The pen needles market is projected to grow at a CAGR of 11% during the forecast period.
The pen needles market is expected to reach 3.4 billion by 2023 from an estimated USD 2.0 billion in 2018, at a CAGR of 11.0% 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.
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.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–55%, Tier 2–25% and Tier 3–20%
- By Designation – C-level–43%, Director Level–32%, Others–25%
- By Region – North America–38%, Europe–23%, Asia Pacific–29%, RoW–10%
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.
- The report analyzes the pen needles market and aims at estimating the market size and future growth potential of this market based on various segments such as type, length, therapy, mode of purchase, and region.
- The report also includes competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons To Buy the Report
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater share. Firms purchasing the report could use one, or a combination of the below mentioned five strategies.
This report provides insights into the following pointers:
- Market Penetration: Comprehensive information on the services offered by the top players in the pen needles market. The report analyzes the market based on type, length, therapy, mode of purchase, and region
- Product Development/Innovation: Detailed insights on new product launches in the pen needles market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various pen needles across regions
- Market Diversification: Exhaustive information about solutions and services, untapped regions, recent developments, and investments in the pen needles market
- Competitive Assessment: In-depth assessment of market shares, strategies, distribution networks, and manufacturing capabilities of the leading players in the market