Becton, Dickinson and Company and Novo Nordisk Dominate the Global Pen Needles Market - New Report by MarketsandMarkets
(PRWEB) December 21, 2014 -- The global Insulin pen needles market is dominated by three major players, namely, Becton, Dickinson and Company (U.S.), Novo Nordisk (Denmark), and Ypsomed Holding AG (Switzerland). These players jointly accounted for approximately ~92% of the total market.
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Becton, Dickinson and Company also known as BD accounted for the largest share of the Insulin pen needles market. It offers a wide product portfolio of pen needles including both standard and safety pen needles. The company has been aggressively focusing on its Insulin needles business to significantly improve its market share over its competitor Novo Nordisk. The Human Insulin pen needles business accounts for a major share of the company’s Diabetes Care business segment. Revenue growth in the Diabetes Care segment, in 2013, was attributed to strong sales of Insulin pen needles including BD Ultra-Fine Nano and BD PentaPoint products, as well as the BD AutoShield Duo Pen Needle. These Insulin pen needles reach out to over 50 countries worldwide through the company’s direct sales (sales offices and subsidiaries) as well as indirect sales (independent distribution channels).
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The company has manufacturing operations outside the U.S. in Brazil, Canada, China, France, Germany, Hungary, India, Ireland, Japan, Mexico, Netherlands, Pakistan, Singapore, Spain, Sweden, and the U.K. The company constantly strives to reach customer expectations through its innovations. For instance, in September 2012, BD introduced an advanced needle technology called PentaPoint that enhances patient comfort and improves patient adherence in diabetes care. Moreover, to maintain its leadership position, the company also resorts to growth strategies such as agreements, collaborations, expansions, product enhancements, and acquisitions.
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Novo Nordisk is the second-leading player in the market. The company has distribution and production facilities in over 75 countries and markets its products in over 180 countries. The company launches various products to maintain its position in the market. For instance, in January 2014, Novo Nordisk launched NovoFine Plus, an ultra-thin and ultra-short pen, which is 4 mm long and as thin as two human hairs, is the shortest needle made by Novo Nordisk. Its design has resulted into less pain during intramuscular injection. The company has high focus on delivering quality products. To increase its market reach, Novo has been investing in increasing personnel in its sales and marketing organizations globally. More than 350 sales representatives were hired in 2013. Thus, these activities have been aiding the company to hold its position in the market.
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