Pen Needles Market Size, Share, Growth Analysis, By Type(Standard Pen Needles, and Safety Pen Needles), By Length(4mm, 5mm, 6mm, 8mm), By Application(Insulin Therapy, GLP-1 Therapy, Growth Hormone Therapy, Osteoporosis), By Mode Of Purchase(Prescription-based, Over the Counter, Online Purchase, and Other Modes of Purchase), By Setting(Homecare, Hospitals & Clinics, and other settings), By Region - Industry Forecast 2024-2031

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 rising incidence of diabetes has increased the demand for pen needles. The International Diabetes Federation projects that more than 642 million people will have diabetes by 2031. During the projection period, the target market is anticipated to expand steadily in response to the growing diabetes population. Patients with diabetes regularly use these products to inject insulin or other injectable medications. Obese individuals are at a greater risk of developing diabetes. According to Diabetes.co.uk, 80-85 percent of the risk of acquiring diabetes is attributed to obesity.

Lancet and pen needles are the most practical and rapid methods of injecting medication. Pen needles are in great demand in tandem with the increased demand for insulin pens among diabetic patients. These gadgets used with insulin pens aid in the administration of the medication to the patient. It is projected that technological advances in the various types of products would also contribute to the expansion of the lancet and pen needles market during the projection period.

US Pen Needles Market is poised to grow at a sustainable CAGR for the next forecast year.