Insulin Pen Needles Market

Insulin Pen Needles Market will Surpass US$ 1,000 Mn by 2026
Growing prevalence of various diseases such as HIV, hepatitis and diabetes has led to a surge in
demand for the insulin pen needles globally. Increasing support from various government
organizations is further expected to impact growth of the global market significantly. Transparency
Market research states that the global market of insulin pen needles is projected to reflect a CAGR
of 8.0% over the forecast period, 2017-2026.
Factors Fuelling the Global Market Growth
Growth of the global insulin pen needles market is mainly bound to various macro-economic and
micro-economic factors. The global market of insulin pen needles is mainly driven by growing
prevalence of diabetes globally. Moreover, prevalence of the other diseases such as HIV and
hepatitis is further expected to rev up sales of the insulin pen needles. Features such as replaceable
needles and pre-filled pens has further continues to impact the global market growth of insulin pen
needles during the forecast period. Attributed to the autoshield needles, the insulin pens delivers
greater accuracy while administering dosage.
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In addition, manufacturers in the healthcare industry are increasingly focusing on developing
innovative medical devices that offers convenience and safety to the patients while administering
doses. Companies in the healthcare industry are mainly focusing on developing medical devices
such as ‘Timesulin’, which is insulin pens that allows the patients to administer drug dosages
through the pumps. Moreover, the cap of timesulin is equipped with advanced features that enables
the patients to track and retrieve data regarding the time and amount of the last dosage
administered. This device is mainly developed for the patients who have type I diabetes. As demand
for the safety while administering dosage continues to increase, manufacturing companies are
increasingly focusing on developing insulin pens that are equipped with features that enable
replacement of used needles. Further, growing support from the government organizations and
favorable reimbursement policy is projected to impact the global market growth of insulin pen
needles during the forecast period.
However, several factors will continue to inhibit the global market growth of insulin pen needles
during the forecast period. Preference for the non-invasive techniques has led to drop in sales of the
insulin pen needles. Manufacturing companies are increasingly focusing on developing medical
devices such as glucose-monitoring lens that allow the patients to keep a track of information
regarding the blood-sugar levels and transmit it to the phones through the smart contact lenses. With
the increasing preference of the non-invasive medical devices, the insulin pen needles is likely to
witness a decline in the global market.
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Sales to Remain High for Standard Insulin Pens and Needles
With the increasing preference for the cost-effective medical devices, sales for the standard insulin
pens and needles is projected to remain high. The standard insulin pens and needles is projected to
outsell the safety-engineered insulin pens and needles globally. In terms of revenue, the standard
insulin pens and needles product type segment is projected to witness significant growth,
representing more than US$ 1,000 Mn by 2026-end. On the other hand, the safety-engineered
insulin pen needles product type segment is projected to reflect a robust CAGR during the forecast
period.
Through 2026, the online sales distribution channel segment is projected to reflect a healthy CAGR
in the global market. On the contrary, the hospital pharmacies distribution channel segment is
projected to witness the highest revenue growth, accounting for more than US$ 200 Mn by 2017end. By type I diabetes application type segment is projected to witness the fastest growth
throughout the forecast period. However, the type II diabetes application segment is projected to
witness robust revenue growth, recording more than US$ 1,000 Mn by 2026-end.
Market Players
Major players in the global market of insulin pen needles market are Novo Nordisk Inc., Becton,
Dickinson and Company, VOGT MEDICAL, Owen Mumford Ltd., MedExel Co., Ltd., HTLSTREFA S.A and Perrigo Diabetes Care.