Global Pen Needles Market to 2027
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According to a new market research study titled ‘Pen Needles Market to 2025 – Global
Analysis and Forecasts by Type, Therapy, and Length the global pen needles market was
valued at US$ 1,603.8 Mn in 2017 and is estimated to reach US$ 2,280.6 Mn by 2025.
The report highlights the trends prevalent in the global pen needles market and the factors
driving the market along with those that act as deterrents to its growth. The rising number
of patients suffering with diabetes and adoption of injection pens over traditional syringes
and vials is expected to increase the demand for pen needles over the forecast period.
However, the high penetration of alternate drug delivery devices is expected to restrict the
market growth.
The pen needles attached to injection pens have been found to be re-used by the patients
at a significant rate. One of the major reason behind this reuse is known to be the cost of
these needles. According to a survey conducted by BD in determining the pattern of pen
needle usage among population in 2014-2015, 23.3% participants in the survey reported
reuse of pen needles due to the price of these needles as well as for cost-saving purposes.
Thus, the market launch of affordable yet efficient pen needles is expected to be one of the
potential opportunities that can be utilized by the market players to increase their sales and
thereby establish a significant position in the highly competitive pen needles market.
The global pen needles market is a matured market in the developing countries as well as
developing economies worldwide. The market on the basis of type is segmented into
standard pen needles and safety pen needles. Standard pen needles segment led the
market in 2017, and is expected to retain its dominance during the forecast period owing to
the easy availability as well as affordability. On the other hand, safety pen needles are
expected to grow with a rapid CAGR owing to increasing awareness among populace
regarding the benefits offered by safety pen needles over standard ones.
The key players operating in the field of pen needles worldwide include BD, Novo Nordisk
A/S, YPSOMED AG, B. Braun Melsungen AG, Owen Mumford, Ltd., HTL-Strefa S.A., Ultimed,
Inc., Terumo Corporation, Allison Medical, Inc., and Artsana S.p.A. among others.
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