Pen Needles Market to be Worth USD 3.4 Billion by 2023

The pen needles market is expected to reach USD 3.4 billion by 2023 from an estimated USD 2.0 billion in 2018, at a CAGR of 11.0 percent during 2018–2023. Growth in the pen needles market is mainly driven by factors such as the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. The growing preference for biosimilar drugs is another factor providing a wide range of growth opportunities for key players in the market.

The standard pen needles segment is expected to account for the largest share of the market in 2018

On the basis of type, the market is segmented into standard and safety pen needles. In 2018, the standard pen needles segment is expected to account for the largest share of the pen needles market. Growth in this market is attributed to the low cost of standard pen needles.

The insulin therapy segment is expected to grow at the highest CAGR

On the basis of therapy, the market is categorized into insulin therapy, glucagon-like peptide-1 (GLP-1) therapy, growth hormone therapy, and other therapies. The insulin therapy segment is expected to grow at the highest CAGR due to the high and growing diabetic population globally.

Europe dominated the pen needles market in 2018

Europe is expected to dominate the pen needles market in 2018. The large share of the European pen needles market can primarily be attributed to the high diabetes expenditure and reimbursement in Germany, NHS support and access to pen needles at a subsidized cost in the UK, high insurance coverage in France, and supportive regulations in Spain.

The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford (UK). – MarketsandMarkets