The Indian pen needle market is anticipated to grow at a CAGR of 10.1% during the forecast period (2020-2026). The market growth will be majorly influenced by the increasing number of diabetes patients. As per the IDF, India has the second-largest number of adults with diabetes globally with a total of 77 million adults (20-79 years) suffering from diabetes in 2019. The increasing initiatives to promote awareness regarding diabetes and its treatment is also expected to present new growth opportunities to the market. For instance, in 2019, Diabetes India launches the '1000 Days Initiative' leading up to January 11, 2022, to mark 100 years of insulin use.
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Furthermore, the increasing initiatives from domestic players such as low-priced products to compete with foreign companies are also expected to fuel the pen needle market. For instance, in May 2018, at the 4th Medical Expo Indore, Hindustan Syringes & Medical Devices (HMD), an India-based company introduced ‘Dispovan Insulin Pen Needle’ to provide ease to people with diabetes in India & supporting the Made in India revolution. The company provides needles at affordable prices. For instance, the Becton, Dickinson, and Co. (BD) pen needle is priced for $0.19 whereas HMD priced their Dispovan’s pen needle for $0.16 to make it affordable for all types of consumers.
Market Coverage
o By Type
o By Therapy
o By Mode of Purchase
Key questions addressed by the report
India Pen Needle Market Report Segment
By Type
By Therapy
By Mode of Purchase
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