Global Pen Needles Industry Landscape 2021-2026: Growing Preference for Biosimilar Drugs Presents Opportunities

Dublin, Dec. 30, 2021 (GLOBE NEWSWIRE) -- The "Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP 1, Growth Hormone), and Mode of Purchase (Retail, Non-Retail) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global pen needles market is expected to reach USD 2.2 billion by 2026 from an estimated USD 1.3 billion in 2021, at a CAGR of 11.2%.

Growth in the market is largely driven by the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. On the other hand, the preference for alternative modes of drug delivery, poor reimbursement in developing countries, and needle anxiety are expected to restrain the overall market growth. The growing preference for biosimilar drugs and emerging markets are areas of opportunity in the market. The challenges faced by the market are reuse of pen needles and misuse of injection pens.

Based on product type, the standard pen needles segment holds the largest market share during the forecast period

Based on type, the pen needles market is segmented into standard and safety pen needles. In 2020, the standard pen needles segment accounted for the largest share in the pen needles market. Standard pen needles are preferred over safety pen needles as they are more affordable, especially considering the need for daily insulin intake. The low cost of standard pen needles has also led to their wide adoption in emerging economies such as China, India, and Brazil, where the use of safety pen needles is low to negligible.

Based on length, the 8mm segment grows at the highest market share during the forecast period

Based on length, the market is segmented into 4mm (5/32''), 5mm (3/16''), 6mm (1/4''), 8mm (5/16''), 10mm, and 12mm (1/2''). In 2020, the 8mm segment accounted for the largest share in the pen needles market. The large share of this segment is mainly attributed to the wide adoption of these needles among diabetes patients.

Based on mode of purchase, the retail segment is expected to register the highest CAGR during the forecast period

Based on the mode of purchase, the market is categorized into retail and non-retail. The retail segment accounted for the largest share and highest growth during the forecast period. The significant discounts offered on online/retail purchases of pen needles, high convenience, increasing awareness on pen needles, and the favorable reimbursement scenario in North America and Europe are some of the key factors driving the growth of the retail segment.

Based on therapy, the insulin therapy segment is expected to register the highest CAGR during the forecast period

Based on therapy, the market is categorized into insulin therapy, glucagon-like peptide-1 (GLP-1) therapy, growth hormone therapy, and other therapies (osteoporosis, thyroid, obesity). In 2020, insulin therapy held maximum of the global pen needles market, primarily due to the high and growing diabetic population globally. This segment is also expected to grow at the highest rate during the forecast period.

North America is expected to account for the largest share of the pen needles market in 2020

Geographically, the pen needles market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the pen needles market in 2020. The growing diabetes prevalence and favorable reimbursement scenario for pen needles, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, and the development of improved pen needle technologies are driving market growth in the US.

Research Coverage

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 a product portfolio matrix of various pen needles available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.

Market Dynamics

• Drivers

  • Growing Prevalence of Chronic Diseases

  • Favorable Reimbursement in Select Countries

• Restraints

  • Preference for Alternative Modes of Drug Delivery

  • Poor Reimbursement Scenario in Developing Countries

  • Needle Anxiety

• Opportunities

  • Growing Preference for Biosimilar Drugs

  • Emerging Markets

  • Challenges

  • Reuse of Pen Needles

  • Misuse of Injection Pens

Companies Profiled

• Advacare Pharma

• Allison Medical, Inc.

• Arkray

• Artsana Group

• B. Braun Melsungen AG

• Becton, Dickinson and Company

• Berpu Medical Technology

• Glucorx

• Hindustan Syringes and Medical Devices

• HTL-Strefa

• Iyon

• Links Medical Products

• MHC Medical Products

• Montmed

• Nipro Corporation

• Novo Nordisk A/S

• Owen Mumford

• Promisemed Diabetes Care

• Simple Diagnostics

• Terumo Corporation

• Trividia Health

• Ultimed

• Van Heek Medical

• Vogt Medical Vertrieb

• Ypsomed Holding AG

For more information about this report visit https://www.researchandmarkets.com/r/q2bdae

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