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With the rise in the numbers of diabetic patient, these Pen Needles which are used for injecting insulin and others driving the growth of the Pen Needle Market

HYDERABAD, TELANGANA, INDIA, January 11, 2023 /EINPresswire.com/ -- Pen Needle Market size is forecast to reach $2.17 billion by 2025, growing at a CAGR of 9.83% during the forecast period 2020-2025. Pen Needles use injection pens to deliver medications into the body. A pen needle consists of a resonating needle that is surrounded by a plastic hub and connected to vaccination pens. These needle technologies have undergone a significant change in the last few decades. Presently, pen needles are manufactured are engineered for more easy use, as they comprise electropolishing for smoothness of needle, fine and thin points tips ease in penetration. The increase in the growing prevalence of chronic disease, an increase in the number of diabetic patients, increase in the preference for pen needles over syringes and vials are factors leading to the growth of the Pen Needle Market

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Key Takeaways

1. High Adoption of needles among diabetic patients, Huge technological advancements, Rising number of needle stick injuries, increase in preference for pen needles over syringes and vials, and growth in the geriatric population are reasons driving the growth of the Pen Needles Market

2. Insulin Therapy held the largest market share in 2019 owing to increasing awareness about self-administration of insulin therapy among Type1 and 2 diabetic patients

3. North America dominated the Pen Needle Market owing to the increased incidence of diabetes

4. Government Initiatives to spread awareness about the product along with favourable funding from many private companies are leading the growth of the Pen Needle market during the forecast period 2020-2025.

Segment Analysis

1. Based on type, the Pen needle market is segmented into Standard Pen Needles and Safety Pen Needle. Standard Pen Needle accounts for a major market share for Pen Needle by type. This is owing to the low cost of standard pens which is creating huge demand as they are widely adopted in emerging economies such as India, China, Brazil, and other developing countries. The risk of accidental needle stick injuries the standard needles are not equipped with safety shields. However, Safety Pen Needles are set to register the highest CAGR during the forecast period 2020-2025 owing to growing technological advancements in the field. It helps to minimize the risk of needle stick injuries among patients.

2. Based on Therapy type Pen Needle Market is segmented into Insulin Therapy, Glucagon- Like Peptide-1 (GLP-1) therapy, Growth Hormone Therapy and Others. Insulin Therapy is projected to be the fastest-growing segment with a CAGR of 8.17% during the forecast period 2020-2025. This is owing to the high and growing diabetic population globally. Also, with an increase in awareness about insulin therapy, the demand is increasing.

3. Based on Geography Pen Needle Market is segmented into North America, Europe, Asia- the Pacific and the Rest of the World. North America accounted for 37.69% of the overall Pen Needle Market share followed by Europe and APAC. This is owing to the incidence of diabetes in North America and the healthcare system and a supportive reimbursement structure is supporting market growth in North America. Government initiative to spread awareness about the product along with favourable funding from many private players is leading the market growth.

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Competitive Landscape:

The top 5 players in the Pen Needle Industry are -

1. Becton
2. Dickinson and Company
3. Novo Nordisk A/S
4. Ypsomed Holding AG
5. B. Braun Melsungen AG

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https://www.industryarc.com/Report/16782/needle-free-injection-systems-market.html

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