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(MoneyNewsWire.Net, May 17, 2018 ) North America pen needles market is expected to reach USD 0.78 billion by 2021 from USD 0.47 billion in 2016, growing at a CAGR of 10.60% for the next five years 2016-2021. Pen needles are used to deliver the medication (such as insulin or other injectable medications) in combination with injection pens. A pen needle comprises of hollow needle attached to injection pen. Pen needles are available with varied needle lengths and are majorly utilized by diabetes patients.
Presence of favorable reimbursement policies, existence of major market players, rising number of early onset diabetic patient populations, increasing health care expenditure are driving the growth of North America pen needles market. However, presence of stringent regulatory policies for medical device approval, and increasing technological advancements for alternative drug delivery methods are restraining the growth of North America pen needles market.
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North America pen needles market is segmented based on the therapy, type, needle length, and mode of purchase. On the based on therapy the market is further sub-segmented as insulin therapy, glucose like peptide-1 (GLP-1) therapy, and growth hormone therapy. The market, by type, is sub-segmented as safety needles and standard needles. The needle lengths include 4mm, 6mm, 8mm, 10mm, & 12mm. Based on mode of purchase the market is further sub-segmented as retail & non-retail purchase modes.
Based on therapy, insulin therapy is estimated to command the largest share of the North America pen needles market in 2016 and expected to grow at the highest CAGR during the forecast period 2016-2021. Based on type, standard pen needle segment is estimated to account for larger share of North America pen needles market in 2016, whereas safety pen needles segments is estimated to grow at a higher CAGR for the next five years (2016-2021).
Among the length of pen needles, 8mm is estimated to command for the largest share of the North America pen needles market in 2016 and 4mm is expected to grow at the highest CAGR during the forecast period. Based on the mode of purchase retail purchase mode is estimated to account for larger share of the North America pen needles market in 2016 and expected to grow at a higher CAGR for the next five years (2016-2021).
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On the basis of geographical areas, North America pen needles market is segmented as U.S., and Canada. U.S., is estimated to account for larger share of the North America pen needles market in 2016, whereas Canada is estimated to grow at a higher CAGR during the forecast period 2016-2021.
Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) are the major players accounting for major share of the North America pen needles market in 2016. Other players include UltiMed, Inc. (U.S.), Allison Medical, Inc. (U.S.), Owen Mumford, Ltd. (U.K.), B. Braun Melsungen (Germany), Artsana S.p.a. (Italy), HTL-STREFA S.A. (Poland), and Terumo Corporation (Japan), among others.
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