Pen Needles Market

Key players adopted various growth strategies, such as product launches; agreements, partnerships, mergers, and collaborations; acquisitions; and expansions to strengthen their presence in the Pen Needles Market

The pen needles market is projected to reach USD 3.4 billion by 2023 from an estimated USD 2.0 billion in 2018, at a CAGR of 11.0% during the forecast period of 2018 to 2023.

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 to offer innovate products and broaden their customer base.

In 2017, Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland) together accounted for a share of ~80.0% of the pen needles market.

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Becton, Dickinson and Company dominated the pen needles market in 2017. 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. To maintain its leading position in the market, the company primarily focuses on product launches. 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 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 in 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 is one of the leading players operating in the 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, and Others), Mode of Purchase (Retail, Non-Retail) - Global Forecasts to 2023

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Report Code
MD 2851
Published ON
Feb, 2019
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