Pen Needles Market during 2021-2027

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Pen Needles Market, By Type, Trend
Analysis, Market Share Forecast, 2021-2027
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Industry Trends Forecast Report 2027 A recent
study conducted by the strategic consulting and
market research firm, BlueWeave Consulting,
revealed that the global pen needles market was
worth USD 1.1 billion in the year 2020. The data
yielded by the study further reveals that the
market is estimated to grow at the CAGR of 10.4,
earning revenue of around USD 2.3 billion by the
end of 2027.The market is expected to grow as a
result of factors such as the growing number of
chronic diseases, the increasing geriatric older
population, innovative product launches, and the
growing demand for minimally invasive procedures
around the world.Further contributing to the
market growth is the availability of a wide range
of cost-effective and high-performance products
as well as easy accessibility to these products
through retail stores.
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Growth drivers Increasing Prevalence of Diabetes
and Other Chronic Diseases The growing prevalence
of several chronic diseases like diabetes,
cardiovascular diseases, etc., is one of the
major driving factors for the growth of the
global pen needles market. According to the
National Health Council, the prevalence of
chronic diseases in the United States is over
40, with 133 million Americans suffering from
them. It had been estimated that by 2020 there
would be 157 million people with chronic illness,
of which 81 million would have multiple
conditions.
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Restraints Confusion and Complications Regarding
the Method Of Use Several home health care
patients rely on pen needles to inject their
medications. After learning how to inject them
from the caregivers, they often do so
independently. The standard pen needle and the
safety pen needle differ, however, in the type of
medicine used for injection.There are high
chances that patients are unaware of what
medicine requires which type of pen needles. Due
to this, confusion may arise regarding the
correct usage of the pen needle, Moreover,
non-compliance with the correct user manual of
the pen needle may prevent the patient from
injecting the medicine properly into their body.
This acts as a huge restraining factor for the
market of pen needles.
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Impact of COVID-19 on Global Pen Needles
Market Patients suffering from chronic illnesses
like diabetes, cardiovascular diseases, etc., are
more prone to be getting infected with COVID-19.
However, as the already surging cases of the
COVID-19 virus put a huge burden on the
healthcare facilities, the patients with chronic
diseases were avoiding visiting healthcare
facilities in the fear of contracting the virus.
Because of this, the effective management of
blood glucose levels in the body and proper
medication became more crucial than ever. This
resulted in the huge demand for pen needles for
those under treatment at home as well as those
suffering from both COVID-19 as well chronic
diseases.
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Global Pen Needles Market - Regional
Insights Geographically, the global pen needles
market is segmented into North America, Europe,
Asia-Pacific, Latin America, Middle-East
Africa. North America dominated this market both
in terms of demand and supply of pen needles in
2020. With the rising prevalence of diabetes and
other chronic diseases, the demand for pen
needles is surging very rapidly in the region.
There are also plenty of supply options that
satisfy the market demand because of a high
concentration of industry players, such as
Allison Medical, Inc., Becton Dickinson, and
Company, etc. Europe is also gaining significant
traction in the pen needles market with developed
healthcare infrastructure and various government
initiatives towards accelerating research and
development in diabetic care.
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Competitive Landscape The leading market players
in the global pen needles market are Owen Mumford
Ltd., Becton Dickinson and Company, Novo Nordisk,
Allison Medical, Inc., Ypsomed Holding AG,
ArtsanaS.p.a, B. Braun Melsungen AG, HTL Strefa
S.A., Terumo Corporation, Ultimed Inc., Vogt
Medical Vertrieb, Nipro Corporation, Arkray,
Ultimed, Hindustan Syringes And Medical Devices,
Glucorx, Berpu Medical Technology, Advacare
Pharma, Trividia Health, and other prominent
players. Sample Copy of the Report
https//www.blueweaveconsulting.com/report/global
-pen-needles-market/report-sample
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