(EMAILWIRE.COM, November 15, 2019 ) The Pen Needles Market is expected to reach USD 1.8 billion by 2024 from an estimated USD 1.1 billion in 2019, at a CAGR of 10.8% during the forecast period.

The growing preference for biosimilar drugs is another factor providing a wide range of growth opportunities for key players in the market.

Pen Needles Market Segmentation:

based on Type.
based on Therapy.
based on Length.
based on Regions.

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Recent Developments:

• In 2018, Becton, Dickinson and Company (US) launched its BD Ultra-Fine micro pen needle 6mm x 32G in the market.

• In 2016, Ypsomed (Switzerland) entered into an agreement with Tonghua Dongbao Pharmaceutical (China) with an aim to distribute its mylife Clickfine pen needles in China.

• In 2015, Ypsomed (Switzerland) launched mylife Clickfine DiamondTip pen needles.

The Major Players Operating in the Pen Needles Market:

The key players in the market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford (UK).

Becton, Dickinson and Company (US) is a leading company in the field of drugs delivery systems. The company is a pioneer in the field of pen needles. The company offers a wide range of products including both standard and safety pen needles, such as BD Ultra-Fine Nano, BD PentaPoint products, and BD AutoShield Duo Pen Needles. BD also collaborates with universities, medical centers, and other entities to conduct R&D programs to support its efforts in specialized fields. In order to maintain its position, the company has adopted growth strategies, such as geographical expansions and product launches.

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Geographical Detailed Analysis for Pen Needles Market:

North America dominated the market in 2018. The large share of the North American market can primarily be attributed 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. For instance, Ypsomed Holding AG (Switzerland) has launched mylife Clickfine DiamondTip pen needles with the innovative 6-bevel technology, and Becton, Dickinson and Company (US) has upgraded its pen needles with the PentaPoint and EasyFlow technology.