Pen Needles Market Size, Share, Sales, Demand, Industry Analysis, Trends, Scope and Global Forecast 2031

Kenneth Research recently added a report on ‘Pen Needles Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Pen Needles Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.

The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Pen Needles Market products.

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The Global pen needle market is estimated to be valued at around USD 2.5 Billion in 2021. The market is expected to expand at a compound annual growth rate of ~5% between 2022 and 2030. The pen needle market is segmented according to type, therapy, length, and geographic location. According to the type, the market is divided into standard pen needles and safety pen needles. On the basis of treatment, the market is divided into insulin treatment, GLP-1 treatment and growth hormone treatment. According to the length, the world market of pen needles is divided into 4 mm, 5 mm, 6 mm, 8 mm, 10 mm and 12 mm.

The purpose of the pen needle market is to describe, define and estimate the forecast of the pen needle market size by 2025. The report strategically analyzes the macro and micro markets to include the main factors affecting the growth of the global pen needle market. The pen needle market report is suitable to meet the needs and requirements of various stakeholders, including pen needle manufacturers, distributors and suppliers, public and private hospitals, academic medical centers and private practice teaching hospitals, doctors and surgeons, medical institutions, Research institute. Centers and other academic hostilities, pharmacies, outpatient surgery centers and other distribution channels. It is expected that Europe will become the dominant region in the world pen needle market.

This prevalence is mainly due to the increase in the prevalence of diabetes in all age groups in Europe, mainly due to the increase in overweight and obesity, unhealthy diet and lack of exercise. According to the International Federation of Diabetes (FID) Europe, in 2017, there were 7,476,800 cases of diabetes in Germany. In addition, about 270,000 new cases are registered in Germany each year. This is expected to boost the overall pen needle market in the country.

On the other hand, as market participants are increasingly concerned about the development of new products at affordable prices, the development of medical infrastructure, and the prevalence of a large number of people with diabetes, the market in the Asia-Pacific region is expected to witness significant growth. The pen needle market includes BD, Novo Nordisk A/S, YPSOMED AG, B. Braun Melsungen AG, Owen Mumford, Ltd., HTL-Strefa SA, Ultimed, Inc., Terumo Corporation, Allison Medical, Inc., Artsana SpA and others. The global market for pen needles is highly competitive and is driven by the release and approval of a large number of novel products. For example, in May 2018, Hindustan Syringe and Medical Devices (HMD), one of the leading manufacturers of disposable syringes, launched the “Dispovan” insulin pen needle, the first technologically efficient and affordable one made in India. Compared with the current products on the market.

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