Pen Needles Market Is Anticipated To Grow Swiftly Due To Increasing Technological Advancements In Till 2025: Grand View Research, Inc.
The global pen needles market is expected to reach a value of
USD 4.8 billion by 2025, according to a new report by Grand View Research, Inc.
Rising prevalence of diabetes is the primary reason for the significant growth
of pen needles market. According to the International Diabetes Federation
(IDF), nearly 415 million people were suffering from diabetes in 2015. Such a
high prevalence of diabetes across the globe has led to rising demand for pen
needles. Patients suffering from diabetes commonly use injectable pen devices,
which helps in easy drug delivery.
In addition, obesity is a
significant cause of diabetes. Obese people often suffer from type 2 diabetes,
which makes them one of the highest revenue contributors of the target market.
Thus, people with type 2 diabetes are the common target population for
companies manufacturing pen needles.
Rising technological advancements
is also expected to drive the market growth. Pen needles allow comfort and easy
mode of insulin delivery. These devices are technologically advanced and
provide a superior alternative drug delivery method in comparison to syringes
and vials. For instance, in 2013, Becton, Dickinson and Company launched BD
Ultra-Fine Nano 4mm Pen Needles with EasyFlow Technology, which will enable
diabetic patients with easy adherence of insulin therapy regimens.
Browse full research report on Pen Needles Market: http://www.grandviewresearch.com/industry-analysis/pen-needles-market
Further Key Findings from
the Study Suggest:
- Standard needles dominated the market in 2015 due to
the availability of cost-effective needles as compared to safety needles
- Safety pen needles are anticipated to showcase
lucrative growth over the forecast period due to the continuous
technological advancements
- Amongst the needle lengths, 8mm held the largest
share in 2015. This is due to the convenience offered by this needle type
on diabetic patients
- Needle length of 4mm are expected to witness
attractive CAGR over the forecast period owing to its short length
- Insulin therapy accounted for the largest market
share in 2015 due to rising awareness regarding self-administration of
insulin amongst the diabetic patients
- Europe dominated the market in 2015 followed by North
America owing to high prevalence of diabetes in the European region
- Asia Pacific region is anticipated to exhibit the
highest growth rate over the forecast period owing to the rising awareness
levels amongst the diabetic population regarding easy drug delivery
- Some of the key players include Becton, Dickinson and
Company, B. Braun Melsungen AG, Novo Nordisk A/S, Owen Mumford, Ltd.,
Ypsomed, HTL-STREFA, and TERUMO CORPORATION.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the pen needles market on
the basis of product, needle length, therapy and region:
Pen Needles Product Outlook (Revenue, USD Million; 2014 -
2025)
- Standard
Pen Needles
- Safety
Pen Needles
Pen Needles Length Outlook (Revenue, USD Million; 2014 -
2025)
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
Pen Needles Therapy Outlook (Revenue, USD Million; 2014 -
2025)
- Insulin
- Glucagon-like-Peptide-1
(GLP-1)
- Growth
Hormone
Pen Needles Regional Outlook (Revenue, USD Million; 2014
- 2025)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- China
- India
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
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