Tuesday, 9 January 2018

Pen Needles Market by Type, Therapy & Needle Length — 2021

“The pen needles market is expected to reach USD 2.81 Billion by 2021 from USD 1.65 Billion in 2016, growing at a CAGR of 11.2% from 2016 to 2021”.
The market is segmented on the basis of type, needle length, therapy, and mode of purchase. By type, the market is categorized into standard and safety pen needles. The standard pen needles segment is expected to account for the largest share of the market in 2016. The large share of this segment can be attributed to the low cost of these instruments and increasing adoption in emerging nations. However, the safety pen needles segment is projected to grow at the highest CAGR during the forecast period.

The pen needles market, based on needle length, is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. The 8mm needle length segment is expected to account for the largest share of the market in 2016. However, pen needles with 4mm length are expected to grow at the highest CAGR in the market, by needle length. Growth in this segment can be attributed to the increasing adoption of pen needles of shorter length and technological advancements in 4mm pen needles.

On the basis of therapy, the pen needles market is segmented into insulin therapy, glucagon-like-peptide-1 (GLP-1) therapy, and growth hormone therapy. The insulin therapy segment is expected to account for the largest share of the market in 2016, and is projected to grow at the highest CAGR during the forecast period. Factors responsible for the growth of insulin therapy during the forecast period include increasing diabetes population, favorable reimbursement scenario and strong government support in selected countries, and awareness campaigns and conferences to improve diabetes care and adoption of pen needles.

Based on mode of purchase, the pen needles market is segmented into retail and non-retail modes of purchase. The retail mode of purchase segment is expected to account for the largest share of the market, and is projected to grow at the highest CAGR during the forecast period. The large share of the retail mode of purchase segment can be attributed to availability of discounts at retail outlets and pharmacies; availability of free samples; and increasing ease of purchase through mail ordering and online ordering of pen needles.

On the basis of regions, the pen needles market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Europe is expected to account for the largest share of the market in 2016.
                           Pen Needles Market
The large share of Europe can be attributed to the EU’s directive on prevention of sharp injuries in hospitals and the healthcare sector; changes in the regulatory framework in Germany to minimize needlestick injuries; high incidence of diabetes across European nations; activities undertaken in the U.K. to pool funds for diabetes care and research; higher insurance coverage and increase in aging population and affordability in France; awareness campaigns for diabetes in Italy; and the high export potential of injectable drug delivery devices in Spain. However, the Asian region is expected to grow at the highest CAGR during the forecast period.

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