SAN FRANCISCO, April 11, 2017 /PRNewswire/ --
The global pen needles market is expected to reach a value of USD 4.8 billion by 2025, according to a new report by Grand View Research, Inc. Rising prevalence of diabetes is the primary reason for the significant growth of pen needles market. According to the International Diabetes Federation (IDF), nearly 415 million people were suffering from diabetes in 2015. Such a high prevalence of diabetes across the globe has led to rising demand for pen needles. Patients suffering from diabetes commonly use injectable pen devices, which helps in easy drug delivery.
In addition, obesity is a significant cause of diabetes. Obese people often suffer from type 2 diabetes, which makes them one of the highest revenue contributors of the target market. Thus, people with type 2 diabetes are the common target population for companies manufacturing pen needles.
Rising technological advancements is also expected to drive the market growth. Pen needles allow comfort and easy mode of insulin delivery. These devices are technologically advanced and provide a superior alternative drug delivery method in comparison to syringes and vials. For instance, in 2013, Becton, Dickinson and Company launched BD Ultra-Fine Nano 4mm Pen Needles with EasyFlow Technology, which will enable diabetic patients with easy adherence of insulin therapy regimens.
Browse full research report with TOC on "Pen Needles Market Analysis By Product (Standard Pen Needles, Safety Pen Needles), By Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), By Therapy (Insulin, Glucagon-like-Peptide-1 [GLP-1], Growth Hormone), And Segment Forecasts, 2014 - 2025" at: http://www.grandviewresearch.com/industry-analysis/pen-needles-market
Further key findings from the report suggest:
- Standard needles dominated the market in 2015 due to the availability of cost-effective needles as compared to safety needles
- Safety pen needles are anticipated to showcase lucrative growth over the forecast period due to the continuous technological advancements
- Amongst the needle lengths, 8mm held the largest share in 2015. This is due to the convenience offered by this needle type on diabetic patients
- Needle length of 4mm are expected to witness attractive CAGR over the forecast period owing to its short length
- Insulin therapy accounted for the largest market share in 2015 due to rising awareness regarding self-administration of insulin amongst the diabetic patients
- Europe dominated the market in 2015 followed by North America owing to high prevalence of diabetes in the European region
- Asia Pacific region is anticipated to exhibit the highest growth rate over the forecast period owing to the rising awareness levels amongst the diabetic population regarding easy drug delivery
- Some of the key players include Becton, Dickinson and Company, B. Braun Melsungen AG, Novo Nordisk A/S, Owen Mumford, Ltd., Ypsomed, HTL-STREFA, and TERUMO CORPORATION.
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Grand View Research has segmented the pen needles market on the basis of product, needle length, therapy and region:
- Pen Needles Product Outlook (Revenue, USD Million; 2014 - 2025)
- Standard Pen Needles
- Safety Pen Needles
- Pen Needles Length Outlook (Revenue, USD Million; 2014 - 2025)
- Pen Needles Therapy Outlook (Revenue, USD Million; 2014 - 2025)
- Glucagon-like-Peptide-1 (GLP-1)
- Growth Hormone
- Pen Needles Regional Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- South Africa
- North America
Read Our Blog: Pen Needles Market Future Outlook: Research Insights
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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SOURCE Grand View Research, Inc.