As per the report, the size of the Europe pen needles market is expected to reach USD 1.19 billion by 2027 from USD 0.74 billion in 2022, growing at a CAGR of 10.00% during the forecast period.
Needle manufacturers have produced needles to reduce pain and diminish skin trauma, primarily by innovating needle length and diameter. The primary challenge for needle manufacturers is to keep a sufficient inner lumen while maintaining sufficient low injection force.
Pen needles are used to administer the medication, such as insulin or other injectable medicines, combined with injection pens. A pen needle contains a hollow needle connected to an injection pen. Pen needles are prepared with various needle lengths and used by diabetes patients.
The growing rate of diabetic patients, the existence of favorable regulatory policies to reduce needlestick injuries, growing focus on the utilization of safety equipment by government, increasing funds for diabetes care & research in the U.K., and favorable reimbursement policies in Germany are accelerating the growth of pen needles market in Europe. Additionally, an increasing number of aging population & availability of high insurance in France, a growing number of diabetes awareness programs in Italy, and the existence of regulations that mandate the utilization of safety pen needles & the presence of a substantial diabetic population in Spain are further driving the growth of the market in Europe.
Reusability of pen needles, complications associated with needle use, and availability of alternative dosage forms may hamper the region's market growth. Lack of knowledge among people on the pen needles utilization and uncertain reimbursement policies across Europe are restraining the development of the pen needles market in Europe.
Impact of COVID-19 on Europe pen needles market
COVID-19 could affect the global markets in three ways, by immediately affecting production and demand, by creating supply chain and market disruption, and by impacting enterprises and markets financially. According to recent research, the 2020 growth of Pen Needles will have significant changes from the previous year. By estimates, the Pen Needles market size will witness a year-over-year reduced revenue growth rate in 2020 from 2019. This scenario is unlikely if the supply chain starts to recover, and people start outdoor moving outdoors. Longer-term, the effect of COVID-19 will be felt throughout the year, with some degree of harm done by the virus.
This research report on the European Pen Needles Market has been segmented and sub-segmented into the following categories:
Based on geographical areas, Germany is estimated to account for the largest share of the Europe pen needles market in 2018. In contrast, France is estimated to grow at the highest CAGR during the forecast period. Europe is expected to see an overall boost in the pen needles market due to the rising prevalence of its target disease. Moreover, the U.K. government is also taking initiatives to invest in diabetes care and research to improve diabetic patients' treatment techniques. Europe is projected to dominate the global market due to a rise in the prevalence of diabetes among all ages, technological advancements, and an increase in research and development activities on diabetes care. This dominance may also be due to a rise in overweight & obesity, unhealthy diet, and physical inactivity.
The most promising companies operating in the Europe Pen Needles market profiled in this report are Becton Dickinson and Company, Novo Nordisk A/S, Ypsomed Holding AG, UltiMed, Inc., Allison Medical, Inc., Owen Mumford, Ltd., B. Braun Melsungen, Artsana S.p.a., HTL-STREFA S.A. and Terumo Corporation.
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