5G Technology Market Worth $241.5 Billion by 2029 | #5g Technology Market # 5th Generation Technology # 5g Networks # 5g Wireless Technology # Mobile Network Technology # 5G Market
5G Technology Market Worth $241.5 Billion by 2029 | #5g Technology Market # 5th Generation Technology # 5g Networks # 5g Wireless Technology # Mobile Network Technology # 5G Market
Pen Needles Market to be Worth $12.88 Billion by 2031 | #pen Needles Market
Pen Needles Market to be Worth $12.88 Billion by 2031
Meticulous Research®—a leading global market research company, published a research report titled ‘Pen Needles Market by Type (Standard, Safety), Needle Length, Usability (Disposable, Reuse), Application (Insulin, Growth Hormone, GLP-1), Distribution Channel (Hospital Pharmacy, Retail, Online), Setting (Home Care, Hospital) — Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the pen needles market is projected to reach $12.88 billion by 2031, at a CAGR of 9.9% during the forecast period. The growth of this market is driven by factors such as the rising prevalence of diabetes, growing demand for self-administration of drugs, advancements in technology, and rising healthcare expenditure. Moreover, the preference for pen needles over vials and syringes, favorable reimbursement policies, and emerging economies are expected to offer significant market growth opportunities.
However, concerns regarding needlestick injuries restrain the market’s growth. Additionally, the reuse of pen needles, limited access to healthcare in developing nations, and lack of awareness about proper usage of pen needles pose challenges to the market’s growth.
Key Players
The key players operating in the pen needles market are Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed AG (Switzerland), Owen Mumford Limited (U.K.), B. Braun Melsungen AG (Germany), Terumo Group (Japan), Allison Medical, Inc. (U.S.), Cardinal Health, Inc. (U.S.), UltiMed, Inc. (U.S.), Hindustan Syringes & Medical Devices Ltd (India), and Nanchang YiLi Medical Instrument Co.,LTD (China).
Pen Needles Market: Future Outlook
The pen needles market is segmented based on Type (Standard Pen Needles, Safety Pen Needles), Needle Length (4 mm, 5 mm, 6 mm, 8 mm, 10 mm, 12 mm & Above), Usability (Single Use/Disposable, Reusable), Application (Insulin Therapy, Growth Hormone Therapy, GLP-1 Therapy, Other Applications), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), Healthcare Setting (Home Care, Hospitals & Clinics, and Other Healthcare Settings), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on type, the pen needles market is segmented into standard pen needles and safety pen needles. In 2024, the safety pen needles segment is expected to account for the larger share of the pen needles market. The large market share of this segment can be attributed to the advantages provided by safety pen needles, including reduced risk of needlestick injuries, assured delivery of the full medication dose in a safe manner, and enhanced control during the injection process with clear visibility of the sterile needle. Additionally, the incorporation of safety shields in safety pen needles further contributes to the segment's significant market share.
Based on needle length, the pen needles market is segmented into 4 mm, 5 mm, 6 mm, 8 mm, 10 mm, 12 mm & above. In 2024, the 4 mm segment is expected to account for the largest share of the pen needles market. The large market share of this segment can be attributed to the advantages offered by 4 mm needles, such as minimal pain and discomfort during insulin injections. Furthermore, companies in the pen needles market are focusing on improving their product portfolios through the introduction of innovative offerings. For instance, in September 2022, Terumo Group (Japan) launched FineGlide, a sterile pen needle designed for patients requiring insulin injections or other forms of self-medication.
Vocational Education and Training Market Worth $896.01 Billion by 2029 | #vocational Education
Vocational Education and Training Market Worth $896.01 Billion by 2029
According to a new market research report titled, 'Vocational Education and Training Market by Supplier Institution (Public, Private), User's Gender (Male, Female), and End User (Students, Office Workers) - Global Forecast to 2029', the vocational education & training market is expected to record a CAGR of 9.8% during the forecast period 2022–2029 to reach $896.01 billion by 2029.
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Vocational education & training (VET) is an essential component of education, playing an increasingly important role in response to global demand for high quality and skilled labor force. In recent years, VET has gained prominence in both developed and developing countries in response to the global economy, the pace of technological change, and the era of knowledge.
Furthermore, globalization generates new demand for a high-quality labor force empowered with new skills and knowledge. This can be seen in developing countries as they engage in modernization and industrialization. Therefore, the shortage of skilled labor needed to meet social requirements is common in many emerging economies.
According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), in 2020, Central and Eastern Europe had the largest share (about 19%) of the 15–24 years age group participating in VET. This region was followed by Central Asia, North America, & Western Europe, with about 15% and 9% of youth participating in VET. Also, South & West Asia and Sub-Saharan Africa had the lowest share, with less than 2% of youth participating in formal VET. Hence, the large participation of Europe, North America, and Asia in VET is expected to boost the growth of this market.
In addition, higher education largely remains a financially inaccessible privilege. Students can invest in their futures without investing in a bachelor's degree through vocational education. By enrolling in vocational education programs, students can earn degrees in high-demand fields like nursing, business, and engineering, leading to high-paying jobs. Still, many students believe that a bachelor's degree is the only path to success. To change this trend, California is spending $200 million to encourage more students to earn a vocational certificate instead of a bachelor's degree.
The U.S. Department of Education indicates that people with vocational education have a slightly higher employment rate than academic credentials. According to the Georgetown University Center on Education and the Workforce, over 30 million jobs pay an average of $55,000 a year and do not require a bachelor's degree. The healthcare industry alone creates millions of high-paying jobs that do not require students to study for four years.
Hence, the growing participation of the major regions in VET and growing investment by major countries are driving the adoption of VET.
The Impact of COVID-19 on the Vocational Education & Training Market
The COVID-19 pandemic has adversely hit many economies around the globe. The market for technology in the education sector has not been affected to a great extent, due to which the VET market is projected to recover at a faster rate post-COVID-19. During the COVID-19 pandemic, complete lockdowns and quarantine stopped the learners from physically accessing educational institutions. Technology helped bridge the gap between learners and learning. Students were provided with remote access to lectures and classes, giving rise to online learning.
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