield diameter. Asia Pacific, comprising China, India, Japan, and Rest of Asia Pacific countries offers high-growth opportunities for players in the pen needles market. Some of the factors driving market growth in the Asia Pacific region are high patient population, rising healthcare expenditure, and increasing healthcare access. Exhaustive information about solutions and services, untapped regions, recent developments, and investments in the pen needles market.
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The pen needles market is segmented into retail and non-retail. The retail segment dominated the market in 2018. This can be attributed to the significant discounts offered on the online/retail purchases of pen needles and the convenience associated with online purchases.
The pen needles market is segmented into insulin, GLP-1, growth hormone, and other therapies such as osteoporosis, fertility, and obesity. The insulin therapy segment is expected to grow at a higher CAGR during the forecast period primarily due to the high and growing diabetic population globally.
The report analyzes the pen needles market based on type, length, therapy, mode of purchase, and region. Comprehensive information on services offered by top players in the pen needles market. In-depth assessment of market shares, strategies, distribution networks, and manufacturing capabilities of the leading players in the market. The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater share.
The company has its distribution and production facilities in more than 75 countries and markets its products in more than 180 countries. Novo Nordisk has strategically placed its facilities in five countries across four continents. The company focuses on spreading awareness about diseases through campaigns. For instance, in 2018, Novo Nordisk UK launched a campaign to raise awareness of the risk of heart attacks and strokes in people living with type II diabetes.
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Europe dominated the pen needles market in 2018. The large share of the European pen needles market can primarily be attributed to the high diabetes expenditure and reimbursement in Germany, NHS support and access to pen needles at a subsidized cost in the UK, high insurance coverage in France, and supportive regulations in Spain.
The report analyzes the pen needles market and aims at estimating the market size and future growth potential of this market based on various segments such as type, length, therapy, mode of purchase, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–55%, Tier 2–25% and Tier 3–20%
- By Designation – C-level–43%, Director Level–32%, Others–25%
- By Region – North America–38%, Europe–23%, Asia Pacific–29%, RoW–10%
Another research titled Global Needle Guides Market Status and Future Forecast 2015-2024. By Region - Global (Asia-Pacific[China, Southeast Asia, India, Japan, Korea, Western Asia], Europe[Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland], North America[United States, Canada, Mexico], Middle East & Africa[GCC, North Africa, South Africa], South America[Brazil, Argentina, Columbia, Chile, Peru]) is Available with Discount Now at https://www.reportsnreports.com/contacts/discount.aspx?name=1942649.
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