The rising prevalence of chronic diseases such as diabetes coupled with rise in the diabetic population globally are the key factors driving the pen needles market. The increasing demand for safety injections has led to the technological advances in the market. As of 2013, the standard needle segment covered the largest revenue share in the market. The cost effectiveness of standard needles is the major factor towards the growth of this segment. Safety needles are presumed to grow rapidly over the next six years.
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The insulin therapy segment has witnessed a high growth in 2013 and is expected to sustain its high growth rate during the forecast period owing to increasing incidences of pancreas dysfunction in the body. The 6mm pen needle is expected to cover largest revenue share over the next six years owing to the increased use and adjustability of this needles. The 4mm needles are expected to grow rapidly during the forecast period. Europe dominates the pen needles market. The beneficial share of this region is due to the increasing incidences of diabetes coupled with the favorable recompensement scenario. North America is expected to witness the fastest growth over coming six years. Asia Pacific is expected to achieve leadership position in terms of value owing to the increasing patient awareness levels and increasing incidences of needlestick injuries in this region.
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The major market players includes Ultimed Inc, Owen Mumford Ltd., Allinson Medical Inc., Terumo Corporation, Artsana S.p.a, HTL Strefa S.A, Ypsomed Holding AG, Becton, B. Braun Melsungen AG, Dickinson and Company and Novo Nordisk.
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