According to the new market research report “Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP 1, Growth Hormone), and Mode of Purchase (Retail, Non-Retail) - Global Forecast to 2026". The global market is expected to reach USD 2.2 Billion by 2026 from an estimated USD 1.3 Billion in 2021, at a CAGR of 11.2%. Opportunity: Growing preference for biosimilar drugs; Biosimilars were introduced in 2006 by many pharmaceutical companies such as Sandoz (Germany), Teva Pharmaceutical Industries Ltd. (Israel), and JCR Pharmaceuticals Co., Ltd. (Japan). Due to their lower costs (compared to their patented counterparts), the demand for biosimilars has increased significantly. In addition, the impending patent expiry of many biologic molecules will also serve to drive the demand for biosimilars. Even insurance companies and governments are favoring the use of biosimilars and generics. For instance, CVS Caremark, a major prescription insurer in the US, has replaced branded injectable drugs such as Lantus by Sanofi and EpiPen by Mylan with their biosimilars Basaglar (available in injection pen) by Eli Lilly and Adrenaclick (an autoinjector) by Amedra Pharmaceuticals. This favors the pen needles market as Basaglar is administered via pen injector. Many other injectable drugs also rely on pen injection; thus, the growing preference for biosimilar drugs and support from governments and insurance providers will ensure strong opportunities for growth in this market. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75948613 The Growth in the market is largely driven by the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. On the other hand, the preference for alternative modes of drug delivery, poor reimbursement in developing countries, and needle anxiety are expected to restrain the overall market growth. Misuse of insulin pens and reuse of pen needles are the challenges faced by the market. The growing preference for biosimilar drugs and emerging markets are areas of opportunity in the market. Type 2 diabetes, hypertension, and...