Global Pen Needles Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global pen needles market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global pen needles market to grow at a CAGR of more than 10% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global pen needles market for 2017-2021. The market is segmented based on the product (standard pen needles and safety pen needles) and therapy (insulin, growth hormone, and GLP-1). The market is further segmented by end-user (hospitals and clinics and home care).

The global pen needles market offers substantial growth opportunities due to the rising incidence of diabetes worldwide. The shift in the preference of patient pool from hospitals to specialty clinics and the high adoption of insulin delivery systems for self-management of diabetes are likely to increase the demand for insulin pens and, in turn, pen needles. The adoption of pen needles is increasing among the insulin-dependent diabetic population as it offers a host of benefits over the traditional vial-and-syringe method of insulin delivery.

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Technavio healthcare and life sciences research analysts highlight the following three factors that are contributing to the growth of the global pen needles market:

  • Increasing preference for pen needles over syringes and vials
  • Rise in diabetic population
  • Increasing adoption of pen devices for self-care diabetes management

Increasing preference for pen needles over syringes and vials

Pen needles are an integral part of diabetes treatment for patients who require injectable therapies. These pen needles are used for delivering specific drugs or collecting samples such as fluids and cells from organs or lumps. They are available with various advanced features, shapes, and sizes. The global market for pen needles is showing a steady growth owing to an increasing older population, and the shift toward less and non-invasive procedures is increasing its popularity worldwide.

Srinivas Sashidhar, a lead orthopedics and medical devices research analyst at Technavio, says, “Pen needles have several advantages over the traditional vial-and-syringe method of insulin delivery including improved patient satisfaction and adherence, greater ease of use, superior accuracy for delivering small doses of insulin, greater social acceptability, and less reported injection pain.

Rise in diabetic population

The growing diabetic population is one of the main drivers of the market growth of pen needles as it generates more demand for pen needles in the market. According to the reports published by OECD in 2015, 380 million people had diabetes worldwide while approximately 85 million people had diabetes in OECD countries.

More than 1.4 million people were undiagnosed for diabetes mellitus, and its prevalence is higher in urban than the rural population. People living with diabetes for longer periods are at a high risk of developing complications causing high levels of morbidity. Germany, Portugal, Spain, and Slovenia jointly have the highest diabetes prevalence rate of 6.61%,” adds Srinivas.

Increasing adoption of pen devices for self-care diabetes management

The adoption of pen devices with pen needles for type-1 diabetes management has risen in recent years. Although patients using syringes with standard needles posed an economic barrier, now the scenario is changing globally. The adoption rate is increasing due to various factors like rising awareness, health consciousness, painless injections with pen needles, and improvement in healthcare policies expanding the reimbursement for pen needles.

Different types of pen needles including standard pen needles and safety pen needles used in hospitals and specialty clinics are now increasingly used in homecare by patients. With some interest, focus, and expertise, patients can effectively use pen devices for self-care. This change was largely brought about by the need to avoid scheduling the appointments, save hospitals and clinics visiting fees, eliminate waiting time, and increase personal convenience.

Top vendors:

  • BD
  • Novo Nordisk
  • Ypsomed
  • B. Braun

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading-edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global pen needles market to grow at a CAGR of more than 10% during the forecast period, 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com