Pen Needles Market Size, Share, Industry, Forecast and outlook (2023-2030)
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, 2023- 2030.
Pen Needles Market Overview
Pen Needles Market is expected to grow at a CAGR of 6.5% during the forecasting period (2023- 2030). 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.
As per DataM Intelligence, Pen Needles Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Pen Needles Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
Among all regions, the North American region is expected to hold the largest share of the global market over the forecast period. Pen Needles Market in the United States and Canada produces the utmost share. Whereas the European Pen Needles Market is projected to continue its presence globally during the period of 2022- 2029.
Pen Needles Market Report Summary and Scope
Metrics |
Details |
Market CAGR |
6.5% |
Segments Covered |
By Type, By Length, By Therapy, By Mode of Purchase, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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Pen Needles Market Growth
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 the growing prevalence of chronic diseases are expected to drive the growth.
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 sharpness are critical to ensure 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 hamper 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 market growth. Although needle-free drug delivery technologies have addressed this issue to an extent, their range of applications in therapeutic areas is limited.
Industry Analysis
The pen needles market provides in-depth analysis of the market based on various industry factors such as epidemiology, unmet needs, pricing analysis, supply chain analysis, regulatory analysis etc.
COVID-19 Impact Analysis on Pen Needles Market
Type 2 diabetes, hypertension, and CVD significantly increase the risk of hospitalization and death in COVID-19 patients. Hence, managing these comorbidities has increased the focus on 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 of 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. They 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.
Pen Needles Market Segmentation Analysis
The standard pen needles segment is expected to hold the largest market share in the pen needles market.
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. For instance, Sol-M Standard Pen Needle provides accurate and reliable insulin delivery. They are engineered for comfortable medication delivery with silicone oil lubrication, sharp triple bevel, and thin wall technology. Therefore, it has increased the demand for standard pen needles. Thus, from the above statements, the market segment accounted for the largest market share in the forecast period.
Pen Needles Market Geographical Share
North American region is expected to hold the largest market share in the 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 developing 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 needle length. For instance, Novo Nordisk announced the commercial availability of NovoFine Plus, the shortest and thinnest needle in the US Pen needles of shorter length could be easily used by everyone, including overweight patients.
Pen Needles Market Competitive Landscape
Major key players in the pen needles market are 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.
Becton, Dickinson and 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:
BD Ultra-Fine Mini Pen Needles 5mm: BD Ultra-Fine III Mini Pen Needles 5MM 31G is an ultra-fine pen needle that can be used for injecting insulin.
The global pen needles market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.