Pen Needles Market Demand, Segmentation, Recent Trends, Strategies and Forecast to 2026
The Pen Needles Market is expected to reach USD 2.2 Billion by 2026 from an estimated USD 1.3 billion in 2021, at a CAGR of 11.2%. Growth in the market is largely driven by the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. On the other hand, the preference for alternative modes of drug delivery, poor reimbursement in developing countries, and needle anxiety are expected to restrain the overall market growth. Misuse of insulin pens and reuse of pen needles are the challenges faced by the market. The growing preference for biosimilar drugs and emerging markets are areas of opportunity in the market.
Get Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=75948613
Key Market Players
Becton, Dickinson and Company (US),
Novo Nordisk A/S (Denmark), Ypsomed
Holding AG (Switzerland), B. Braun Melsungen AG (Germany), Owen Mumford (UK),
Terumo Corporation (Japan), Nipro Corporation (Japan) Allison Medical (US),
AdvaCare Pharma (US), Berpu Medical Technology (China), ARKRAY (Japan),
GlucoRx (UK), HTL-STREFA (Poland), UltiMed, (US), Hindustan Syringes and
Medical Devices (India), Artsana Group (Italy), PromiseMed Diabetes Care
(Canada), Montmed (Canada), Trividia Health (US), VOGT Medical Vertrieb
(Germany), Van Heek Medical (Netherlands), Simple Diagnostics (US), Iyon
(Turkey), Links Medical Products (US), and MHC Medical Products (US)
PEN NEEDLES INDUSTRY DYNAMICS
Driver: Growing prevalence of chronic diseases
The prevalence of chronic diseases has increased significantly
in the last few years. Such diseases-including diabetes, osteoporosis,
cardiovascular disease (CVD), and multiple sclerosis-require daily or weekly
drug administration, typically using pen injectors. In the rapidly growing market, pen injectors
have become the new standard for injectable drug delivery systems. Their
popularity has soared due to their simplicity, reliability, and ability to be
administered directly by the patient without the aid of a physician. The pen
needle, a removable attachment, forms an integral part of the pen injector. The
length of the needle and its sharpness is critical to ensure that the
medication reaches the target tissues. Thus, the growing prevalence of chronic
diseases has led to a greater focus on pen needle technologies to effectively
handle the growing patient pool and increase patient compliance with therapies.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75948613
Opportunity: Growing preference for biosimilar drugs
Biosimilars were introduced in 2006 by many pharmaceutical companies
such as Sandoz (Germany), Teva Pharmaceutical Industries Ltd. (Israel), and JCR
Pharmaceuticals Co., Ltd. (Japan). Due to their lower costs (compared to their
patented counterparts), the demand for biosimilars has increased significantly.
In addition, the impending patent expiry of many biologic molecules will also
serve to drive the demand for biosimilars.
Even insurance companies and governments are favoring the
use of biosimilars and generics. For instance, CVS Caremark, a major
prescription insurer in the US, has replaced branded injectable drugs such as
Lantus by Sanofi and EpiPen by Mylan with their biosimilars Basaglar (available
in injection pen) by Eli Lilly and Adrenaclick (an autoinjector) by Amedra
Pharmaceuticals. This favors the pen needles market as Basaglar is administered
via pen injector. Many other injectable drugs also rely on pen injection; thus,
the growing preference for biosimilar drugs and support from governments and
insurance providers will ensure strong opportunities for growth in this market.
North America is expected to account for the largest
share of the pen needles market in 2020
North America dominated the pen needles market. The growing
diabetes prevalence and favorable reimbursement scenario for pen needles,
federal initiatives to create awareness about injection techniques, increasing
market penetration by leading players, and the development of improved pen
needle technologies are driving market growth in the US.
Recent Developments
·
In February 2021, Ulticare safety pen needles
are launched in two sizes, 5mm 30G and 8mm 30 G launched by UltiMed Inc. (US).
·
In October 2020, Arkray Inc. (Japan) launched
TechLITE Pen Needles which are now indicated for use with pen injector devices
for the subcutaneous injection of drugs in the US.
·
In January 2019, Becton, Dickinson and Company
(US) launched Second Generation Standard Pen Needles.
·
In August 2018, Arkray Inc. (Japan) launched
Assure ID safety pen needles.
Speak to Analyst https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=75948613
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on
30,000 high growth niche opportunities/threats which will impact 70% to 80% of
worldwide companies' revenues. Currently servicing 7500 customers worldwide
including 80% of global Fortune 1000 companies as clients. Almost 75,000 top
officers across eight industries worldwide approach MarketsandMarkets™ for
their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are
tracking global high growth markets following the "Growth Engagement Model
- GEM". The GEM aims at proactive collaboration with the clients to
identify new opportunities, identify most important customers, write
"Attack, avoid and defend" strategies, identify sources of
incremental revenues for both the company and its competitors.
MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top
players across leaders, emerging companies, innovators, strategic players)
annually in high growth emerging segments. MarketsandMarkets™ is determined to
benefit more than 10,000 companies this year for their revenue planning and
help them take their innovations/disruptions early to the market by providing
them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and
market research platform, "Knowledgestore" connects over 200,000
markets and entire value chains for deeper understanding of the unmet insights
along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Comments
Post a Comment