PEN NEEDLES MARKET ANALYSIS

Pen Needles MarketSize and Trends

Pen Needles Market- Market Dynamics

Rising prevalence of diabetes is one of the major drivers for growth of the pen needles market. According to the International Diabetes Federation’s (IDF) Diabetes Atlas 2017, around 425 million patients were suffering from diabetes worldwide by end of 2017. By 2045, this figure is expected to reach around 629 million. Moreover, over 40% people are still undiagnosed with diabetes especially in regions such as Asia Pacific and Middle East and some part of North Africa. Some of these patients require insulin therapy, which in turn would propel growth of the market for pen needles. Diabetes is one of the top three cause of death from non-communicable disease as per World Health Organization (WHO) 2012 factsheet. The average patient with type-2 diabetes injects around 60,000 units over a period of 10-12 years of insulin treatment. Increasing geriatric population is expected to be another driver for pen needles market growth as older people need insulin therapy more often due to suppressed pancreatic activity with aging. As per current IDF estimation, there were 98 million diabetic people in 2017 over the age of 65 years, which is expected to rise to 191 million by 2045.

Market- Trends

Novel therapies to treat diabetes such as GLP analogs are increasingly been launched by pharmaceutical companies. These GLP-1 analogs are administered in a manner similar to insulin therefore utilizes pen needles. For instance, Novo Nordisk, in October 2017, received FDA approval for once-a-week GLP-1 analog named semaglutide.GLP-1 analogs are also increasingly preferred in obese patients, for instance GLP-1 analog liraglutide is already approved in the market for treatment of obese/obesity. This would indirectly aid pen needles market. Key players in the pen needles market are launching new and innovative products, in order to cater to increasing customer demand. Becton, Dickinson and Company introduced the BD Ultra-Fine micro pen needle, in 2017, for use with different pen injection devices. People with diabetes are less likely to accidentally inject their insulin dose into a muscle with this product and it provides one of shortest length pen needle available. Other factors such as increasing awareness amongst patient about pen needles related to its convenience, over the conventional needle and syringe system is expected to aid in growth of the pen needles market.