The report also helps in understanding Pen Needles Market dynamics, structure by analyzing the market segments and projects the size. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in Market make the report investor’s
Pen Needles Market size was valued at USD 1.5 Bn. in 2021 and the total Pen Needles revenue is expected to grow by 11.5 % from 2022 to 2029, reaching nearly USD 3.5 Bn.
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Pen Needles Market Overview:
Pen Needles Market Research Report examined the current state of definitions, classifications, applications, and the structure of the industrial chain. The report gives objective expert comments on the current market condition, previous market performance, production and consumption rates, demand and supply ratios, and income generation estimates for the projected term. The Pen Needles market report also provides information on the strategic aspirations and company growth plans of the major organizations operating in the Pen Needles sector. Among the approaches examined in the study are mergers and acquisitions, government and corporate transactions, partnerships and collaborations, joint ventures, brand marketing, and product launches. To summarise what has already been discussed, the research presents a thorough picture of the Pen Needles industry in both global and regional markets.
COVID-19 Impact on Pen Needles market:
The COVID-19 outbreak has significantly impacted the global Pen Needles industry. Pen Needles Production facilities have been halted due to the global economic slump and a lack of manpower. The COVID-19 pandemic has led to a significant and extended drop in production utilization, and travel prohibitions and facility closures have kept personnel away from their facilities, causing the Pen Needles market to decelerate in 2020. The negative impact of COVID-19 on the Pen Needles market, on the other hand, is expected to be transitory, and the sector is expected to revive significantly by early 2023
Regional Analysis:
The region portion of the research also provides key market influencing aspects and changes in market regulation that impact the market’s current and future trends. New sales, replacement sales, national demographics, regulatory actions, and import-export taxes are some of the major variables used to assess the market scenario for various locations. Furthermore, while providing forecast analysis of national data, the existence and availability of global brands, as well as the hurdles they encounter due to strong or weak competition from local and domestic brands, as well as the effect of sales channels, are taken into account.
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Pen Needles Market Segmentation:
Based on the product, More than 88.5% of all sales in 2021 came from the market segment for regular pen needles, which dominated the market. The increase was attributed to diabetes individuals using these medications more frequently and in higher dosages. People with handiness problems frequently use these needles. These needles are not advised, nevertheless, as they make using pen needles less safe due to the significant risk of needlestick injuries. As a result, their demand is anticipated to be quite low in the near future. Standard pen needles are used more frequently at home. Lack of basic training on how to use these devices correctly leads to incorrect doses and the challenges that go along with them.
These devices, including the Lantus SoloStar and NovoLog FlexPen, are just a few examples. The rising prevalence of diabetes and the amount of knowledge surrounding the usage of insulin pens are some of the factors fostering the growth of this market. Safety pen needles are anticipated to grow at a profitable rate over the forecast period due to the industry’s expanding technological advancements. The number of patient needlestick injuries can be decreased thanks to these tools. Safety pen needles are highly sought-after in hospital settings due to their efficiency in administering injections to patients who are confined to beds and in emergency rooms. BD Autoshield Duo Pen Needles, Novofine, and Accu-Fine Pen Needles are a few of the well-known producers of safety needles.
The 8mm-sized pen needles segment, which accounted for the highest percentage of more than 25.00% of the total revenue among the various needle lengths, dominated the global market in 2021 based on needle length. These needles are administered to the majority of patients, even overweight patients with the target ailment. Because of their advantages, such as safety, user convenience, and ease of disposal, 8mm needles are popular in home settings. The rise of the category is anticipated to be encouraged by a number of additional variables, including price and accessibility. The needles are easy and safe to dispose of and are less likely to result in a needlestick injury due to their larger size.
The 4mm-sized needle pen sector is anticipated to develop at the fastest CAGR over the forecast period due to the short length of these devices. Because they are more comfortable than injections, patients are utilising shorter, thinner needles more frequently. It is straightforward to reach the patient’s subcutaneous tissue because to their thin covering. Short-length needles are just as effective as their longer counterparts, according to recent studies. Trypanophobia sufferers can readily use these needles. It helps to lessen intramuscular injection-related negative effects and irregular doses to use needles that are 4mm and smaller.
Key players:
- • Becton
• Dickinson and Company
• Novo Nordisk A/S
• Ypsomed Holding AG
• B. Braun Melsungen AG
• Owen Mumford
• Terumo Corporation
• Nipro Corporation
• Allison Medical
• AdvaCare Pharma
• Berpu Medical Technology
• ARKRAY
• GlucoRx
• HTL-STREFA
• UltiMed
• Hindustan Syringes and Medical Devices
• Artsana Group
• PromiseMed Diabetes Care
The research provides a comprehensive review of the Pen Needles market’s presence in various sectors and nations. The research analyst aims to discover hidden development potential that may be utilized by organizations in various parts of the world by doing a thorough geographical study of the sector. Global Pen Needles Market research provides exact knowledge that enables market participants to compete successfully with their greatest competitors based on growth, sales, and other crucial aspects. In the research study, significant market aspects such as market drivers and barriers are separated from essential development prospects and industry trends.
Reasons to Purchase the Pen Needles Market Report:
- The Maximize Market Research (MMR) report contains a wealth of information about market dynamics and prospects for the anticipated time frame.
- Segments and sub-segments exist for quantitative, qualitative, and value (USD Million) data.
- Data on supply and demand trends at the national, regional, and sub-regional levels are provided.
- The competitive landscape presents current innovations and strategies as well as the market shares of the leading rivals.
- Companies that offer a variety of goods, financial information, cutting-edge technology, SWOT analyses, and business ideas.
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With the biggest market share by application in 2021, the packaging sector dominated the market, and it is anticipated that it will continue to do so at the conclusion of the forecast period. Plastic sheets and films are being employed more frequently in packaging applications across numerous industries. Plastics development and innovation are being fueled by changing demographics, active lifestyles, and expanding environmental trends, opening up new marketing opportunities in crucial industries like food, beverages, and consumer goods. Throughout the projected period, market expansion is anticipated to be driven by a solid manufacturing base in the international sector and rising demand in developing economies in Central and South America and the Asia Pacific.
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More Reference
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