Pen Needles Market : Growing adoption of self-administration

As per the recently published report by MarketsandMarkets?, The report "Pen Needles Market by Type (Standard Pen & Safety Pen Needles), Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP 1, Growth Hormone), and Mode of Purchase, End User, Unmet Needs, Key Stakeholders, Buying Criteria - Global Forecast to 2028", size is 1.6 billion for 2023 and is projected to reach USD 2.5 billion by 2028, at a CAGR of 9.1% during the forecast period.

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• 150? ? ?Market Data Tables
• 80? ? ? ?Figures
• 250? ? ?Pages and in-depth TOC on?" Pen Needles Market - Global Forecast to 2028”

Some of the prominent key players are:

• B. Braun Melsungen AG (Germany),
• Embecta Corp. (US),?
• Ypsomed Holding AG (Switzerland),
• Novo Nordik A/S (Germany). and many more......

Mergers & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Pen Needles Market.

• The increasing healthcare expenditure on diabetes care and mandates pertaining to safety pen needles are some factors that provide lucrative opportunities for key players in the market. However, reuse and misuse of pen injectors, and factors such as needles anxiety and preference of alternative modes of drug delivery, such as infusion pumps, are expected to restrain the market and pose significant challenges for market players.
• The largest share of the pen needles market by type is occupied by standard pen needles in 2022. This can be attributed to the lower cost, especially considering pen needles need to be bought regularly, and therefore, becomes a recurring cost.
• Online purchase is the fastest growing segment of the pen needles market, by mode of purchase. The convenience of online purchases, and time-efficient drive the growth of this segment. Additionally, patients who need pen needles on a regular basis can even get subscriptions for a monthly supply, which further makes it more convenient.
• The pen needles market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa. Asia Pacific is attributed to the highest growth rate among the other regions. The emerging Asian countries, such as China, India, and Japan, are offering significant growth opportunities for market players.

Due to the advantages that pen injectors offer over conventional drug administration methods using vials and syringes include ease of use, especially at home, which eliminates the need for frequent trips to clinics or healthcare facilities. Pen injectors also offer a low risk of errors while administering the correct dose. Pen injectors can reduce pain at the injection site, especially if used with shorter pen needles, and improve the quality of life compared to other drug delivery modes.

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