As the name suggests, pen needles are used to deliver medications into the body. These consist of hollow bodies embedded in plastic hubs. Compared to the traditional vial or syringe methods, these needles have more discreet applications. They are convenient to use and carry around, which makes them even more popular. The global pen needles market is witnessing stiff competition since the past few years with growth in the number of players. However, rising demand from around the world is expected to drive the overall growth of this market. according to the experts, demand from different parts of the world and favorable reimbursement environment in developed countries are expected to drive this market in near future.
Major Drivers and Restraints for the Market
According to the experts, the pen needles market is poised to witness steady growth in the years to come. This growth is mainly driven by technological advancements and entry of various companies in this market. Growth in the number of diabetes patients, insulin prescription and advantage of using insulin pens over vials and syringes are some of the major driving factors for the market. Strong reimbursement environment across the developed regions like North America and Europe are also expected to drive this market over the next few years.
Growing awareness and research and development programs across the emerging markets are also set to create potential growth opportunities for the key players in this market. Major restraining factors for the market include needle anxiety, shortage of endocrinologists and poor reimbursement structure across developing countries. Risks in reuse of needles and invention of alternative drug delivery methods are also expected to pose challenges for the pen needles market.
Market Segments and Growth Prospects
Researchers segment this market on the basis of the types of needles, their length, types of therapies and demand patterns across various geographic regions. The basic types of needles in the market are categorized into safety pen and standard pen needles. These needles are used for different therapies including growth hormones, glucogon-like peptide delivery and insulin therapy. Based on the geographic regions, the market is segmented into North America, Europe, Asia, and the rest of the world. Major sub-segments in the rest of the world region include Latin America, Middle East and Pacific countries.
According to the latest reports, ten pen needles market is expected to grow at a steady CAGR of over 10% from 2014 to 2019. At the estimated growth rate, the market is expected to become worth $2,105 million by the end of 2019. In 2014, the market was estimated to be worth $1,283 million. North America is expected to dominate the global market in terms of market shares. Emerging markets on the other hand are expected to witness growth at the strongest CAGR.