The global insulin pen needles market is on an upward growth trajectory. Over the period of 2017 to 2026, the growth rate of the market would be a stellar 8%, propelling the market worth to a higher peg of USD 3.8 billion by the end of the stated period.
It is pertinent to note here that a high incidence of diabetes among people, growing every day, is a major factor supporting growth in the global insulin pen needles market. These pen needles are perceived to be highly preferred over the traditional options of syringe and vials. The pre-filled needles that are replaceable and are easy to use have a major role to play in this popularity. They are accurate with the dosage and are extremely helpful to the old and visually impaired people.
Increase in incidence of diabetes in itself needs a deep dive into statistics so a better picture can be drawn of the magnitude. From 1980 to 2014, the cases rose from 108 million to 422 million. A major factor behind this is the changes in lifestyle that are detrimental to health such as unwholesome diets and a sedentary lifestyle.
Here, note that the prevalence is particularly high in the middle and low income groups. And, since it is a leading cause of blindness and heart attacks, governments are taking more and more interest in raising awareness regarding the disease and in improving healthcare outcomes. This is set to contribute positively to the growth of global insulin pen needles market.
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Some of the strongest names that mark the vendor landscape of global insulin pen needles market are Becton, Dickinson and Company, Novo Nordisk Inc., Owen Mumford Ltd., VOGT Medical, Perrigo Diabetes Care, MedExel Co. Ltd., and HTL-STREFA S.A., among others. Technological advancement is a major growth factor and a strong determinant of market share.