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.
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.
Growing Prevalence of Chronic Diseases
Favorable Reimbursement in Select Countries
Preference for Alternative Modes of Drug Delivery
Poor Reimbursement Scenario in Developing Countries
Growing Preference for Biosimilar Drugs
Reuse of Pen Needles
Misuse of Injection Pens
Allison Medical, Inc.
B. Braun Melsungen AG
Becton, Dickinson and Company
Berpu Medical Technology
Hindustan Syringes and Medical Devices
Links Medical Products
MHC Medical Products
Novo Nordisk A/S
Promisemed Diabetes Care
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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