The Europe pen needles market has accounted for USD 557.4 million in 2016, and is expected to reach USD 1266.1 million by 2024 growing at a CAGR of 11.9% in the forecast period of 2017 to 2024.The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Insulin pens are the easiest and safest way to deliver insulin. Insulin pens are basically used with pen needles, which are gaining popularity every day over conventional insulin delivery methods. The usage of pen needles in insulin delivery is increasing owing to its benefits such as more convenient as can be used while travelling, easier to use and can be handled by any one, dosage given is more accurate, pain free and better discretion. The Europe pen needles market is expected to grow significantly owing to rising prevalence of diabetes and other chronic diseases. The report also covers epidemiology statistics for diabetes and growth hormone deficiency for all European countries.
The Europe pen needle market is segmented based on product type into standard and safety pen needles. The standard pen needles segment is expected to dominate the market owing to its daily usage by the diabetic patient pool. The safety pen needles are expected to grow at the highest CAGR of 16.7% is the forecast period owing to healthcare professionals striving to make insulin delivery not a regular dosage. Still standard pen needles in insulin delivery are not expected to decline in near future, and are expected to dominate the market in 2024. The pen needles market is also segmented based on product length which varies from 4mm to 13mm in size. The pen needles segment by product length is long length, medium length and nano length needles. Depending on the requirement of penetration of the drugs the length of the needles is selected.
The Europe pen needles market is also segmented based on usability into disposable and reusable pen needles. In 2016 the disposable pen needles is expected to dominate the market with a share of 64.1% and is expected to grow at the highest CAGR in the forecast period. The growth and domination of disposable pen needles is owing to the guidelines and safety measures practiced by healthcare authorities to prevent infections and other complications in drug delivery.
By application the Europe pen needles market is segmented into 3 indications diabetes, growth hormone deficiency and others. The diabetes segment dominates the market with, owing to the large prevalent pool of diabetic patients and the increasing usage of pen needles in insulin delivery. Also the rising trend of self management of chronic diseases is expected to drive the growth of diabetes care using pen needles in the forecast years. Based on the drug therapy the pen needles market is segmented into insulin, glucagon-like peptide-1 and growth hormones. Insulin therapy is expected to dominate the market in 2016 owing to its large usage in sustaining threats of diabetes comorbidities.
Based on geography the Europe drug delivery devices market is segmented into 11 countries, Germany, France, U.K., Spain, Italy, Russia, Netherlands, Turkey, Belgium, Switzerland and rest of Europe. Germany is expected to dominate the market, while U.K. and France are expected to be growing with highest CAGR in the forecast period.
The Europe pen needles market is highly fragmented with various companies operating in the European Union and Chinese manufacturers has started impacting the market majorly in the Scandinavian countries. The report includes company share data for different countries including Germany, France, U.K., Spain, Turkey, Italy and Belgium. Some of the major players in the European market include Becton, Dickinson and Company, Novo Nordisk, A.Menarini Diagnostics, Ypsomed Holding AG, Facet Technologies, B. Braun Melsungen AG, Shanghai Neo-Medical Co. Ltd, HTL-Strefa S.A., Frank Healthcare Co., Ltd, Stat Medical Devices, Inc., Terumo Corporation, Domrex Pharma Inc., Vogt Medical Vertrieb GmbH, Artsana S.p.a, Eli Lilly, KD Medical GmbH Hospital Products, and Ultimed, Inc. among others.