Report Details:
15 Companies Covered
90 Pages
Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Asia-Pacific Lancet and Pen Needles Market Research Report.
Overview:
Asia Pacific (APAC) market of the lancet and pen needles market is showing a promising sign of growth by 6.5% CAGR. Lancet and pen needles have significant use in the blood-based diagnosis, monitoring, and medication of diseases like diabetes and osteoporosis. Market Research Future’s (MRFR) report on the lancet and pen needles market includes factors such as increasing geriatric population in the region and preference to invest more in healthcare, along with favorable government policies as compelling drivers that can steer the lancet and pen needles market forward.
However, the pin needs removal after a single use and its cost is comparatively higher than insulin vials which can impede the regular lancet and pen needles market growth speed during the forecast period.
Industry Trend:
Hindustan Syringes & Medical Devices (HMD), one of the leading manufacturers of Disposable Syringes in the World, launches Dispovan Insulin Pen Needle in India, a first in its category. This needle can be fitted on any available insulin pens. Its features such as improved skin contact and grip, extra thin wall, multi-level, and tapered point, are directed at providing diabetic patients better injection experience.
BD’s new AutoShield Duo is a safety pen needle that can be used in optimizing safety while injecting insulins. It comes with a 5mm size that increases its safety measures, and it is compatible with diabetes medication pens that abide by the international standard.
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Segmentation:
The APAC lancet and pen needles market can be segmented by therapy, gauge, needle length, and end users.
Based on therapy, the lancet and pen needles market can be segmented into insulin, glucagon-like peptide-1 (GLP-1), growth hormones, and others.
Gauge-wise, the lancet and pen needles market include 17/18G, 21G, 23G, and others.
Based on needle length, the lancet and pen needles market comprise 4mm, 8mm, 12mm, and others.
Based on the end-users, the lancet and pen needles market consist hospitals & clinics, medical institutions & research organizations, and others.
Regional Analysis
:
Geographic analysis of the APAC lancet and pen needles market spans across Japan, China, India, the Republic of Korea, Australia, and the Rest of Asia Pacific.
Japan has the largest market share owing to its highly advanced healthcare system and favorable government policies. The country spends a substantial amount on healthcare. According to the Statistics Bureau, Japan’s total medical care expenditure in 2014 was around 11.20% of the national income. Japan is getting strong competition from the Republic of Korea and Australia.
China and India are nations that are revamping their existing healthcare system. This has increased the scope for lancet and pen needles market furthering its growth. Increasing number of hospitals and private research institutes are also spending a substantial amount, and in the process, the market is witnessing unprecedented growth.
Market Competition:
Strategic implementations benefit leading companies to score higher in the market. Mergers, acquisitions, collaborations and other methods strongly assist companies in gaining a foothold in the industry. For instance, Novo Nordisk has acquired Ziylo in 2018, this can prove beneficial for the product upgradation. Investindustrial bought HTL-STREFA with an intention to make HTL’s global standing better.
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.