(EMAILWIRE.COM, December 16, 2020 ) According to the new market research report "Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) - Global Forecast to 2024" published by MarketsandMarkets™.

Revenue Growth Opportunities and Growth Drivers?

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.

Growth Boosting Factors:

# Growing Prevalence of Chronic Diseases

# Favorable Reimbursement in Selected Countries

# Growing Preference for Biosimilar Drugs

Recent Developments in Needles Market:

- 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.

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Leading Key Players in the Worldwide Industry:

The key players in the pen needles 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).

Novo Nordisk (Denmark) is a leader in the diabetes care market with an experience of more than 90 years in diabetes care. As a significant volume of Novo Nordisk’s insulins are used in injectable devices, the company is witnessing a surge in the sale of its insulin pens and supplies including pen needles. The company has its distribution and production facilities in more than 79 countries and markets its products in more than 180 countries. The growing diabetes market globally serves as an opportunity for the company to gain stable revenues from its diabetes care segment. In this regards, the company provided medical treatment to 26.8 million diabetic patients worldwide, in 2015 and targets to reach 40 million people with its diabetic care products by 2020.

Geographical Regions Mapped in Report:

North America is expected to dominate the pen needles market in 2018. The large share of the North American needles 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.

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Market Segmentation in Detailed:

On the basis of type, the market is segmented into standard and safety pen needles. In 2018, the standard pen needles segment is expected to account for the largest share of the pen needles market. Growth in this market is attributed to the low cost of standard pen needles. The low cost of standard pen needles has also led to their widespread adoption in emerging economies such as China, India, and Brazil where the presence of safety pen needles is very low to almost negligible. On the other hand, as standard needles are not equipped with safety shields, the risk of accidental needlestick injuries with the use of these needles is high.

On the basis of therapy, the Pen Needles Market is categorized into insulin therapy, glucagon-like peptide-1 (GLP-1) therapy, growth hormone therapy, and other therapies. The insulin therapy segment is expected to grow at the highest CAGR during the forecast period due to the high and growing diabetic population globally. Since pen needles need to be replaced after every injection, the rising use of insulin pens is a major factor driving the demand for pen needles. Additionally, favorable reimbursement scenario for pen needles in several North American, European, and Asian countries is the other major factor driving the demand for pen needles.