Global Insulin Pen Needles Market: Overview
The global insulin pen needles market is expected to witness robust growth attributed to increasing prevalence of various diseases such as diabetes, HIV and hepatitis. In addition, increasing support from the government organization will continue to rev up demand of the insulin pen needles globally. As these medical devices are equipped with replaceable features, sales of the insulin pen needles will continue to remain high in the global market. Manufacturing companies are also increasingly focusing towards development of innovative medical devices that offers convenience and safety to the customers globally. However, increasing focus on development of the non-invasive medical devices is likely to inhibit sales of the insulin pen needles in the global market.
The report offers in-depth insights on the crucial aspects of the global insulin pen needles market and provides information regarding the growth factors, important segments, competitive landscape and factors propelling market growth.
Global Insulin Pen Needles Market: Dynamics
Growth of the global insulin pen needles market is significantly bound by various macro-economic and micro-economic factors. The report highlights that the global insulin pen needles market is increasingly driven by increasing prevalence of various diseases such as diabetes, HIV and hepatitis. Attributed to advanced features such as pre-filled pens, replaceable needles and autoshield needles demand for the insulin pen needles will continue to increase during the forecast period. Moreover, manufacturing companies are increasingly focusing on developing medical devices that are equipped with non-invasive features.
Recently manufacturing companies concentrating on developing various medical devices such as ‘Timesulin’ that enable the patients to inject dosages through pumps. Further, timesulin is increasingly equipped with enhanced features that retrieve and track information regarding the amount and time of dosage taken. This medical device is mainly developed for the type I diabetic patients. With the growing demand for safe dosage administration, manufacturers are mainly concentrating on developing insulin pens that are incorporated with the replaceable features such as needles. Favorable reimbursement policies and increasing government support will continue to impact growth of the global insulin pen needles market during the forecast period.
On the other hand, several factors are expected to inhibit growth of the global insulin pen needles market. Surge in demand for the non-invasive medical devices is likely to dip the sales of the insulin pen needles globally. Further, manufacturing companies are increasingly concentrating on developing medical devices such as the glucose-monitoring lens that enable the patients to track information related to the blood-sugar levels and transfer the information to the phone through the smart contact lenses. Increasing demand for non-invasive medical devices will continue to dip the sales of the insulin pen needles globally.
Global Insulin Pen Needles Market: Segmentation
The global insulin pen needles market is segmented on the basis of product type, distribution channel and application type. Based on product type, the global market is expected to be segmented as standard insulin pen needles and safety-engineered insulin pen needles. Based on distribution channel, the global market is segmented into hospital pharmacies, retail pharmacies and drug stores, online sales and diabetes clinics/centers. By application type, the global market is segmented into type I diabetes and type II diabetes.
Global Insulin Pen Needles Market: Competition
Key players in the global insulin pen needles market are MedExel Co., Ltd., Owen Mumford Ltd Perrigo Diabetes Care, HTL-STREFA S.A, Becton, Dickinson and Company, Novo Nordisk Inc. and VOGT MEDICAL.
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