Global Insulin Pen Needles Market to Expand at a CAGR of 8.0% Over 2017-2026 as Number of Diabetics Increases, Says TMR

ALBANY, New York, June 25, 2018 /PRNewswire/ --

Transparency Market Research (TMR) published a research report that creates a basis to understand the forces of supply and demand within the global insulin pen needles market. The report estimates that the global market for insulin pen needles would expand at a CAGR of 8.0% over the period between 2017 and 2026. Furthermore, the market is expected to supersede the previous figures in terms of market volume and share.  The global market for pen needles has been expanding at an astral rate, majorly due to the widespread prevalence of diabetes.

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Prevalence of Diabetes to Propel Demand 

The rising incidence of diabetes across the globe has been the key driver of demand within the global market for insulin pen needles. Furthermore, the development of minimally invasive pen needles has also increased the demand within the global market. The cases of hepatitis and HIV have also been rising over the past decade, and this has furthered the growth of the global market. The ease of handling and usage of insulin pen needles has also proved to be a decisive factor in the growth of the global market. Specialized pen needles for the elderly are also available in the market, thus, enhancing the growth prospects of the global market for insulin pen needles.

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Popularity of Non-Invasive Techniques to Hamper Market Growth 

The demand for non-invasive techniques for gauging and controlling blood sugar levels has been rising in recent, and this has hampered the growth of the global market for insulin pen needles. Furthermore, glucose monitoring lens that use contact lenses to gauge blood sugar levels have also gained traction, and this has surfaced as a hindrance to the growth of the global insulin pen needles.

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The market players in the global market for insulin pen needles have an onus to manufacture safe, easy-to-use, and disposable pen needles. Hence, the market players in the global market for insulin pen needles are expected to be extra careful in their handling of various processes from usage of raw materials to final processing of products. Furthermore, the success of the market players in the global market for pen needles depends upon the ease and nimbleness with which the patients can use these needles. The leading market players in the global market for pen needles are faced with meagre competition due to the superior quality and popularity of their products. Furthermore, these market players are projected to launch their own incubation centers for the planning and development of new products.

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The smaller players in the global market are banking on their ability to form strategic alliances to deal with the neck and neck competition from leading players. Although the entry of new players is not obstructed by any major forces, the sustenance of these players is rebutted by several restraints prevailing in the global market for insulin pen needles. Some of the key players in the insulin pen needles market are Novo Nordisk Inc., Dickinson and Company, Becton, VOGT MEDICAL, MedExel Co., Ltd., Owen Mumford Ltd., Perrigo Diabetes Care, and HTL-STREFA S.A.

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The review is based on TMR's research titled "Insulin Pen Needles Market (Product Type - Standard Insulin Pen Needles, Safety-engineered Insulin Pen Needles; Distribution Channel - Hospital Pharmacies, Retail Pharmacies and Drug Stores, Online Sales, Diabetes Clinics/Centers; Application Type - Type I Diabetes, Type II Diabetes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2026".

The global market for insulin pen needles can be segmented as: 

Based on Geography: 

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East and Africa

Based on Distribution Channel: 

• Hospital Pharmacies
• Online Distribution Channels

Based on Application:  

• Diabetes
• Hepatitis
• HIV

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