Chicago, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The pen needles industry is poised for significant growth in the near future. With the increasing prevalence of diabetes and the growing demand for convenient and efficient insulin delivery methods, pen needles are set to play a pivotal role in this space. Advancements in technology, such as ultra-thin and painless needles, coupled with user-friendly designs, will continue to drive innovation. Furthermore, the global focus on healthcare and the importance of self-administered therapies during the COVID-19 pandemic have highlighted the importance of pen needles, further boosting their adoption. As healthcare systems worldwide evolve, the pen needles industry is expected to flourish, providing patients with improved access to precise and hassle-free insulin delivery solutions.
Pen Needles market in terms of revenue was estimated to be worth $1.6 billion in 2023 and is poised to reach $2.5 billion by 2028, growing at a CAGR of 9.1% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Major factors such as growing adoption of self-administration and decreasing price of insulin formulations and related devices by major players are expected to drive the market during the forecast period. In this report, the pen needles market is segmented by type, length, application, mode of purchase, setting, and region.
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Pen Needles Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $1.6 billion |
| Estimated Value by 2028 | $2.5 billion |
| Growth Rate | Poised to grow at a CAGR of 9.1% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Type, Setting, Mode of Purchase, Region, and Length |
| Geographies Covered | Europe (Germany, the UK, France, Italy, Spain, and RoE), North America (US & Canada), LATAM (Brazil, Mexico, and RoLATAM), APAC (Japan, China, Australia, South Korea India, and the RoAPAC), and MEA |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Emerging markets |
| Key Market Drivers | Growing adoption of self-administration |
Pen Needles market major players covered in the report, such as:
- Embecta Corp. (US)
- Novo Nordisk (Denmark)
- Ypsomed Holding AG (Switzerland)
- B. Braun Melsungen AG (Germany)
- Owen Mumford (UK)
- Terumo Corporation (Japan)
- Nipro Corporation (Japan)
- Allison Medical (US)
- AdvaCare Pharma (US)
- Berpu Medical Technology (China)
- ARKRAY (Japan)
- GlucoRx (UK)
- HTL-STREFA (Poland)
- UltiMed, (US)
- Hindustan Syringes and Medical Devices (India)
- Artsana Group (Italy)
- PromiseMed Diabetes Care (Canada)
- Montmed (Canada)
- Trividia Health (US)
- VOGT Medical Vertrieb (Germany)
- Van Heek Medical (Netherlands)
- Simple Diagnostics (US)
- Iyon (Turkey)
- Links Medical Products (US)
- MHC Medical Products (US)
- and Among Others
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This research report categorizes the pen needles market based on setting, length, region, type, mode of purchase, and application.
By Type
- Standard Pen Needles
- Safety Pen Needles
By Length
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
By Application
- Insulin Therapy
- GLP-1 Therapy
- Growth Hormone Therapy
- Osteoporosis
- Other Applications
By Mode of Purchase
- Prescription-based
- Over the Counter
- Online Purchase
- Other Modes of Purchase
By Setting
- Homecare
- Hospitals & Clinics
- Other settings
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- RoE
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Southeast Asia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
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The key stakeholders in the Pen Needles market include:
- Manufacturers of pen needles, insulin pens, injectable drug delivery devices, and diabetes supplies
- Original equipment manufacturing companies
- Suppliers and distributors of pen needles, insulin pens, injectable drug delivery devices, and diabetes supplies
- Healthcare service providers
- Teaching hospitals and academic medical centers
- Health insurance players
- Government bodies/municipal corporations
- Regulatory bodies
- Business research and consulting service providers
- Authorities framing reimbursement policies for pen needles
- Venture capitalists
- Market research and consulting firms
Recent Developments:
- In February 2023, Montmed, Inc. (Canada) announced issuance of a second US Patent for Sitesmart Pen Needles.
- In April 2022, Embecta Corp. (US) completed the spin-off from Becton, Dickinson and Company (US) and started operating globally as a standalone pure-play diabetes care company.
- In February 2021, UltiMed, Inc. (US) launched UltiCare safety pen needles in two sizes, 5mm 30G and 8mm 30 G.
- In January 2021, NHS (UK) chose Owen Mumford (UK) as the sole supplier of safety pen needles. With this partnership, Owen’s pen needles will be used in all NHS Wales hospitals.
Frequently Asked Questions (FAQs) of Pen Needles Market:
What are the drivers for the pen needles market?
A favorable reimbursement scenario in select countries and decreasing price of insulin formulations and related devices by major players are likely to propel the market growth, among other factors, during the forecast period. Additionally, the growing preference for biosimilar drugs, emerging markets, increasing healthcare expenditure on diabetes care, and mandates pertaining to safety pen needles provide a wide range of growth opportunities for key players in the market.
By Type, which segment provides the most opportunity for growth?
By type, the safety pen needles segment is expected to grow at a faster rate, while the standard pen needles segment is set to occupy the larger market share, even during the forecast period. The fast growth of the safety pen needles segment can be attributed to the fact that many national and international organizations are recommending using safety syringes and needles to prevent needlestick injuries. Since pen needles are most often used at home without the presence of a healthcare professional, usage of pen needles gains even more importance.
Who are the leading vendors operating in this market?
Embecta Corp. (US), Novo Nordisk (Denmark), Ypsomed Holding AG (Switzerland), and B. Braun Melsungen AG (Germany) are some of the leading players in the pen needles market.
Which region is expected to witness significant demand for pen needles in the coming years?
The Asia Pacific is the fastest-growing geographic segment in the pen needles market, during the forecast period. This is attributed to the rising population base with chronic diseases, especially diabetes, increase in the healthcare expenditure, growing utilization of pen injectors, and lower manufacturing costs in the region.
What is the impact of recession on pen needles market in the coming years?
Since diabetes is a chronic condition which requires daily injections, the existing demand for pen needles is expected to remain stable during the recession. However, other cheaper methods of administering insulin, including syringes, might become the better choice for new users.
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Report Objectives:
- To define, describe, and forecast the global pen needles market on the basis of length, application, type, setting, mode of purchase, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for major market leaders
- To forecast the size of the market segments with respect to five main regions, namely, North America (the US and Canada), Europe (Germany, the UK, France, Italy, Spain, and Rest of Europe), Asia Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, and Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa
- To profile the key market players and comprehensively analyze their market shares and core competencies2
- To track and analyze competitive developments such as partnerships, agreements, collaborations, and expansions in the global pen needles market
Related Reports:
Insulin Delivery Devices Market
Pharmaceutical Drug Delivery Market
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