Pen Needles Market Research Report, Top Key Players, and Industry Statistics, 2022-2030
The current report on the Pen Needles Market provides a comprehensive assessment of the business vertical and offers a comprehensive overview of the industry along with its key segments. The study includes an accurate estimate of the current industry scenario along with the market size, market volume, and revenue garnered by the industry. The report delivers radical data about the competitive landscape of the Pen Needles industry and a thorough bifurcation of the regions where the Pen Needles market has established a significant footing. The report further estimates the market scenario in context with the COVID-19 pandemic. The report analyses the current market scenario along with the effects of the COVID-19 on the present and future scenario. The report also focuses on the key changes, progress, or hurdles due to the COVID-19 pandemic.
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Major players operating in the market include Becton, Dickinson and Company, Novo Nordisk A/S, Ypsomed Holding AG, UltiMed, Hindustan Syringes and Medical Devices, PromiseMed Diabetes Care, HTL-STREFA, ARKRAY, Links Medical Products, and GlucoRx.
Needle Length Outlook:
Based on needle length, the global pen needles market has been segmented into 4 mm, 5 mm, 6 mm, 8 mm, 10 mm, and 12 mm. The 4 mm segment is expected to register a rapid revenue growth during the forecast period. Rising demand for insulin pens, particularly in the healthcare sector, is resulting in various advancements in pen needles, which is a key factor driving growth of this segment. A 4 mm pen needle is the smallest pen needle available today for diabetics, which always travel through epidermis and into subcutaneous layer. Previous research found that 4mm pen needles distribute insulin under the skin and into subcutaneous adipose tissue with a significantly lower risk of IM injection than longer needles, as proven by Magnetic Resonance Imaging [MRI]). Needles with length of over 4 mm increase the chance of IM injection with each centimeter. Europe PMC Consortium, a worldwide scientific advisory group, issued guidelines on best practices for injection procedures for diabetic patients, noting that 4 mm pen needles were effective in all patients regardless of BMI.
Based on application, the global pen needles market has been segmented into insulin therapy, allergic reactions, glucagon-like peptide-1 (glp-1) therapy, hormone replacement therapy, and others.
The insulin therapy segment is expected to register a rapid revenue growth rate during the forecast period. Diabetes technology has transformed patient care delivery and is fast advancing, beginning with a syringe for giving insulin and on to insulin pens, which is one of the most significant life-changing advances in diabetic care. Rising developments in insulin-based pens have given a rise to development of shorter needles, as well as manufacturing of needles with smaller diameters (i.e., higher gauge number). Needles became increasingly sophisticated, with an emphasis on improvements in needle technology, widened to include patient perspective—minimizing injection pain, maximizing ease of use, and reducing risk of intramuscular injection, which is supporting patients suffering from type-2 diabetes. For instance, Hindustan Syringes & Medical Devices (HMD), one of the world’s major makers of disposable syringes and the world’s largest manufacturer of auto-disable syringes, produce India’s first Dispovan Insulin Pen Needle” to provide better comfort for persons with diabetes. The Dispovan insulin pen needle is a precisely made, yet inexpensive, sterile disposable pen needle that can be universally installed on all worldwide brands of insulin pens. HMD created and manufactured Dispovan Insulin pen needle, which has features such as an ergonomically shaped needle for increased skin contact and grip, extremely thin shell, and a tapered point. Novo Nordisk, a global pioneer in diabetes treatment, developed that their shortest and thinnest pen needle, NovoFine® Plus, which is one of the thinnest and smallest diabetes pen needles available, (measuring 32 gauge and 4 mm length) is compatible with GLP-1 receptor agonist and insulin pens. The U.S. Food and Drug Administration (FDA) approved NovoFine® Plus’s 510(k) application.
The allergic reactions segment is expected to grow at a steady CAGR during the forecast period. The World Allergy Organization and other major medical organizations advocate immediate intramuscular injection of epinephrine as the first-line treatment for anaphylaxis. EpiPen is a self-injectable epinephrine-containing device intended for self-administration during potentially fatal allergic responses, such as anaphylaxis and most people suffering from allergic reactions require immediate administration of epinephrine, so there is a rising demand for EpiPens and autoinjectors in hospitals, clinics, and personal settings. This is resulting in increasing adoption of pen needles, which are integrated into EpiPen and autoinjector design. EpiPens and Epinephrine Auto-Injectors (EAI) sold for newborns and children employ same needle length and dosage. This is major factor contributing to revenue growth of this segment.
Product Type Outlook:
Based on tools, the global pen needles market has been segmented into reusable and disposable pens. Disposable pens are already filled with a set amount of insulin, are disposed of when they are empty or do not have a full dose left, and length of time they will last depends on required insulin dose. Disposable insulin pens have been slow to attract attention in the U.S., but they are quite popular in the UK. These pens have been freely available on National Health Service prescriptions in some form in the UK. These factors are expected to drive revenue growth of this segment.
The report further provides key insights into the market share held by each product and application in the Pen Needles market. Moreover, it also offers radical information about growth prospects and patterns. It also provides extensive coverage of the product consumption of each application and product. The report also provides a pricing analysis and growth trends for the key segments of the market.
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Along with the basic information, the report also offers insights into marketing strategies readily adopted by the key manufacturers for the endorsement of their products. The report offers significant data pertaining to development trends and market position to offer deeper insights into targeted clients, brand promotions, and pricing analysis. The report also sheds light on the supply chains and the changes in the trends of the upstream raw materials and downstream distributors.
The report explains the market share and sales volume of each company, along with the key details of the operations of these companies. The report further offers extensive coverage of their product portfolio, business expansion plans, gross profit margins, revenue contribution, investment plans, and financial standings. The report also covers the strategic alliances observed within these key companies such as mergers and acquisitions, joint ventures, corporate and government deals, partnerships and agreements, and brand promotions and product launches.
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Furthermore, the research study gives additional insights into the companies’ regional presence through extensive regional analysis. The regional analysis covers the key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The regional analysis segment covers details about the market share held by each region along with the prospective growth opportunities and revenue generation. The report also offers a projection of the growth rate for each region in the entirety of the forecast timeline. It also offers a country-wise analysis to impart a better understanding of the industry.
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