The North American pen needle market is anticipated to grow at a CAGR of 7.5% during the forecast period. The major factor influencing the growth of the pen needle market includes high awareness amongst the people related to the availability of such products in the market. In addition, increasing government funding and investment in R&D by government bodies and pharmaceutical and biotechnology companies are also positively impacting market growth. Further, a rise in the number of diabetic patients, rising awareness towards diabetes care, frequent advancements in pen needles among others are the crucial factors contributing to the high share of the regional market.
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The North American 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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North American 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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