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Aarkstore: Pen Needles Market Essay

926 words - 4 pages

Pen Needles Market by Type, Needle Length, Therapy, Mode of Purchase - Trends & Global Forecasts 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 ...view middle of the document...

Retail stores offer significant discounts on online/retail purchases and provide convenience to customers.

Europe is expected to account for the largest share in the pen needles market in 2016, followed by North America, Asia, and the Rest of the World (RoW). The large share of the European region can be attributed to EU’s Directive on the prevention of sharp injuries in hospitals and the healthcare sector; regulatory frameworks to minimize needlestick injuries & boost the use of safety-engineered devices; high diabetes prevalence and favorable reimbursement for pen needles in Germany; activities to pool funds for diabetes care & research in the U.K.; high insurance coverage and increase in aging population and affordability in France; awareness campaigns for diabetes in Italy; large pool of diabetic population and regulations mandating the use of safety pen needles in Spain; and high diabetes prevalence in Russia, Poland, Romania, and Ukraine. Asia is expected to witness the highest growth rate in the forecast period, mainly due to the rapidly growing diabetic population, increasing awareness, and rising adoption of pen devices for insulin delivery.

The global pen needles market witnesses high competitive intensity as there are several big and many small firms with similar product offerings. These companies adopt various strategies (new product launches, acquisitions, and geographical expansions) to increase their market shares and to establish a strong foothold in the global market.

Prominent players in the pen needles market include Becton, Dickinson, and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed Holdings AG (Switzerland), Owen Mumford, Ltd. (U.K.), HTL-STREFA S.A. (Poland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), UltiMed, Inc. (U.S.), Allison Medical, Inc. (U.S.), and Artsana S.p.a. (Italy).

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