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(Medical-NewsWire.com, September 21, 2018 ) According to Data Bridge Market Research new Market report Global Pen Needles Market, By Product Type (Standard Pen Needles, Safety Pen Needles), By Product Length (Nano Length, Medium Length, Long length), By Usability (Reusable Pen Needles, Disposable Pen Needles), By Application (Diabetes, Growth Hormone Deficiency, Others), By Therapy (Insulin, Glucagon-like peptide-1, Growth Hormones), By End-User (Hospitals, Clinics, OTC, Home Healthcare, Others), By Geography (North America, Europe, Asia-Pacific, Latin America, Rest of the World) Trends and Forecast to 2024, has accounted for USD 1.9 billion in 2016, and is expected to reach USD 4.5 billion by 2024 growing at a CAGR of 11.6% in the forecast period of 2017 to 2024.
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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% of the U.S. population is suffering from diabetes which is increasing at 0.7% each year, however 83.2% 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.
Global Pen Needles Market Market Segmentation
The global pen needle market is segmented based on product type into standard and safety pen needles. The standard pen needles segment is expected to dominate the market owing to its daily usage by the diabetic patient pool. The safety pen needles are expected to grow at the highest CAGR of 15.2% is the forecast period owing to healthcare professionals striving to make insulin delivery not a regular dosage. Still standard pen needles in insulin delivery are not expected to decline in near future, and are expected to dominate the market in 2022. The pen needles market is also segmented based on product length which varies from 4mm to 13mm in size. The pen needles segment by product length is long length, medium length and nano length needles. Depending on the requirement of penetration of the drugs the length of the needles is selected.
The global pen needles market is also segmented based on usability into disposable and reusable pen needles. In 2016 the disposable pen needles is expected to dominate the market with a share of 73.2% and is expected to grow at the highest CAGR in the forecast period. The growth and domination of disposable pen needles is owing to the guidelines and safety measures practiced by healthcare authorities to prevent infections and other complications in drug delivery.
By application the Global Pen Needles Market is segmented into 3 indications diabetes, growth hormone deficiency and others. The diabetes segment dominates the market with more than 90% of market share, owing to the large prevalent pool of diabetic patients and the increasing usage of pen needles in insulin delivery. Also the rising trend of self management of chronic diseases is expected to drive the growth of diabetes care using pen needles in the forecast years. Based on the drug therapy the pen needles market is segmented into insulin, glucagon-like peptide-1 and growth hormones. Insulin therapy is expected to dominate the market in 2016 owing to its large usage in sustaining threats of diabetes comorbidities.
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Global Pen Needles Market Geographical Segmentation
Based on geography the market is segmented into 5 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 many others.
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North America is expected to dominate the market with 42.3% 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% 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.
Global Pen Needles Market Company Landscape
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 include Becton, Dickinson and Company, ADW Diabetes, Novo Nordisk, A.Menarini Diagnostics, Ulticare, Ypsomed Holding AG, Facet Technologies, B. Braun Melsungen AG, Shanghai Neo-Medical Co. Ltd, HTL-Strefa S.A., Frank Healthcare Co., Ltd, Stat Medical Devices, Inc., Terumo Corporation, Domrex Pharma Inc., Vogt Medical Vertrieb GmbH, Artsana S.p.a, Eli Lilly, Owen Mumford Ltd, KD Medical GmbH Hospital Products, Allison Medical, Inc., Digital Medics Pty Ltd, and Ultimed, Inc. among others.
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Data Bridge Market Research
Data Bridge Market Research
+1-888-387-2818
sopan.gedam@databridgemarketresearch.com
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