(PharmaNewsWire.Com, December 22, 2017 ) Needle technology has changed over the past decades. Many years ago home use syringe needles were large, and had to be sterilized and sharpened by hand by patients themselves. Todays pen needles are engineered and manufactured for greater comfort and ease of use with electro-polishing for needle smoothness; thin, fine point tips for ease in penetration; lubrication for less friction and more glide; plastic caps for safety; and individual wrapping for sterility. Injection pen and pen needles are an alternative drug delivery method to the traditional vial/syringe method.
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.
Pen Needles Market: Drivers & Restraints
Major factors driving the market are increasing expenditure on healthcare, early onset of diabetic patients, increasing geriatric population, presence of various major market players and favourable reimbursement policies. Yet, stringent regulatory framework and technological advancements in alternatives drugs as well as drug delivery methods are confining the growth of market.
Among the length segment 8mm needles account for the largest share in the market and 4mm is expected to grow the fastest. Based on type, standard needles held the major share in the market. Insulin Pen needles are the wide spread ones in Therapy segment due to the high prevalence of diabetes. Based on therapy, insulin therapy is estimated to command the largest share of the North 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 North 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 North 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 North America pen needles market in 2016 and expected to grow at a higher CAGR for the next five years (2016-2021).
Pen Needles Market: Region-wise Outlook
On the basis of geographical areas, North America pen needles market is segmented as U.S., and Canada. U.S., is estimated to account for larger share of the North America pen needles market in 2016, whereas Canada is estimated to grow at a higher CAGR during the forecast period 2016-2021.
Key Questions Answered
What is the current and future Pen Needles Market outlook in North America? What trends are affecting the market?
What is the competitive landscape and market share of major players in the Pen Needles Market space in North America?
What are the key, high growth markets that Pen Needles Market manufacturers should expand into? Which market segments are growing the fastest?
What are the unmet needs with the Pen Needles currently on the market? How will emerging technologies fulfil these unmet needs?
What is patient perception and market outlook of Pen Needles?
What are the challenges and barriers that have hindered widespread adoption of Pen Needles?
Pen Needles Market: Key Players
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 North 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.
Reasons to buy Pen Needles Market Report:
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porters Five Forces Analyses
A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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