The Indian pen needle market is anticipated to grow at a CAGR of 10.1% during the forecast period. An increased number of people suffering from diabetes in the country increases the demand for pen needles, which is a major factor fuelling the growth of the market. According to the International Diabetes Federation (IDF), in 2019, India has the second-largest number of adults suffering from diabetes globally that is 77 million adults (20-79 years). Additionally, improving healthcare infrastructure is also enhancing the market growth. Further, the global players are strengthening their position in the country with the launch of new products, hence driving the market growth.
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The Indian 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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India 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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