Data Bridge Market Research new Insight’s on “Global Pen Needles Market, is projected to reach USD 4.5 billion by 2024, from USD 1.9 billion in 2016, at a CAGR of 11.6% during the forecast period from 2017 to 2024.”
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The market is segmented by Product Type (Standard Pen Needles, Safety Pen Needles) Product Length (Nano, Medium, Long) Usability (Reusable, Disposable) Application (Diabetes, Growth Hormone Deficiency, Others) Therapy (Insulin, Glucagon-like peptide-1, Growth Hormones) End-User (Hospitals, Clinics, OTC, Home Healthcare, Others) Geography (North America, Europe, APAC, South America, Row) – Industry Trends and Forecast to 2024
The actual calculation year for the report is 2016, while the historic data is for 2015 and the forecast period is still 2024.
Insulin pens are the easiest and safest way to deliver insulin. Insulin pens are basically used with pen needles, which are gaining popularity every day over conventional insulin delivery methods. The usage of pen needles in insulin delivery is increasing owing to its benefits such as more convenient as can be used while travelling, easier to use and can be handled by any one, dosage given is more accurate, pain free and better discretion. The global pen needles market is expected to grow significantly owing to rising prevalence of diabetes and other chronic diseases. There is a shortage of trained professionals in developed countries which is encouraging patients to use self-use products such as pen needles. According to the Center of Disease Control (CDC) in 2015, 11.9 percent of the U.S. population is suffering from diabetes which is increasing at 0.7 percent each year, however 83.2 percent are physician diagnosed and the remaining remains undiagnosed. The major risk of diabetes is its comorbidities related mortality increasing every year. The pen needles market is also expected to grow owing to increasing reimbursements of these products in developing countries such as China, India, and Brazil among others.
Based on geography, the market is segmented into five geographical regions, North America, Europe, Asia-Pacific, South America and Rest of the World. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and others. North America is expected to dominate the market with 42.3 percent market share in 2016, owing to the favorable reimbursement scenarios and increasing trend of self-injection injectable in this market. Asia-Pacific is expected to grow at the highest CAGR of 13.7 percent spear headed by growth of China and India. The growth of these countries is owing to rising prevalence of diabetes and increasing awareness of health related needs.
The pen needles market is highly fragmented with various companies operating in local regions. The report includes company share data for different geographies including North America, Europe, South America, and Asia Pacific.
Some of the major players in the global market are :
Other Market Insights:
APAC Topical Drug Delivery Market, latest insights by Data Bridge Market Research says that the market is growing at a CAGR of 14.9% in the forecast period 2017 to 2024, expected to reach USD 34.1 billion by 2024
Europe Cancer Biomarkers Market,latest insights by Data Bridge Market Research says that the new market reports contains actual calculation year for the report in 2016, while the historic data is for 2015 and the forecast period is 2017 to 2024.
Global Pen Needles Market - Industry Trends and Forecast to 2026
Latin America Pen Needles Market – Industry Trends and Forecast to 2026
Asia-Pacific Pen Needles Market - Industry Trends and Forecast to 2026
Europe Pen Needles Market - Industry Trends and Forecast to 2026
Middle East and Africa Pen Needles Market - Industry Trends and Forecast to 2026
North America Pen Needles Market - Industry Trends and Forecast to 2026
Global Pen Needles Market is expected to reach USD 4.5 billion by 2024
Pen Needles Market to witness high demand in the market due to increasing diabetic patient worldwide
Global Pen Needles Market is Expected to Register a Healthy CAGR in the Forecast Period of 2019 to 2026
Increasing Prevalence of Diabetes and Increasing Geriatric Population are Expected to Drive the Latin America Pen Needles Market in the forecast period of 2019 -2026
Global Pen Needles Market: Pen Needles to Maintain the Insulin Intake in Diabetic Patients
Increasing Prevalence of Diabetes and Rising Government Initiatives are Expected to Drive the Global Pen Needles Market in the forecast period of 2019 - 2026