Pune, Jan. 03, 2023 (GLOBE NEWSWIRE) -- As per Maximize Market research, The Pen Needles Market Size was estimated at USD 1.5 billion in 2021 and is projected to reach USD 3.5 billion by 2029, exhibiting a CAGR of 11.5 % during the forecast period.
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Pen Needles Market Research Methodology:
"Pen needles market" report presents a comprehensive market overview, market shares, and growth opportunities by product, needle length, therapy, and regions. The market size and share for a given segment are estimated by using qualitative and quantitative analysis. Pen needles market research reports and other insights are carefully reviewed and scrutinized by the senior research team to ensure that the research methodology is sound, all information provided is accurate, analyst assumptions are carefully documented, and conclusions are well-supported.
A bottom-up analysis is done by estimating potential sales to determine a total sales figure. The analysis of key competitors, including market leaders, followers, and new entrants, covers each aspect of the market. The pen needles market size is estimated based on company revenues. Our analyst has also given a profiling of some of the leading key players in the pen needles market. For companies, where revenue information is not easily available, their contribution to the total market size is considered relatively modest. Primary research was carried out through emails, telephonic conversations, referrals, professional networks, and formal interactions to get accurate information about the market size, share, growth, and forecasts.
Pen Needles Market Overview
Pen needles and injection pens are used to provide injectable drugs to the body. Diabetes patients regularly use pen needles to inject themselves with insulin. Injection pens and pen needles are two alternatives to the conventional syringe or vial approach for drug administration. Needle technology has developed significantly in the last few decades. Pen needles are currently made and designed for ease of use, with electro-polishing for smoothness and tiny, thin point tips for ease of penetration.
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Pen Needles Market Dynamics
Chronic diseases are now significantly more common than they were only a few years ago. Diabetes, osteoporosis, cardiovascular disease (CVD), and multiple sclerosis all necessitate the daily or weekly administration of medications, which are commonly given using pen injectors. Pen injectors have rapidly replaced other injectable medication delivery methods as the market's new norm. Their ease of use, reliability, and ability to be taken directly by the patient without the assistance of a doctor have all contributed to their meteoric growth in popularity. According to the MMR, nearly 537 million people were suffering from diabetes in 2021 across the globe. Diabetes' increasing prevalence has increased the demand for pen needles. Diabetes patients frequently utilize injectable pen devices, which ease drug delivery. Also, obesity is a major cause of diabetes. Obese persons often have type 2 diabetes, making them one of the target market's highest revenue contributors.
There are various types of pen needles on the market, and demand for each type is determined by the consumer's individual preferences. According to MMR, most end-users prefer the type of pen needle that is more comfortable for them and works well with their insulin pen. Some people in the pen needles market prefer disposable pen needles, while others prefer reusable ones. Our data show that disposable pen needles are convenient because users may simply throw them away after each use. However, we may detect a minor market trend toward reusable pen needles, which can be more cost-effective in the long term but require more care and cleaning between uses.
Pen Needles Market Regional Insights
Asia Pacific is expected to achieve the highest CAGR of 15.6% in the pen needles market. Obesity, diabetes, and other lifestyle issues are on the rise. The lack of acceptance of the latest recent pen needles is due to a shortage of awareness about improved products and the absence of government-funded insurance and reimbursement programs. However, this region has the highest prevalence of diabetes in the world. Major market players are working hard to provide reasonable solutions since this would encourage more people to use cutting-edge treatment options. Increasing healthcare tourism is one of the causes of bringing more international players to this region.
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Pen Needles Market Segmentation
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
Pen Needles Market Key Competitors:
- Becton
- Dickinson and Company
- Novo Nordisk A/S
- Ypsomed Holding AG
- B. Braun Melsungen AG
- Owen Mumford
- Terumo Corporation
- Nipro Corporation
- Allison Medical
- AdvaCare Pharma
- Berpu Medical Technology
- ARKRAY
- GlucoRx
- HTL-STREFA
- UltiMed
- Hindustan Syringes and Medical Devices
- Artsana Group
- PromiseMed Diabetes Care
- Montmed
- Trividia Health
- VOGT Medical Vertrieb
- Van Heek Medical
- Simple Diagnostics
- Iyon
- Links Medical Products
- MHC Medical Products
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Key questions answered in the Pen Needles Market are:
- What are Pen Needles?
- What is the growth rate of the Pen Needles Market over the forecast period?
- What is the nature of competition in the Pen Needles industry in developed economies and developing economies?
- Who are the key players in the Pen Needles Market?
- Who are the market leaders in Pen Needles in Europe?
- Who are the market leaders in Pen Needles in USA and Canada?
- Who are the market leaders in Pen Needles in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Pen Needles Market?
- Who held the largest market share in the Pen Needles Market?
- What are the factors for the growth of the Asia-Pacific region in the Pen Needles Market?
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