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The global pen needle market is growing significantly due to rising need for safety pen needle, increasing prevalence of diabetes and technological advancement in the industry. Pen needles are mainly used to deliver insulin or growth hormone in the body. Massive unexplored market in pen needle industry of developing economies are creating ample opportunities for the pen needle market to grow at a considerable rate during the forecasted years.
Moreover, encouraging reimbursement policies in developed countries is also expected to support the growth of the market in the coming years. The advanced research and development facilities, and new and innovative product developments by the companies are propelling the growth of the pen needle industry. However, decreasing usage of standard pen needle still remains a challenge for the industry.
The pen needle market is categorized on the basis of type, length, and therapy. On the basis of type of pen needle, the market can be categorized as standard pen needle and safety pen needles. Standard pen needle leads the market; whereas, safety pen needles are expected to grow at a faster rate in the coming years.
On the basis of length, the pen needle market is categorized as 4mm, 5mm, 6mm, 8mm, 10mm and others. Pen needle with 6mm length holds maximum share in the market; whereas, pen needle with 4mm length is expected to grow at fastest rate in the coming years. Moreover, based on therapy, the pen needle market is classified as insulin therapy, growth hormone therapy, glucagon-like peptide-1 (GLP-1) therapy, and others. Insulin therapy leads the market and is expected to grow at the fastest rate in the coming years due to rise in prevalence of diabetes cases and increasing awareness about diabetes through campaigns and conferences.
Some of the factors driving the growth of the global pen needle market are rise in geriatric population, increasing prevalence of diabetes, rising government funding and grants, rising initiatives to create awareness among people through campaigns and conferences. In addition, advantages of insulin pen over syringe and vials, and favorable reimbursement policies in developed countries are also fueling the growth of the global pen needle market. However, needle anxieties, limited reimbursements in emerging economies, and alternative drug delivery method are some of the factors restraining the growth of the pen needle market to some extent. Further, risk of reusing pen needle, and strict regulatory requirements are also some of the factors inhibiting the growth of the global pen needle market.
Geographically, Europe will be leading the global pen needle market in the coming years, followed by North America, due to propitious reimbursement policies, increasing government support, and increasing prevalence of diabetes. Asia-Pacific is the fastest growing region in the global pen needle market. The major reasons for the fastest growth of pen needle market in the region are increasing healthcare expenditure, large pool of patients, increasing government support, and increasing prevalence of diabetes in the region. Moreover, the pen needle market is growing due to increasing awareness of diabetes in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the global pen needle market are Becton, Dickinson and Company, Novo Nordisk A/S, Ultimed, Inc., Ypsomed Holding AG, B. Braun Melsungen, Terumo Corporation, Allison Medical, Inc., Owen Mumford, Ltd., Artsana S.P.A. and Htl-Strefa S.A.