Lancet and pen needles can be effectively used for the blood-based diagnosis, monitoring, and medication of diseases like diabetes and osteoporosis. The Asia Pacific Lancet and Pen Needles Market is expected to grow at an approximate CAGR of 6.5% during the forecast period, 2017-2023. Pen needles are used in conjunction with the injection pens. Structurally, a pen needle consists of a hollow needle, which is embedded in a plastic hub and attaches to the injection pen. The lancet are double edged blades or needles and appears similar to the small scalpels.
The Lancet and Pen Needles Market is expected to grow at a healthy CAGR during the forecast period in the Asia Pacific region due to increasing prevalence of diseases like diabetes and osteoporosis. According to a study conducted by the American Diabetes Association in 2016, about 80% of the diabetic patients resides in the developing countries and it is estimated that the rise of type 2 diabetes in South Asia is likely to be 150% between 2000 and 2035. Moreover, in the Western Pacific region, the number of diabetic patients is expected to reach 201.8 million by 2035. Additionally, according to the International Osteoporosis Foundation by 2050, over ~50% of all osteoporotic hip fractures are expected to occur in Asia. Factors such as increasing geriatric population and growing healthcare expenditure along with favorable government policies are projected to boost the market growth during the forecast period. However, the need to remove the pin after a single use and high cost as compared to the insulin vials may restrain the market growth during the forecast period.
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 – Regional Analysis
On the regional basis 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.
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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