Lancet and Pen Needles Market Research Report, By Therapy (Insulin, (GLP-1), Growth Hormones), Gauge (17/18G, 21G, 23G), Needle Length (4mm, 8mm, 12mm), And End Users (Medical Institutions & Research Organizations) – The Asia Pacific Forecast till 2023
Lancet and Pen Needles Market Segmentation
The Asia Pacific lancet and pen needles market is segmented on the basis of therapy, gauge, needle length, and end users.
On the basis of the therapy, the market is segmented into insulin, glucagon-like peptide-1 (GLP-1), growth hormones, and others.
On the basis of the gauge, the market is categorized into 17/18G, 21G, 23G, and others.
On the basis of the needle length, the market is segmented into 4mm, 8mm, 12mm, and others.
On the basis of end users, the market is segmented into hospitals & clinics, medical institutions & research organizations, and others.
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Lancet and Pen Needles Market Key Players
Some of the key players in the Asia Pacific lancet and pen needles market are BD. (U.S.), Novo Nordisk A/S (Europe), Ypsomed (Europe), B. Braun Melsungen AG (Europe), HTL-STREFA (Europe), Terumo Corporation (Asia Pacific), Artsana S.p.A. (Europe), Owen Mumford Ltd. (Europe), and others.
Lancet and Pen Needles Market Highlights
The Asia Pacific lancet and pen needles market size is expected to grow at a CAGR of 6.5% during the forecast period. Lancet and pen needles are extensively utilized for the monitoring, diagnosis, and medication of several diseases such as diabetes and osteoporosis. The increasing prevalence of diabetes and osteoporosis within the Asia Pacific region majorly drives the market growth. In 2016, a study was conducted by the American Diabetes Association, which stated that about 80% of the diabetic patients resides in the developing countries. It was also estimated that the rise of type 2 diabetes in South Asia may grow by over 150% from 2000 to 2035.
Moreover, in the Western Pacific region, the number of diabetic patients is expected to rise to 201.8 million by 2035. Additionally, according to the International Osteoporosis Foundation by 2050, over ~50% of all osteoporotic hip fractures are projected occur in Asia. Additionally, increasing geriatric population and growing healthcare expenditure along with favorable government policies may boost the market growth during the forecast period. However, the need to remove the pin after a single use and the high cost as compared to the insulin vials may restrain the market growth during the forecast period.
Lancet and Pen Needles Market Regional Analysis
On the regional basis the Asia Pacific lancet and pen needles market in Asia Pacific is segmented into Japan, India, China, the republic of Korea, Australia and the Rest of Asia Pacific.
Japan holds a major share of the market followed by the republic of Korea and Australia owing to well-developed healthcare sector and high per capita healthcare expenditure. Moreover, growing geriatric population boosts the market growth during the forecast period.
China and India has a growing market due to huge population base, rapidly changing economy, increasing healthcare expenditure, and rising number of pharmaceutical & biotechnological companies.
According to the Indian Brand Equity Foundation in 2017, the Indian healthcare sector is estimated to be one of the fastest growing region and is expected to grow at a CAGR of 22.87% and reach USD280 billion by 2020. Moreover, increasing number of healthcare organizations like hospital, private research institute has led the market growth in India. Rest of Asia Pacific holds the least share of the market.
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