Pen Needles Market

Becton, Dickinson and Company (US) and Novo Nordisk (Denmark) are Leading Players in the Pen Needles Market

The pen needles market is projected to reach USD 1.8 billion by 2024 from an estimated USD 1.1 billion in 2019, at a CAGR of 10.8% during the forecast period of 2019 to 2024.   Growth in the pen needles market is majorly driven by factors such as the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. The growing preference for biosimilar drugs is another factor providing a wide range of growth opportunities for key players in the market. However, the reuse of pen needles is another key factor in challenging market growth.

Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) are the major players operating in the global pen needles market. These players have adopted various growth strategies, such as product launches; agreements, partnerships, mergers, and collaborations; acquisitions; and expansions to strengthen their presence in the global market. Product launches and expansions have been the most widely adopted strategies by major players from 2015 to 2018. These strategies helped market players offer innovative products and broaden their customer base.

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In 2017, Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) together accounted for a share of ~62.7% of the pen needles market.

Becton, Dickinson and Company (US) dominated the pen needles market in 2018. The company offers a wide range of drug delivery products. It offers both standard and safety pen needles, such as BD Ultra-Fine Nano, BD PentaPoint products, and BD AutoShield Duo Pen Needles. The company primarily focuses on product launches in order to maintain its leading position in the market. For instance, the company launched its BD Ultra-Fine micro pen needle 6mm x 32G and BD AutoShield Duo in 2017. Moreover, BD is focusing on expansions to strengthen its geographic reach. For instance, in 2015, the company opened its Advanced Diabetes Care facility in Andover, Massachusetts, US, to accelerate the development of next-generation technologies for diabetes management.

Novo Nordisk (Denmark) is one of the leading players operating in the pen needles market. The company offers safety pen needles (NovoFine Autocover) and standard pen needles (NovoFine Plus and NovoTwist) through its Diabetes Care segment, which is its largest and fastest growing business. The company has its distribution and production facilities in more than 75 countries and has strategically placed its facilities in five countries across four continents. It has been a constant contributor to raising awareness about diabetes and its management through various campaigns. For instance, in 2018, Novo Nordisk UK launched a campaign to raise awareness of the risk of heart attacks and strokes in people living with type II diabetes. In the same year, Novo Nordisk Education Foundation (NNEF) and Novo Nordisk India launched the ‘1000-day Challenge’ program along with leading healthcare practitioners to address uncontrolled diabetes in India.

Ypsomed (Switzerland) held the third position in the global pen needles market. The company is one of the world’s largest manufacturers of pen needles. The company’s pen needles portfolio includes the mylife Penfine Classic needle and mylife Clickfine Autoprotect needle. Pen needles are the company’s only products sold indirectly through sales partners in various countries.  The company focuses on launching new products to meet the customer needs for easier injection experience. In line with this, in February 2016, Ypsomed launched its pen needles for its mylife Clickfine DiamondTip injection in Germany, Austria, and Switzerland. Additionally, to support the growing demand and its market position, in 2017, Ypsomed opened a new manufacturing facility in Solothurn (Switzerland). Additionally, in 2017, the company invested USD 113 million (EUR 100 million) to construct a new production site in Schwerin, Germany.

Related Reports:

Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) - Global Forecast to 2024

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Report Code
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