According to a market report published by Lucintel, the future of the pen needle market looks promising with opportunities in the hospitals, clinics, and home healthcare industry. The pen needle market is expected to grow with a CAGR of 10% from 2019 to 2024. The major growth drivers for this market are increasing prevalence of diabetes, geriatric population, technological advancements, and advantages of insulin pens over syringes and vials.
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Pen needles use injection pens to deliver injectable medications into the body. These devices contain a hollow needle with a plastic hub attached to the injection pens, which are of varying lengths and diameter. In this market, standard and safety needles are the major product types. Standard pen needle is the largest segment due to low cost. Safety pen needles are expected to grow at a faster rate in the coming years.
On the basis of length, pen needle market is also segmented by 4mm, 5mm, 6mm, 8mm, 10mm, 12mm. Pen needle with 6mm length is expected to be the largest segment, whereas pen needle with 4mm length is expected to grow at fastest rate over the forecast period as it causes less pain and enable easy insulin administration.
North America will remain the largest market over the forecast period due to increasing diabetes prevalence and the development of improved pen needle technologies.
Becton, Dickinson and Company, Novo Nordisk, Ypsomed Holding, Owen Mumford, HTL-Strefa, B. Braun Melsungen, Terumo, Ultimed, Allison Medical and Artsana are among the major manufacturers of the pen needle market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the pen needle market by product, length of needle, mode of purchase, type of therapy, application, and region. Lucintel has prepared a comprehensive research report titled "Pen Needle Market 2019-2024: Trends, Forecast, and Opportunity Analysis". This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the pen needle market by product, length of needle, mode of purchase, type of therapy, application, and region as follows:
By Product [$M shipment analysis for 2013 – 2024]:
Standard Needle
Safety Needle
By Length [$M shipment analysis for 2013 – 2024]:
4mm
5mm
6mm
8mm
10mm
12mm
By Therapy [$M shipment analysis for 2013 – 2024]:
Glucagon-like Peptides (GLP-1)
Insulin
Growth Hormones
Others
By Mode of Purchase [$M shipment analysis for 2013 – 2024]:
By End Use [$M shipment analysis for 2013 – 2024]:
Hospital
Clinics
Home Healthcare
Others
By Region [$M shipment analysis for 2013 – 2024]:
North America
United States
Canada
Mexico
Europe
Asia Pacific
Rest of the World
This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/pen-needle-market.aspx or helpdesk@lucintel.com.
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