(PharmaNewsWire.Com, August 24, 2017 ) According to the report Latin America pen needles market, published by Market Data Forecast, the Market is expected to reach USD 0.21 billion by 2021 from USD 0.12 billion in 2016, growing at a CAGR of 11.25% for the next five years 2016-2021. Pen needles are used to deliver the medication (such as insulin or other injectable medications) in combination with injection pens. A pen needle comprises of hollow needle attached to injection pen. Pen needles are available with varied needle lengths and are majorly utilized by diabetes patients.
Increasing number of aging population & diabetes patient population, rising number of technological advancements for insulin delivery, and government initiatives towards the diabetes conditions are driving the growth of Latin America pen needles market. However, unawareness of diabetic patients towards advanced insulin delivery devices and reuse of pen needles are restraining the growth of Latin America pen needles market.
Latin America pen needles market is segmented based on the therapy, type, needle length, and mode of purchase. On the based on therapy the market is further sub-segmented as insulin therapy, glucose like peptide-1 (GLP-1) therapy, and growth hormone therapy. The market, by type, is sub-segmented as safety needles and standard needles. The needle lengths include 4mm, 6mm, 8mm, 10mm, & 12mm. Based on mode of purchase the market is further sub-segmented as retail & non-retail purchase modes.
Based on therapy, insulin therapy is estimated to command the largest share of the Latin America pen needles market in 2016 and expected to grow at the highest CAGR during the forecast period 2016-2021. Based on type, standard pen needle segment is estimated to account for larger share of Latin America pen needles market in 2016, whereas safety pen needles segments is estimated to grow at a higher CAGR for the next five years (2016-2021).
Among the length of pen needles, 8mm is estimated to command for the largest share of the Latin America pen needles market in 2016 and 4mm is expected to grow at the highest CAGR during the forecast period. Based on the mode of purchase retail purchase mode is estimated to account for larger share of the Latin America pen needles market in 2016 and expected to grow at a higher CAGR for the next five years (2016-2021). On the basis of geographical areas, Latin America pen needles market is segmented as Brazil and rest of Latin America.
Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) are the major players accounting for major share of the Latin America pen needles market in 2016. Other players include UltiMed, Inc. (U.S.), Allison Medical, Inc. (U.S.), Owen Mumford, Ltd. (U.K.), B. Braun Melsungen (Germany), Artsana S.p.a. (Italy), HTL-STREFA S.A. (Poland), and Terumo Corporation (Japan), among others.
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