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).

Pen Needles Market Size, Share, Growth Analysis, By Type (Standard Pen Needles, Safety Pen Needles), By Length (4mm, 5mm), By Application (Insulin Therapy, Growth Hormone Therapy), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2722 | Region: Global | Published Date: October, 2024
Pages: 165 | Tables: 88 | Figures: 76

Pen Needles Market News

In September 2022, Microsoft and Novo Nordisk announced a new strategic partnership to combine Microsoft's computational services, cloud, and artificial intelligence (AI) with Novo Nordisk's drug discovery, development, and data science expertise.
In September 2022, Novo Nordisk. announced the acquisition of Forma Therapeutics. Forma Therapeutics is dedicated to improving the lives of patients suffering from sickle cell disease (SCD) and rare blood disorders.

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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 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 (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. '

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.

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.

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.

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Pen Needles Market Size, Share, Growth Analysis, By Type (Standard Pen Needles, Safety Pen Needles), By Length (4mm, 5mm), By Application (Insulin Therapy, Growth Hormone Therapy), By Region - Industry Forecast 2024-2031

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