Pen Needles Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMD1625 | Last Updated On: May 31 2022 | Available Formats

> Global Pen Needles Market Expected to reach a high CAGR of 6.5% By 2029: DataM Intelligence

Global Pen Needles Market is segmented By Product Type (Standard Pen Needles, Safety Pen Needles), By Length(4mm,5 mm,6 mm,8 mm,10 mm,12mm), By End-Users (Hospitals, Diagnostic Centers, Ambulatory Surgery Centers, Others), By Therapy (Insulin Therapy, Glucagon-Like Peptide-1, Growth Hormone Therapy, Other Therapies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Pen Needles Market" is expected to grow at a CAGR of 6.5% during the forecasting period (2022-2029).

Pen needles are used in combination with pen injectors to deliver injectable medications. A pen needle comprises a hollow needle fixed in a plastic hub and connects to the injection pen. Pen needles are available in different lengths and diameters. Health professionals use these pen needles to inject different medications. People with diabetes commonly use pen needles, as they require multiple insulin injections per day.

 

Market Dynamics

The global pen needles market growth is driven by the growing prevalence of chronic diseases, increase in the geriatric population, surge in preference for pen needles over vials and syringes, inclination toward minimally invasive procedures, and rise in prevalence of diabetes, obesity and favorable reimbursement scenario in selected countries.

Increasing product approvals and growing prevalence of chronic diseases is expected to drive the growth in the forecast period

The prevalence of chronic diseases has increased significantly in the last few years. Such diseases, including diabetes, osteoporosis, cardiovascular disease (CVD), and multiple sclerosis, require daily or weekly drug administration, typically using pen injectors. Pen injectors have become the new standard for injectable drug delivery systems in the rapidly growing market. Their popularity has soared due to their simplicity, reliability, and ability to be administered directly by the patient without the aid of a physician. The pen needle, a removable attachment, forms an integral part of the pen injector. The needle's length and its sharpness are critical to ensure that the medication reaches the target tissues. Thus, the growing prevalence of chronic diseases has led to a greater focus on pen needle technologies to effectively handle the growing patient pool and increase patient compliance with therapies. The increasing product launched in February 2021, Ulticare safety pen needles, are launched in two sizes, 5mm 30G and 8mm 30 G launched by UltiMed Inc. (US). In October 2020, Arkray Inc. (Japan) launched TechLITE Pen Needles, which are now indicated for use with pen injector devices for the subcutaneous injection of drugs in the US.

Preference for alternative modes of drug delivery is likely to hinder the market growth

While pen needles are an easy, hassle-free mode of drug delivery, they are also associated with needlestick injuries and infections, hyperglycemia, and pain. Insulin pen therapy is seen to cause hyperglycemia in some patients, as the dose cannot be regulated. Hence, in Europe, there has been a shift in diabetes treatment, from insulin pens to insulin pumps, due to their ability to perform automated insulin suspension and decrease the risk of hypoglycemia. This is a major factor restricting the market growth. Although needle-free drug delivery technologies have addressed this issue to an extent, their range of applications in therapeutic areas is limited.

 

COVID-19 Impact Analysis

Type 2 diabetes, hypertension, and CVD significantly increase the risk for hospitalization and death in COVID-19 patients. Hence, managing these comorbidities has gained more focus for patients with existing conditions and those at the highest risk of contracting these conditions. This awareness has increased among healthcare professionals and patients and supported the growth of the management devices market. Hypoglycemia and hyperglycemia are both predictors for adverse outcomes in hospitalized patients. Optimized glycemic control should be pursued in patients with diabetes and SARS-CoV-2 infection to reduce the risk of severe COVID-19 course. Both insulin and GLP-1RAs have shown optimal glucose-lowering and anti-inflammatory effects in type 2 diabetic patients and may represent a valid therapeutic option to treat asymptomatic and non-critically ill COVID-19 diabetic patients. Customized therapies for diabetes treatment have become necessary for rigorous glucose monitoring and insulin or anti-diabetic drug dose adjustments. The adoption of insulin pens, insulin pumps, and continuous glucose monitoring devices has been increased for close monitoring and optimal management of diabetes. Pen needles are used in great quantities in diabetes management. So, these would naturally be impacted by any change in overall product and service demand.

Segment Analysis

The standard pen needles segment is expected to hold the largest share in this market segment

The standard pen needles segment held the largest share due to the low cost of standard pen needles and its daily usage of larger doses by diabetic patients. Novel product launches expected to increase the market growth. For instance, in January 2019, Becton, Dickinson and Company (US) launched Second Generation Standard Pen Needles.

 

Geographical Analysis

North America region holds the largest market share of global pen needles market

North America dominated the pen needles market. The growing diabetes prevalence and favorable reimbursement scenario for pen needles, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, and the development of improved pen needle technologies are driving market growth in the US. Huge technological advancements are also driving the growth of the pen needles industry. Companies are focusing on new product development with respect to the needle length. For instance, Novo Nordisk announced the commercial availability of NovoFine Plus, the shortest and thinnest needle in the U.S. Pen needles of shorter length can be easily used by everyone including overweight patients.

 

Competitive Landscape

The global pen needles market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Becton, Dickinson and Company, Novo Nordisk A/S, B. Braun Melsungen AG, Owen Mumford, Terumo Corporation, Nipro Corporation, Allison Medical, AdvaCare Pharma, Berpu Medical Technology and Trividia Health.

Global Pen Needles Market – Key Companies to Watch

Becton, Dickinson and Company

Company Overview: Becton, Dickinson and Company, also known as BD, is an American multinational medical technology company that manufactures and sells medical devices, instrument systems, and reagents. BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care.

Product Portfolio: It include product like BD Ultra-Fine Mini Pen Needles 5mm, BD Ultra-Fine Short Pen Needles 8mm.

Why Purchase the Report?

  • Visualize the composition of the pen needles market segmentation by product type, application, and region highlighting the key commercial assets and players.
  • Identify commercial opportunities in pen needles market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of pen needles market - level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players.

The global pen needles market report would provide an access to an approx. 40+ market data table, 45+ figures and 180 pages.

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

 

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