The global insulin pen needle market is anticipated to grow at a considerable CAGR of 7.1% during the forecast period (2022-2028). Insulin pen needles are the needles used in insulin pens for injecting insulin in diabetic patients. The production of insulin in the human body is reduced to a very low amount in diabetic patients due to which insulin is injected to help the human body to turn the food into energy. The major factor attributed to the growth of the global insulin pen needle market is the rising prevalence of diabetic patients across the globe. According to the World Health Organization (WHO), diabetes is a chronic and metabolic disease that is characterized by elevated levels of blood glucose affecting around 422 million people globally. The majority of diabetic patients are from low and middle-income countries. It is also a major cause of mortalities of around 1.5 million people around the globe every year and the number of cases of diabetes is increasing rapidly over the past few decades. Thus, propelling the growth of the global insulin pen needle market.
In addition, several innovations and developments in insulin pen needles are also contributing to the growth of the global insulin pen needle market. For instance, in February 2019, Novo Nordisk A/S with a team of scientists from Brigham and Women’s hospital MIT developed a new microneedle pill for insulin injection in the body. This microneedle pill is a painless oral form of insulin that can be ingested instead of injected. Similarly, in September 2020, HTL-STREFA launched a new innovative product called “Droplet Micron”. Droplet Micron is a thinner and shorter needle for insulin pen of size around 34G x 3.5mm that can reduce the penetration force up to 50% compared to other insulin pen needles.
Some of the major players in the market include BD, Novo Nordisk A/S, Owen Mumford Ltd., VOGT Medical Vertrieb GmbH, and Ypsomed Group, among others. These market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations,, to stay competitive in the market. For instance, in January 2019, BD got the 510(k) clearance from the US Food and Drug Administration (FDA) for its second generation of the ‘BD Nano’ pen needle. This is the ergonomic pen needle technology for a more reliable subcutaneous injection depth.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By End-use
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- BD, Novo Nordisk A/S, Owen Mumford Ltd., VOGT Medical Vertrieb GmbH, and Ypsomed Group, among others.
A full report Global Insulin Pen Needle Market of is available at: https://orionmarketreports.com/global-insulin-pen-needle-market-2/101223/
Global Insulin Pen Needle Market Report by Segment
By Type
- Standard Insulin Pen Needles
- Safety Insulin Pen Needles
By End-user
- Clinics
- Hospitals
- Homecare
- Community Health Centers
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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