DUBLIN--(BUSINESS WIRE)--The "Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone, and Others), Mode of Purchase (Retail, Non-Retail) - Global Forecasts to 2023" report has been added to ResearchAndMarkets.com's offering.
The pen needles market is expected to reach 3.4 billion by 2023 from an estimated USD 2 billion in 2018, at a CAGR of 11% during the forecast period.
Growth in the pen needles market is mainly driven by factors such as the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. The growing preference for biosimilar drugs is another factor providing a wide range of growth opportunities for key players in the market.
On the other hand, the preference for alternative modes of drug delivery and the poor reimbursement scenario in developing countries are key factors restricting market growth to a certain extent. The reuse of pen needles is another key factor challenging market growth.
The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford.
By type, the safety pen needles segment is expected to grow at the highest rate during the forecast period
On the basis of type, the pen needles market is segmented into standard and safety pen needles. The safety pen needles segment is expected to grow at the highest CAGR during the forecast period as they reduce direct pressure on the skin due to their wide shield diameter.
The retail segment dominated the market in 2018
On the basis of mode of purchase, the pen needles market is segmented into retail and non-retail. The retail segment dominated the market in 2018. This can be attributed to the significant discounts offered on the online/retail purchases of pen needles and the convenience associated with online purchases.
The Asia Pacific pen needles market is expected to grow at the highest CAGR during the forecast period
Asia Pacific, comprising China, India, Japan, and Rest of Asia Pacific countries offers high-growth opportunities for players in the pen needles market. This segment is slated to register the highest CAGR during the forecast period.
Some of the factors driving market growth in the Asia Pacific region are high patient population, rising healthcare expenditure, and increasing healthcare access.
Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Pen Needles Market Overview
4.2 Europe: Pen Needles Market, By Type & Country, 2018
4.3 North America: Pen Needles Market, By Type, 2018
4.4 Pen Needles Market: Geographic Snapshot
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Prevalence of Chronic Diseases
5.2.1.2 Favorable Reimbursement in Selected Countries
5.2.2 Restraints
5.2.2.1 Preference for Alternative Modes of Drug Delivery
5.2.2.2 Poor Reimbursement Scenario in Developing Countries
5.2.3 Opportunities
5.2.3.1 Growing Preference for Biosimilar Drugs
5.2.4 Challenges
5.2.4.1 Reuse of Pen Needles
6 Industry Insights
6.1 Introduction
6.2 Porter's Five Forces Analysis
6.3 Competitive Intensity
7 Pen Needles Market, By Type
7.1 Introduction
7.2 Standard Pen Needles
7.3 Safety Pen Needles
8 Pen Needles Market, By Length
8.1 Introduction
8.2 4mm
8.3 5mm
8.4 6mm
8.5 8mm
8.6 10mm
8.7 12mm
9 Pen Needles Market, By Therapy
9.1 Introduction
9.2 Insulin Therapy
9.3 Glucagon-Like Peptide-1 (GLP-1) Therapy
9.4 Growth Hormone Therapy
9.5 Other Therapies
10 Pen Needles Market, By Mode of Purchase
10.1 Introduction
10.2 Retail
10.3 Non-Retail
11 Pen Needles Market, By Region
11.1 Introduction
11.2 Europe
11.3 North America
11.4 Asia Pacific
11.5 Rest of the World
12 Competitive Landscape
12.1 Overview
12.2 Market Share (As of 2017)
12.3 Competitive Leadership Mapping (2017)
12.4 Competitive Scenario
13 Company Profiles
13.1 Becton, Dickinson and Company
13.2 Novo Nordisk
13.3 Ypsomed
13.4 Owen Mumford Ltd.
13.5 HTL-Strefa
13.6 B. Braun Melsungen
13.7 Terumo Corporation
13.8 Ultimed
13.9 Allison Medical Inc.
13.10 Artsana S.P.A.
13.11 Arkray Inc.
13.12 Glucorx
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