Pen Needles Market Scope
Pen needles are intended to be used with injection pens for the subcutaneous injection of insulin. The increasing prevalence of diabetes has led to rising demand for pen needles worldwide. According to the International Diabetes Federation (IDF), nearly 425 million adults were suffering from diabetes in 2017. And these numbers will rise to 629 million by 2045. In addition to this, approximately 79% of adults with diabetes were living in underdeveloped and developing countries. The advent of advanced technology, innovative design and state-of-the-art manufacturing offers a lucrative opportunity in the growth of the very market
According to AMA, the Global Pen Needles market is expected to see growth rate of 10.8% Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Pen Needles market throughout the predicted period.
Medtronic (Ireland), BD Medical (United States), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), Terumo Corporation (Japan), Owen Mumford (United Kingdom), Boston Scientific (United States), Smith Medical (United States), Argon Medical Devices (United States), Novo Nordisk A/S (Denmark), NIPRO Medical (United States) and Cook Medical (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Allison Medical (United States), Hamilton Company (United States), HTL-STREFA S.A. (Poland), Hi-Tech Medicare Devices (India) and Dongbao (China).
Segmentation Overview
The study have segmented the market of Global Pen Needles market by Type (Safety Pen Needles and Standard Pen Needles), by Application (Hospitals, Clinics, Ambulatory Surgical Centres and Other) and Region with country level break-up.
On the basis of geography, the market of Pen Needles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Ireland, Denmark, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Top Players Are Continuously Focus on Innovative Design and State-Of-The-Art Manufacturing
Market Growth Drivers:
Increasing Number of Geriatric Population and Diabetes Patients in Developed Economies and Offers Comfort and Easy Mode of Insulin Delivery
Challenges:
High Cost of Safety Pen Needles
Restraints:
Dearth of Endocrinologists Specialized in Treating Hormonal Imbalances and Conditions, Such as Diabetes, Thyroid Disorders, and Others
Opportunities:
High Prevalence of Diabetes and Rise in Awareness Among the Diabetic Population for Easy Delivery of Drugs, Increasing Reimbursements of These Products in Developing Nations Such as China, India, and Brazil Among Others and .
The FDA announced, those pen needle manufacturers to review their most recent labelling (that is Instructions or Directions for Use) and training materials to assess the need for updates to clearly explain how to use the pen needle safely. In addition, the FDA requested that standard pen needle manufacturers consider adding a warning in the labelling regarding the need to remove both the outer cover and the inner needle cover before use
Key Target Audience
Pen Needles Manufacturers, Original Equipment Manufacturing Companies, Suppliers and Distributors of Pen Injection, Healthcare Service Providers, Hospitals and Academic Medical Centers, Regulatory Bodies, Medical Research Institutes and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.