June 25, 2024

Pen Needles Market Size To Rise USD 9.48 Billion By 2032

The global pen needles market size is projected to touch around USD 9.48 billion by 2032 and growing at a CAGR of 11.70% over the forecast period 2023 to 2032.

Key Takeaways

  • Europe contributed more than 38% of revenue share in 2022.
  • Asia-Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
  • By product, the standard segment has held the largest market share of 87% in 2022.
  • By product, the safety pen needles segment is anticipated to grow at a remarkable CAGR of 13.1% between 2023 and 2032.
  • By needle length, the 8mm segment generated over 35% of revenue share in 2022.
  • By needle length, the 4mm segment is expected to expand at the fastest CAGR over the projected period.
  • By therapy, the insulin therapy segment generated over 78% of revenue share in 2022.
  • By therapy, the glucagon-like-peptide-1 segment is expected to expand at the fastest CAGR over the projected period.

The Pen Needles Market is a crucial segment within the healthcare industry, primarily focusing on the manufacturing and distribution of pen needles used for injecting insulin. As diabetes continues to rise globally, the demand for convenient and efficient insulin delivery methods has propelled the growth of this market.

Pen Needles Market Size 2023 To 2032

Growth Factors

Several factors contribute to the growth of the Pen Needles Market. The increasing prevalence of diabetes, coupled with a growing awareness of the importance of timely insulin administration, has been a significant driver. Technological advancements in pen needle design, such as the development of shorter and thinner needles, enhance patient comfort and drive market expansion. Moreover, the rise in home healthcare services and the preference for self-administration of insulin further fuel the demand for pen needles.

Get a Sample: https://www.precedenceresearch.com/sample/3627

Opportunities:

The Pen Needles Market presents promising opportunities for innovation and market expansion. Collaborations between pharmaceutical companies and device manufacturers for the development of smart insulin pens with integrated connectivity features are on the horizon. Additionally, expanding the market reach in emerging economies, where diabetes prevalence is escalating, opens up new avenues for growth. The emphasis on eco-friendly and sustainable materials in pen needle production aligns with the increasing focus on environmentally conscious healthcare solutions, offering a unique opportunity for market players to differentiate themselves.

Challenges:

Despite its growth, the Pen Needles Market faces challenges that warrant attention. Stringent regulatory requirements for product approval and the need for compliance with varying standards across different regions can pose obstacles to market entry. Price competition among key players and generic alternatives entering the market may lead to pricing pressures, impacting profit margins. Ensuring the safe disposal of used pen needles is another challenge, requiring effective education and infrastructure development to prevent environmental and health hazards.

Pen Needles Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 11.70%
Market Size in 2023 USD 3.50 Billion
Market Size by 2032 USD 9.48 Billion
Largest Market Europe
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Product, By Needle Length, By Therapy
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

By Product

Insulin Pen Needles: Insulin pen needles are a vital product category within the market, serving individuals requiring insulin injections for diabetes management. These needles come in various lengths and gauges, providing flexibility to meet different patient needs and preferences.

Safety Pen Needles: Safety pen needles represent a segment focused on minimizing needlestick injuries and promoting overall user safety. The demand for safety features in medical devices has driven the growth of this product category, appealing to healthcare professionals and patients concerned about needle-related risks.

Standard Pen Needles: Standard pen needles, with their well-established usage, continue to be a cornerstone in the market. Designed for regular insulin injections, they come in different lengths and gauges, providing a more conventional option for patients and healthcare providers.

Nano Pen Needles: Nano pen needles, featuring ultra-fine and short needle lengths, address the growing demand for less invasive and more comfortable injection experiences. This product category is gaining popularity among individuals seeking a gentler approach to subcutaneous injections.

By Needle Length:

Short Needle Pen Needles: Short needle pen needles cater to patients who prefer or require a shorter needle length for their injections. This category is often chosen for its ease of use and reduced risk of intramuscular injections.

Standard Needle Pen Needles: Standard needle pen needles provide a middle-ground option, balancing length and versatility. They are suitable for a wide range of patients and injection preferences, contributing to their continued relevance in the market.

Long Needle Pen Needles: Long needle pen needles accommodate specific medical needs, such as reaching deeper subcutaneous tissue layers. This category is utilized in certain therapeutic contexts where longer needle lengths are necessary.

By Therapy:

Diabetes: The diabetes segment dominates the market, with pen needles playing a crucial role in insulin delivery. This includes insulin pen needles designed for both standard and safety applications, meeting the diverse needs of diabetes patients.

Growth Hormone Therapy: Pen needles are also utilized in growth hormone therapy, providing a convenient and efficient method for the subcutaneous administration of growth hormones. This application highlights the versatility of pen needles across different medical treatments.

Other Therapies: Beyond diabetes and growth hormone therapy, pen needles find application in various other medical conditions requiring subcutaneous injections. This category reflects the expanding utility of pen needles in diverse therapeutic contexts, contributing to the overall growth of the market.

Read Also: Robotic Dentistry Market Size To Rise USD 1,714.14 Million By 2032

Recent Developments

  • Roche Diabetic Care introduced pen needles featuring ACCU-FINE technology, emphasizing painless insulin administration. This technological advancement aligns with the industry’s continuous efforts to enhance patient comfort and compliance in insulin delivery, marking a notable contribution to the evolving landscape of diabetes management. Both announcements highlight the ongoing efforts within the market to bring forth cutting-edge solutions for more effective and patient-friendly insulin administration.

Pen Needles Market Players

  • Becton, Dickinson and Company
  • Novo Nordisk A/S
  • Ypsomed AG
  • Owen Mumford Ltd.
  • HTL-STREFA S.A.
  • Terumo Corporation
  • Allison Medical, Inc.
  • Artsana S.p.A.
  • Trividia Health, Inc.
  • Perrigo Company plc
  • B. Braun Melsungen AG
  • UltiMed, Inc.
  • Simple Diagnostics
  • Arkray, Inc.
  • GlucoRx Ltd.

Segments Covered in the Report

By Product

  • Standard Pen Needles
  • Safety Pen Needles

By Needle Length

  • 4 mm
  • 5 mm
  • 6 mm
  • 8 mm
  • 10 mm
  • 12 mm

By Therapy

  • Insulin
  • Glucagon-like-Peptide-1 (GLP-1)
  • Growth Hormone

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.expresswebwire.com/

Blog: https://www.uswebwire.com/

Blog: https://www.dailytechbulletin.com/

Blog: https://www.autoindustrybulletin.com/


Leave a Reply

Your email address will not be published. Required fields are marked *