The Asia-Pacific pen needle market is anticipated to grow at a CAGR of 9.4% during the forecast period. The major factor influencing the growth of the market across Asia-Pacific include the increased prevalence of diabetes. The International Diabetes Federation (IDF) divided Asia-Pacific into South-East Asia and the Western Pacific. Among which, South-East Asia mainly includes India, Sri Lanka, and Bangladesh and as per IDF, around 88 million adults in the age range of 20-79 years were living with diabetes in South-East Asia in 2019. As per estimates, the total adult population with diabetes will reach around 153 million by 2045.
Further, advanced medical tourism and healthcare infrastructure across Asia-Pacific are also contributing significantly to the growth of the pen needle market. In addition to this, countries such as India, China, and Japan are investing significantly in the development of innovative therapeutic and medical devices including pen needles. This, in turn, will also drive the Asia-Pacific pen needle market.
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The Asia-Pacific pen needle market is segmented based on type, therapy, and mode of purchase. Based on the type, the market is sub-segmented into a standard pen needle and safety pen needle. The standard pen needles segment is estimated to contribute a significant share in the market. Based on the therapy, the market is sub-segmented into, insulin, GLP-1, growth hormones. Pen needles for insulin are estimated to contribute a prominent share in the market and are projected to do so during the forecast period. Based on the mode of purchase, the market is bifurcated into retail and non-retail. The retail segment is estimated to contribute significantly to market growth.
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Asia-Pacific Pen Needle Market Segmentation
By Type
· Standard Pen Needles
· Safety Pen Needles
By Therapy
· Insulin
· GLP-1
· Growth Hormones
By Mode of Purchase
· Retail
· Non-Retail
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