Portland, OR, June 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), by Needle Length (Short Length Pen Needles, Medium Length Pen Needles, Long Length Pen Needles), by Distribution Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies, Online Providers): Global Opportunity Analysis and Industry Forecast, 2023-2032". The global pen needles market was valued at $1.7 billion in 2022, and is projected to reach $4.5 million by 2032, registering a CAGR of 10.3% from 2023 to 2032.
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Prime determinants of growth
The growth of the global pen needles market is driven by multiple factors, including an increase in the prevalence of chronic conditions, a surge in awareness and adoption of injector pens, and advantages offered by pen needles over traditional syringes. The rising prevalence of chronic diseases, such as diabetes, necessitates frequent and precise administration of medications, which has led to an increased demand for pen needles. Moreover, the growing awareness and adoption of injector pens as a preferred method for self-administration of medications have propelled the market forward, as these devices offer ease of use, accurate dosing, and reduced needlestick injuries.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.7 billion |
| Market Size in 2032 | $4.5 billion |
| CAGR | 10.3% |
| No. of Pages in Report | 250 |
| Segments covered | Type, Needle Length, Distribution Channel, And Region |
| Drivers | Increase in prevalence of chronic conditions Surge in awareness and adoption of injector pens Advantages offered by pen needles over traditional syringes |
| Opportunities | Technological advancements in pen needles |
| Restraints | Availability of alternative modes of delivery Safety concerns regarding pen needles |
Covid-19 Scenario
- The COVID-19 pandemic had a negative impact on the pen needle market, owing to temporary closure of production facilities during the prolonged lockdown in major countries. The pandemic also disrupted global supply chains and affected the demand for medical devices including pen needles.
- In addition, the pandemic led to disruptions in healthcare systems and changes in healthcare delivery, which affected the management of diabetes and access to essential diabetes care.
- Growing focus on home healthcare and self-care among the people after pandemic is anticipated to drive market growth. This has led to increased demand for medical devices such as pen needles, which are used for self-administration of medicine in various therapies.
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The standard pen needles segment to maintain its leadership status throughout the forecast period.
Based on type, the standard pen needles segment held the highest market share in 2022, accounting for more than three-fifths of the global pen needles market revenue and is estimated to maintain its leadership status throughout the forecast period. On the other hand, safety pen needles segment is projected to manifest the highest CAGR of 11.6% from 2023 to 2032, owing to the rising cases of needle stick injuries around the globe.
The medium length pen needles segment to maintain its leadership status throughout the forecast period.
Based on needle length, the medium length pen needles segment held the highest market share in 2022, accounting for nearly half of the global pen needles market and is estimated to maintain its leadership status throughout the forecast period. This growth is attributed to the presence of key players in the market offering medium length pen needles. The products offered by the key players increase the adoption of medium length pen needles, which contributes to the growth of the market. However, the short length pen needles segment is projected to manifest the highest CAGR of 10.8% from 2023 to 2032. The growth is attributed to the advantages offered by the short length pen needles such as reducing the risk of accidental needle sticks and may be a safer option for healthcare professionals who handle used needles.
The drug stores & retail pharmacies segment to maintain its lead position during the forecast period.
Based on distribution channel, the drug stores & retail pharmacies segment accounted for the largest share in 2022, accounting for nearly three-fifths of the global pen needles market revenue and is projected to maintain its lead position during the forecast period. The drug stores & retail pharmacies offer a wide range of pen needles, including standard, safety, short, and medium length pen needles in assorted sizes and gauges from different manufacturers. This offers customers the chance to choose from many different options, which contributes to market growth. However, the online providers segment is expected to portray the highest CAGR of 11.3% from 2023 to 2032. Online platforms' quick accessibility, time savings, and significant discounts and incentives boost the sale of pen needles. Moreover, surge in online services and increase in penetration of e-commerce platforms are expected to notably contribute toward the growth of the global market.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global pen needles market revenue and is likely to dominate the market during the forecast period. The growth is attributed to the well-developed healthcare infrastructure, rise in awareness among consumers about advancements in needle technology, and surge in demand for injector pens with subsequent rise in demand for pen needles in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.2% from 2023 to 2032, owing to large population base in countries such as China and India, rising healthcare expenditure, and developing healthcare infrastructure in this region
Leading Market Players: -
- Allison Medical Inc.
- B. Braun SE
- Novo Nordisk A/S
- Owen Mumford Ltd.
- Terumo Corporation
- Trividia Health, Inc.
- Ultimed, Inc.
- Ypsomed AG
- MTD Medical Technology and Devices S.P.A
- Embecta Corp.
The report provides a detailed analysis of these key players in the global pen needles market. These players have adopted different strategies such geographical expansion, product launch, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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