PEN NEEDLES MARKET ANALYSIS

Regional Analysis

Pen needles Market- Regional Insights

Pen needles market are divided geographically into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. North America was the dominant region in the global pen needles market in 2017. This is attributed to high prevalence of diabetes in the region. For instance, according to the International Diabetes Federation (IDF), the U.S. has highest prevalence of diabetes (13% of population) in 2017. Moreover, according to IDF report 2017, U.S. spends around US$ 377 billion annually over entire diabetes disease range, which accounts for about 52% of the total expenditure on diabetes worldwide. Furthermore, there are 30.3 million people in the U.S. with diabetes (9.4% of the US population) that includes 23.1 million people, who are diagnosed and 7.2 million people, who are undiagnosed. Favorable reimbursement scenario would also aid in growth of the pen needles market in the region. Asia Pacific market is expected to exhibit the highest CAGR during the forecast period. This is owing to largest diabetes patient pool in the region. Countries such as China (114.4 million) and India (72.9 million) are among the top three economies with high prevalence of diabetes, around 240 million diabetes patients were present in the region, in 2017 according to IDF data. Europe is another lucrative market, as it has the one of largest type 1 diabetes population along with highest percentage of geriatric population. According to statistics given by Diabetes UK forum in 2018, currently 10% of UK population is affected with type 1 diabetes. United Nations Population Prospects report 2017 states that, 25% of Europe population is above 60.