Published on : Dec 26, 2017
Albany, New York, December 26, 2017: The global market for pen needles is showing a steady growth owing to an increasing older population, and growing need for safety vaccinations has led to the surge in demand for the insulin pens and needles in the healthcare industry. Market Research Hub (MRH) has publicized a new forecast study titled, “Insulin Pen Needles Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026” to its wide repository, which provides a holistic outlook of the market covering market trends, factors in the current market along with industry growth prospects from 2012 to 2017, and forecast to 2022. To provide better and accurate results, the report majorly focuses on some of the prime regions including Latin America, Europe, APEJ, North America, Japan and EMEA.
Factors Fueling Market Growth of Insulin Pen Needles
As per the research outcomes, the global insulin pen needles market is expected to witness robust growth attributed to increasing prevalence of various diseases such as diabetes, HIV and hepatitis. As the insulin pens are equipped with pre-filled and replaceable needle features, preference for the insulin pens continues to remain high in the global market. Fortified with autoshield needles and the insulin pens offer better accuracy while injecting a dose. It has been also analyzed that companies are focusing on developing products such as ‘Timesulin’, which is an insulin pen that enables patients to administer dosage through pumps. Timesulin is mainly developed for the patients who are Type I diabetic patients.
Looking to above factors, the research clearly states that as the need for the insulin pens is growing, demand for the insulin pen needles will also continue to increase in the global market. The global market for insulin pen needles is projected to replicate a CAGR of 8.0% over the forecast period, 2017-2026. Growing support from the government organizations and favorable reimbursement policy is probable to impact the global market growth of insulin pen needles during the forecast period.
Also, the research study has segmented on the basis of product type, distribution channel and application type. Based on product type, the global market is expected to be segmented as standard insulin pen needles and safety-engineered insulin pen needles. Based on distribution channel, the global market is segmented into hospital pharmacies, retail pharmacies and drug stores, online sales and diabetes clinics/centers. By application type, the global market is segmented into type I diabetes and type II diabetes. With the growing preference for the cost-effective medical devices, sales for the standard insulin pens and needles is predictable to remain high. The standard insulin pens and needles product type segment is projected to witness significant growth, demonstrating more than US$1,000 Million by 2026 end, finds study.
In order to provide users of this report with a comprehensive view of the market, analysts have included detailed competitiveness analysis and company players with their SWOT analysis and strategic overview. Key players in the global insulin pen needles market are Owen Mumford Ltd., Perrigo Diabetes Care, Becton, HTL-STREFA S.A, Dickinson and Company, MedExel Co., Ltd., Novo Nordisk Inc. and VOGT MEDICAL.
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