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Global Pen Needles Market - Drivers and Forecasts by TechnavioTechnavio analysts forecast the global pen needles market to grow at a CAGR of more than 10% during the forecast period, according to their latest report. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170615006345/en/ 
Technavio has published a new report on the global pen needles market from 2017-2021. (Graphic: Business Wire) The research study covers the present scenario and growth prospects of the global pen needles market for 2017-2021. The market is segmented based on the product (standard pen needles and safety pen needles) and therapy (insulin, growth hormone, and GLP-1). The market is further segmented by end-user (hospitals and clinics and home care). The global pen needles market offers substantial growth opportunities due to the rising incidence of diabetes worldwide. The shift in the preference of patient pool from hospitals to specialty clinics and the high adoption of insulin delivery systems for self-management of diabetes are likely to increase the demand for insulin pens and, in turn, pen needles. The adoption of pen needles is increasing among the insulin-dependent diabetic population as it offers a host of benefits over the traditional vial-and-syringe method of insulin delivery. This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free. Technavio healthcare and life sciences research analysts highlight the following three factors that are contributing to the growth of the global pen needles market:
Increasing preference for pen needles over syringes and vials Pen neeles are an integral part of diabetes treatment for patients who require injectable therapies. These pen needles are used for delivering specific drugs or collecting samples such as fluids and cells from organs or lumps. They are available with various advanced features, shapes, and sizes. The global market for pen needles is showing a steady growth owing to an increasing older population, and the shift toward less and non-invasive procedures is increasing its popularity worldwide. Srinivas Sashidhar, a lead orthopedics and medical devices research analyst at Technavio, says, "Pen needles have several advantages over the traditional vial-and-syringe method of insulin delivery including improved patient satisfaction and adherence, greater ease of use, superior accuracy for delivering small doses of insulin, greater social acceptability, and less reported injection pain." Rise in diabetic population The growing diabetic population is one of the main drivers of the market growth of pen needles as it generates more demand for pen needles in the market. According to the reports published by OECD in 2015, 380 million people had diabetes worldwide while approximately 85 million people had diabetes in OECD countries. "More than 1.4 million people were undiagnosed for diabetes mellitus, and its prevalence is higher in urban than the rural population. People living with diabetes for longer periods are at a high risk of developing complications causing high levels of morbidity. Germany, Portugal, Spain, and Slovenia jointly have the highest diabetes prevalence rate of 6.61%," adds Srinivas. Increasing adoption of pen devices for self-care diabetes management The adoption of pen devices with pen needles for type-1 diabetes management has risen in recent years. Although patients using syringes with standard needles posed an economic barrier, now the scenario is changing globally. The adoption rate is increasing due to various factors like rising awareness, health consciousness, painless injections with pen needles, and improvement in healthcare policies expanding the reimbursement for pen needles. Different types of pen needles including standard pen needles and safety pen needles used in hospitals and specialty clinics are now increasingly used in homecare by patients. With some interest, focus, and expertise, patients can effectively use pen devices for self-care. This change was largely brought about by the need to avoid scheduling the appointments, save hospitals and clinics visiting fees, eliminate waiting time, and increase personal convenience. Top vendors:
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