What is the global market size of Pen Needles Market?

Pen Needles Market size was valued at USD 2.7 billion in 2021 and is poised to grow from USD 3.1 billion in 2022 to USD 7.7 billion by 2030, growing at a CAGR of 12.1% in the forecast period (2023-2030).

Who are the key vendors in the Global Pen Needles Market?

The pen needles market is relatively fragmented, with a high level of competition. Few large players, like Terumo Corp., Novo Nordisk A/S, and Allison Medical, Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Becton, Dickinson, and Company', 'Novo Nordisk A/S', 'Ypsomed AG', 'Owen Mumford Ltd.', 'Terumo Corporation', 'HTL-STREFA S.A.', 'Allison Medical, Inc.', 'UltiMed, Inc.', 'Artsana S.p.A.', 'Trividia Health, Inc.', 'MedExel Co., Ltd.', 'Haselmeier GmbH', 'Delfu Medical Device Co., Ltd.', 'Shanghai Neo-Medical Co., Ltd.', 'Henso Medical (Hangzhou) Co., Ltd.', 'Injex Pharma AG', 'Sarstedt AG & Co. KG', 'A.Menarini Diagnostics s.r.l.', 'Stat Medical Devices, Inc.', 'Perrigo Company plc'

What is the key driver of Global Pen Needles Market?

Chronic diseases have increased in prevalence. Diabetes, osteoporosis, cardiovascular disease, and multiple sclerosis necessitate daily or weekly pen injections. Pen injectors are the new standard for administering injectable medications. The demand for pen needles is driven due to their simplicity, dependability, and ability to be self-administered. The needle of the pen injector is removable. The length and sharpness of the needle are essential for drug administration. The increased prevalence of chronic diseases has led to a greater emphasis on pen needle technologies to accommodate growing patient numbers and improve patient adherence. These are some of the factors driving the demand for the global pen needle market during the analysis period.

What is the key market trend for Global Pen Needles Market?

Short and thin needles are the latest trend in the market and driving the pen needles market. Shorter pen needles are suitable for use by everyone, especially obese people. In comparison to syringes and bottles, insulin pens with needles are regarded as a superior alternative drug administration method. Traditional syringes are cumbersome and make self-administration challenging. However, pen needles have sharp, fine-pointed ends that facilitate easy muscle penetration. These needles also promote insulin administration safety among diabetic patients. These are factors driving the pen needles market during the analysis period.

Which region accounted for the largest share in Pen Needles Market?

North America is expected to lead the global pen needles market in 2021 due to the region's increased diabetes prevalence. The National Diabetes Statistics Report for 2020 estimates that 34.2 million Americans have diabetes. Also contributing to its domination are the availability of favorable reimbursement circumstances and rising investments in insulin pen research and development. Due to the expanding elderly population and the rising prevalence of diabetes, the European market is expected to have significant growth over the forecast period. In Asia-Pacific and Latin America, the growth of the insulin pen needles market is anticipated to be fueled by a growing diabetic patient population, a growing desire for home-use applications and safety vaccines, and an increase in public awareness of insulin pen needles. In contrast, the Middle East and Africa are anticipated to have lucrative growth in the pen needles market shortly as a result of the increasing technological advances in insulin pens.

Pen Needles Companies

Pen Needles Market Competitive Landscape

Pen Needles Market Top Player’s Company Profiles

Becton, Dickinson, and Company (BD)
Novo Nordisk A/S
Ypsomed AG
Owen Mumford Ltd
Terumo Corporation
HTL-STREFA S.A.
Allison Medical, Inc.
UltiMed, Inc.
Artsana S.p.A.
Trividia Health, Inc.
MedExel Co., Ltd.
Haselmeier GmbH
Delfu Medical Device Co., Ltd.
Shanghai Neo-Medical Co., Ltd.
Henso Medical (Hangzhou) Co., Ltd.

Pen Needles Market

FAQs

Global Pen Needles Market size was valued at around USD 1.3 billion in 2022 and is expected to rise from USD 1.4 billion in 2023 to reach a value of USD 2.7 billion by 2031, at a CAGR of 8.9% over the forecast period (2024–2031).

The global pen needles market scenario is full of opportunities as there is intense competition along the rival companies – with the incidence of innovation, safety features adoption, and enhancement of the product lines to meet the demand saturation. The leading market participants are Becton Dickinson and Company, Novo Nordisk, Medtronic, Terumo Corporation among others. These firms are spending money on research and development of new needle systems, ensuring the safety of the users and ease of use of the needles. These companies are also actively enhancing in organic growth through strategic partnerships and acquisitions as well as regional growth, thereby expending the global pen needles market outlook and improving diabetes management around the globe. 'Becton, Dickinson, and Company (BD) ', 'Novo Nordisk A/S ', 'Ypsomed AG ', 'Owen Mumford Ltd ', 'Terumo Corporation ', 'HTL-STREFA S.A. ', 'Allison Medical, Inc. ', 'UltiMed, Inc. ', 'Artsana S.p.A. ', 'Trividia Health, Inc. ', 'MedExel Co., Ltd. ', 'Haselmeier GmbH ', 'Delfu Medical Device Co., Ltd. ', 'Shanghai Neo-Medical Co., Ltd. ', 'Henso Medical (Hangzhou) Co., Ltd. '

The global pen needles market is emerging due to growing diabetes population as more people are in need of efficient, convenient methods of insulin delivery. Due to the growing number of such chronic conditions the prevalence of pen needles is on the rise where most healthcare providers and even patients are now choosing safe easy to use injectables for the management of diabetes.

Growing Demand for Safety Pen Needles: There is a growing patient safety concern which is leading to a rise in the use of safety pen needles with mechanisms designed to minimize needlestick injuries. These factors coupled with increased awareness and regulations are fuelling the uptake of these needles which makes them a significant development in the global pen needles market.

North America dominates the global pen needles market due to a high prevalence of diabetes, robust healthcare infrastructure, and greater adoption of advanced medical devices. This region experiences a growing demand for pen needles owing to the large healthcare expenditure and insurance coverage available, as well as government efforts to enhance the management of diabetes. In addition to this, increased awareness and education on diabetes self-care encourages the use of pen injectors, which further propels the market. North America-based major market players also encourage innovation by coming up with better and advanced pen needle models which improve comfort and compliance among patients. This entire well-established support system makes North America the dominant market for pen needles.

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What is the global market size of Pen Needles Market?

Who are the key vendors in the Pen Needles Market?

What is the key driver of Pen Needles Market?

What is the key market trend for Pen Needles Market?

Which region accounted for the largest share in Pen Needles Market?

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