October 03, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Pen Needles Market Growth 2019-2024’, the worldwide pen needles market is predicted to amass US $1940 million by the year 2024.
Pen needles are combined with pen injections to inject medicines into the body. It consists of a void needle which is fixed into a plastic hub and gets attached to injection pens. These needles are available in various diameters and lengths and are used by patients as well as health professionals for injecting required medications. These are used extensively by patients suffering from diabetes who frequently require multiple insulin injections on a daily basis. Rising instances of diabetes among the population around the globe is the main factors aiding the growth of pen needles market.
As per the report, pen needles market was worth US $1530 million in 2019 and is expected to register 4.9% CAGR by the year 2024. Furthermore, the market showed a robust development with a growth rate of 4.87% with a revenue of US $1456 million over the recent past, and the actual production was around 12333 million units in 2016.
Speaking of the application spectrum, the market is fragmented as home use, medical institutions and others, wherein home use segment led the pen needles market with 92% proportion in 2016.
While based on the product type, the market is segmented as safety insulin pen needles and standard insulin pen needles, where the later segment held 95% market share in 2016.
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Considering the geographical landscape, the global pen needles market is divided into four major regions which are Asia Pacific, Americas, Europe, and Middle East & Africa. Moreover, North America was the largest supplier of the product market with 43.5% production share in 2016, whereas Europe became the largest consumer with 41% consumption share in the same year.
The prominent companies operating in pen needles market include Dongbao, BD, Allison Medical, Novo Nordisk, Ulticare, Artsana, Kangdelai, B. Braun, Beipu, Terumo, HTL-Strefa, Owen Mumford, and Ypsomed.