Global Pen Needles Market Size, Share, Analysis Challenges, and Future Growth Forecast 2022-2031

Kenneth Research has recently added a report titled Global Pen Needles Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Pen Needles Market products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global Pen Needles Market is valued approximately USD 1 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 10.8% over the forecast period 2019-2026. Pen needles are used in combination with infusion pens to provide or deliver injectable drugs into the body. A pen needle comprises of a hollow needle which is embedded in a plastic hub and attaches to injection pens. They are commonly used by people with chronic diseases who often require multiple daily injections for instance, in diabetes. Increase in diabetes have driven more people to take insulin that can be self-administered through insulin needle pen. Thus, growing prevalence of chronic diseases coupled with favorable reimbursement policies are key driving factor of market growth. According to the International Diabetic Federation, the number of diabetic patients are growing at a significant pace. As per the source the number of diabetic patients in 2015 were reported to be approximately 425 million globally whereas these number are estimated to grow about 578 million by 2030 and about 700 million by 2045. Further, growing prevalence for biosimilar drugs is expected to create significant growth opportunity in the market over the forecast period. Insulin pen needles are expected for single use however it is known that a significant proportion of people with diabetes do re-use needle pens this is expected to create significant challenge in the market. However, preference for alternative modes of drug delivery impedes the growth of the market over the forecast period of 2019-2026.

The regional analysis of global Pen Needles market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the growing geriatric population and growing prevalence of diabetes in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as increasing focus of market players developing novel product and improving healthcare infrastructure would create lucrative growth prospects for the Pen Needles market across Asia-Pacific region.

Major market player included in this report are:
Becton, Dickinson and Company
Novo Nordisk
Owen Mumford, Ltd.
B. Braun Melsungen AG
Terumo Corporation
Allison Medical, Inc.
Artsana S.P.A.

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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Standard Pen Needles
Safety Pen Needles

By Length:

By Therapy:
Insulin Therapy
Glucagon-Like Peptide-1 (GLP-1) Therapy
Growth Hormone Therapy
Other Therapies

By Mode of Purchase:

By Region:
North America
Asia Pacific
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026

Target Audience of the Global Pen Needles Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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