Pen Needles Market worth $2,105 Million by 2019, Says the New Study on ASDReports

Wednesday 12 November 2014, Amsterdam

The new report now available on ASDReports, analyzes and studies the major market drivers, threats, opportunities, and challenges. This report studies the global pen needles marketfor the forecast period of 2014 to 2019.This market is expected to reach $2,105 million by 2019 from$1,283 millionin 2014, and is poised to grow at a CAGR of 10.4% during the forecast period.

The global pen needles market is segmented on the basis of type, needle length, therapy,and regions.

Based on type, the market is categorized into standard and safety pen needles.The standard pen needles segment is expected to account fora major share of the market, by type in 2014.

On the basis of needle length, the market is segmented into 4 mm, 5 mm, 6 mm, 8 mm, 10 mm, and 12mm. Pen needles with 6mm length are expected to account for a major share of the market, by needle length in 2014. On the basis of therapy, the market is segmented into insulin, Glucagon-like peptide (GLP), and growth hormones. Insulin therapy account for major share of the market, by therapy in 2014.

On the basis of regions, the market is divided into North America, Europe, Asia, and Rest of the World (RoW). Rest of the World comprises Latin America, Pacific countries, and Middle East and Africa. Europe accounts for the largest share in the market, followed by North America and Asia. However, the Asian market is slated to grow at the highest CAGR inthe coming five years and serves as a revenue pocket for the companies involved in the manufacturing of needles.

Over the years, the demand for pen needles is likely to increase owing to favorable reimbursement environment in North America and Europe, strong government support in the Pacific region, advantages of insulin pens over syringes and vials, technological advancements in pen needle technologies, and growing diabetic population. However, poor reimbursement structure in developing countries, severe shortage of Endocrinologists in the U.S., threats involved in reuse of needles, rising incidents of needlestick injuries (NSIs), and alternative drug delivery methods are restraining the growth of this market. Rising use of safety needles is likely to create opportunities for the market. However, minimizing the usage of standard pen needles still remains a challenge for this market.

Some of the major players in the global market include Becton, Dickinson and Company (U.S.), Novo Nordisk Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-Strefa S.A. (Poland), Terumo Corporation (Japan), Artsana S.p.a (Italy), Owen Mumford Ltd (U.K.), Allison Medical, Inc. (U.S.), and Ultimed, Inc. (U.S.).