San Francisco, California, March 05, 2018: On account of increasing drug injections in patients, the global market for pen needles is expected to tread along a positive growth path over the coming years. Pen needles have especially been useful for patients suffering from diabetes; these needles can be affixed into insulin pens in order to smoothly discharge drugs inside the blood. Moreover, the accuracy and safety offered by pen needles while discharging drugs into the body also popularizes these needles. Insulin pens are in great demand because of which the market for pen needles is also expected to expand in the coming years. Pen needles are short in length and can be used for discharge of drugs for a variety of health problems other than diabetes. A report by TMR Research decrypts several aspects of the global pen needles market in order to project a trajectory of growth over the coming years. The report encapsulates key performance indicators such as market value, regional market share, and growth rate. Furthermore, the factors expected to propel the market have also been elucidated in the report. As a cautionary signal for the market players, the report also points to the restraints that are anticipated to hamper growth of the market. Lastly, the opportunities that lie ahead of the market players also form a section of the report.
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The diabetic population has seen the highest rise in the past decade, and the changing lifestyles of the people can be held responsible for this abysmal situation. The International Diabetes Federation (IDF) estimates that the toll of diabetic patients would reach 642 mn by 2040, which shows the escalating rate at which diabetes is affecting people. Owing to the aforementioned factors, the market for pen needles is expected to surge ahead in the coming times. Furthermore, the rising number of obese individuals also drives the market because diabetes could be one of the consequences of obesity. Syringes and vials used for drug administration are unsafe and can often lead to severe infections in the body. Hence, the use of pen needles has amplified across the healthcare industry which gives a strong impetus to the market. Moreover, the technological advancements in the field of healthcare and medicine are expected to offer improved pen needles in the future. Hence, in the absence of any competitive alternatives, the demand for pen needles is expected to reach unprecedented levels over the coming years.
Based on regions, the Pen Needles Market is broadly segmented into the Middle East and Africa, North America, Asia Pacific, Europe, and Latin America. Europe dominated the global market in 2015 on account of the increasing number of diabetics in the region. The government of the United Kingdom has taken ardent steps to offer better care and medication to diabetic patients. In Asia Pacific, the rising awareness amongst the people about the use of technologically advanced medical products is projected propel demand.
Some of key strategies expected to be adopted by the leading market players are mergers, acquisitions, geographical expansion, and development of novel products. Becton, Dickinson and Company (BD) introduced the Ultra-Fine Nano 4mm x 32G Pen Needle that provides more comfort during drug injection. The leading market players in the market include Novo Nordisk A/S, Ypsomed, Terumo Corporation, Owen Mumford Ltd., and BD. These market players are expected to invest in research and development in order to come up with advanced products.