The Global Insulin Pen Needles Market is set to exhibit progressive growth owing to the increasing prevalence of diabetes among patients, observes Fortune Business Insights™ in an upcoming report, titled, “Insulin Pen Needles Market Size, Share & Industry Analysis, By Product Type (Standard Insulin Pen Needle, Safety-engineered Insulin Pen Needle), By Application (Type I Diabetes, Type II Diabetes), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Drug Stores, Online Pharmacies) and Regional Forecast 2020-2027.”
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Highlights of the Report:
While making the report we incorporated the market ranking of major players along with their new service/product launches, partnerships, business expansions, and acquisitions. The dynamics of the market were closely studied along with the growth opportunities in the years to come. Our next step included qualitative and quantitative analysis of the market based on segmentation, involving both economic as well as non-economic factors. In addition, we thoroughly observed the current, as well as future outlook of the industry with respect to the recent developments.
Drivers & Restraints-
Increasing Cases of Diabetes Globally to Drive Growth
The increasing instances of diabetes among patients is estimated to drive the growth of the global insulin pen needles market. For instance, according to the World Health Organization (WHO), the number of patients suffering from diabetes increased from 108 million in 1980 to 422 million in 2014. In addition, the enhancing technological development of insulin pens globally is anticipated to promote firm growth. However, the high costs associated with insulin pens may hinder the growth in the near future.
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Rising Patient Pool of Diabetes in U.S. to Help North America Lead
North America is projected to dominate the global insulin pen needles market. Rising cases of diabetes in the region is the major factor responsible for the steady growth. For instance, as per the National Diabetes Statistics Report, 2020, the number of patients with diabetes in the U.S. has reached 34.2 million.
The Europe insulin pen needles market is estimated to grow substantially in the forecast period. The rising geriatric population is one of the major factors driving the growth in the region. In addition, increasing awareness regarding insulin pens is anticipated to further strengthen this growth.
Upgradation of Product Lines to Aid Key players Gain More Prominence
The global insulin pen needles market includes numerous multinational and local enterprises offering industry leading products. Key players are focusing on launching new products and upgrading their existing products in order to lead the competition. For instance, in September 2019, Owen Mumford Inc. launched AteriaSafeControl, the next generation of its safety pen needle product line.
- In January 2019, Becton, Dickinson and Company received the FDA approval for its second generation of BD nano pen needle, which is designed for more reliable subcutaneous injection depth.
- In May 2018, Hindustan Syringes & Medical Devices (HMD) launched India’s first Dispovan insulin pen needle to provide more comfort to people suffering from diabetes.
A List of Key Manufacturers Operating In the Insulin Pen Needles Market Report:
- Becton, Dickinson and Company (BD)
- Novo Nordisk A/S
- Owen Mumford Inc.
- VOGT Medical
- HTL-STREFA, Inc.
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