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Pen Needles Market - Trends & Global Forecasts to 2021 - New Report Available.

[ClickPress, Thu Jul 07 2016]

Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) - Trends & Global Forecasts to 2021

The pen needles market is projected to reach USD 2.81 billion by 2021 from USD 1.65 billion in 2016, growing at a CAGR of 11.2% during the forecast period of 2016 to 2021.

Over the years, the pen needles market has witnessed various technological advancements in order to cater to the growing demand for safety injections in the healthcare industry. These advancements have led to the development of safety pen needles with an aim to reduce pain, increase comfort, and most importantly reduce needlestick injuries (NSIs). Other factors contributing to the growth of the pen needles market include favorable reimbursement environment and government support in selected countries, advantages of insulin pens over syringes and vials, and growing diabetic population.

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The standard pen needles segment is expected to account for the largest share of the pen needles market, by type, in 2016. Increasing diabetic population, rising awareness about the use of pen needles for insulin administration, favorable reimbursement scenario in selected countries, and low costs as compared to safety pen needles are major factors driving the market for standard pen needles. The 8mm pen needles segment is expected to account for the largest share of the pen needles market, by needle length, in 2016. These pen needles are the most prescribed/preferred as they can be conveniently used on normal as well as obese adult patients. The insulin therapy segment is expected to dominate the pen needles market, by therapy, in 2016. Growth in the insulin therapy segment can be attributed to the increasing use of insulin by the diabetic population and increasing awareness about insulin self-administration among type 1 and type 2 diabetes patients. The retail mode of purchase segment is expected to dominate the pen needles market, by mode of purchase, in 2016. The large share of this segment can mainly be attributed to the increasing purchase of pen needles directly by customers at pharmacies, retail stores, mail orders, and online through websites. Retail stores offer significant discounts on online/retail purchases and provide convenience to customers.

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Date:Jul 7, 2016
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