Growth of the global insulin pen needles market is mainly bound to
various macro-economic and micro-economic factors. The global market
of insulin pen needles is mainly driven by growing prevalence of
diabetes globally. Moreover, prevalence of the other diseases such as
HIV and hepatitis is further expected to rev up sales of the insulin
pen needles. Features such as replaceable needles and pre-filled pens
has further continues to impact the global market growth of insulin
pen needles during the forecast period. Attributed to the autoshield
needles, the insulin pens delivers greater accuracy while
administering dosage.
In addition, manufacturers in the healthcare industry are
increasingly focusing on developing innovative medical devices that
offers convenience and safety to the patients while administering
doses. Companies in the healthcare industry are mainly focusing on
developing medical devices such as ‘Timesulin’, which is insulin
pens that allows the patients to administer drug dosages through the
pumps. Moreover, the cap of timesulin is equipped with advanced
features that enables the patients to track and retrieve data
regarding the time and amount of the last dosage administered. This
device is mainly developed for the patients who have type I diabetes.
As demand for the safety while administering dosage continues to
increase, manufacturing companies are increasingly focusing on
developing insulin pens that are equipped with features that enable
replacement of used needles. Further, growing support from the
government organizations and favorable reimbursement policy is
projected to impact the global market growth of insulin pen needles
during the forecast period.
However, several factors will continue to inhibit the global market
growth of insulin pen needles during the forecast period. Preference
for the non-invasive techniques has led to drop in sales of the
insulin pen needles. Manufacturing companies are increasingly
focusing on developing medical devices such as glucose-monitoring
lens that allow the patients to keep a track of information regarding
the blood-sugar levels and transmit it to the phones through the
smart contact lenses. With the increasing preference of the
non-invasive medical devices, the insulin pen needles is likely to
witness a decline in the global market.
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With the increasing preference for the cost-effective medical
devices, sales for the standard insulin pens and needles is projected
to remain high. The standard insulin pens and needles is projected to
outsell the safety-engineered insulin pens and needles globally. In
terms of revenue, the standard insulin pens and needles product type
segment is projected to witness significant growth, representing more
than US$ 1,000 Mn by 2026-end. On the other hand, the
safety-engineered insulin pen needles product type segment is
projected to reflect a robust CAGR during the forecast period.
Through 2026, the online sales distribution channel segment is
projected to reflect a healthy CAGR in the global market. On the
contrary, the hospital pharmacies distribution channel segment is
projected to witness the highest revenue growth, accounting for more
than US$ 200 Mn by 2017-end. By type I diabetes application type
segment is projected to witness the fastest growth throughout the
forecast period. However, the type II diabetes application segment is
projected to witness robust revenue growth, recording more than US$
1,000 Mn by 2026-end.
Major players in the global market of insulin pen needles market are
Novo Nordisk Inc., Becton, Dickinson and Company, VOGT MEDICAL, Owen
Mumford Ltd., MedExel Co., Ltd., HTL-STREFA S.A and Perrigo Diabetes
Care.
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