Wilmington, Delaware, United States, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The safety pen needles market in North America is prognosticated to surpass a value of US$ 1.17 Bn by the end of 2031, finds a research report by Transparency Market Research (TMR). In addition, the TMR study states that the North America market is expected to show expansion at a CAGR of 6.4% during the forecast period, from 2022 to 2031.
Rise in the adoption of technological advancements and incorporation of alternative technologies across the global healthcare industry is anticipated to generate notable business prospects for safety pen needles market manufacturers, states a TMR study. Moreover, analysts at TMR note that major market players are boosting their production capabilities in needles and syringes so as to fulfill the rising demand due to COVID-19 pandemic.
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Players in the global safety pen needles market are concentrating on the use of different business strategies such as mergers, acquisitions, collaborations, and partnerships in order to stay ahead of the competition. In addition, several enterprises are strengthening their research activities in order to launch innovative products with high level of efficiency. Such efforts are expected to drive the growth in the global safety pen needles market in the near future, state analysts at TMR.
Safety Pen Needles Market: Key Findings
- Due to changing lifestyles of people and surge in the prevalence of genetic mutations among populace across the globe, there has been a surge in the cases of diabetes globally, note researchers of TMR study on the safety pen needles market. As per the statistics by Centers for Disease Control and Prevention (CDC), approximately 10.5% of people from the U.S. were living with diabetes, which accounted for about 34.2 million population, with 26.9 million individuals diagnosed and 7.3 million population who remained undiagnosed. This huge number of public suffering from diabetes is prognosticated to drive the sales growth in the global safety pen needles market during the forecast period.
- The adoption of safety pen needles is being increasing in the recent years owing to the ability of these non-invasive portable tools to inject drugs efficiently. Moreover, these products are being increasingly utilized by healthcare professionals as well as non-clinical pen users globally owing to their several advantages over traditional ones, states the safety pen needles market analysis by TMR.
- Generally, the prevalence of diabetes is more common in the older population across the globe. Hence, a surge in the global older populace is anticipated to drive the demand for safety pen needles, notes a TMR study that delivers important insights on the marketing strategy for safety pen needles market.
- The demand for 5 mm safety pen needles is being rising in the recent years among diabetes patients from across the globe. Hence, key players in the safety pen needles market are strengthening their production capabilities in these products in order to cater to rising market demands, state analysts of a TMR study.
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Safety Pen Needles Market: Growth Boosters
- Increase in the cases of growth hormone deficiency diseases and diabetes is expected to fuel the expansion in the safety pen needles market size
- Surge in the older population is prognosticated to drive the growth prospects in the market for safety pen needles
Safety Pen Needles Market: Key Players
Some of the key players profiled in the report are:
- Montmed Inc.
- Becton, Dickinson and Company
- Arkray USA, Inc.
- UltiMed, Inc.
- Links Medical Products Inc.
- McKesson Medical-Surgical Inc.
- Allison Medical Inc.
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Safety Pen Needles Market Segmentation
- By Needle Length
- 4 mm
- 5 mm
- 6 mm
- 8 mm
- By Therapy
- Insulin
- Glucagon-like Peptide 1 (GLP-1)
- Growth Hormone
- By End-user
- Long-term Care Facilities
- Acute Care Facilities
- Home Care Settings
Regions Covered
- North America
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