New York, Nov. 21, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on "Pen Needles Market Size, Share, Growth, Trends and Forecast to 2025 – Global Analysis – by Type, Therapy, Length, and Geography," the global market is expected to grow from USD 1.6 billion in 2017 to USD 2.2 billion by 2025; it is estimated to grow at a CAGR of 4.6% from 2018 to 2025. The development of cost-effective options for pen needles are likely to have a positive impact on the growth of the global pen needles market in the coming years. However, the availability of alternatives for drug delivery and reuse of pen needles are restraining the market growth.
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Global Pen Needles Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.6 billion in 2017 |
| Market Size Value by | USD 2.2 billion by 2025 |
| Growth rate | CAGR of 4.6% from 2018 to 2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2017 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Type, Therapy, Length, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Insulin pens were introduced in the market in the mid-1980s and are the most commonly used devices by diabetics for injecting insulin. Although injecting with syringes is still the most predominant method, majority of the people are seeing the benefits of using insulin pen device and diabetic pen needles over the standard ones. One such example is ease of use, particularly for older adults and children.
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Global Pen Needles Market: Competitive Landscape and Key Developments
BD; Novo Nordisk; YPSOMED AG; B. Braun Melsungen AG; Owen Mumford, Ltd.; HTL-Strefa S.A.; Ultimed, Inc.; Terumo Corporation; Allison Medical, Inc.; and Artsana S.p.A. are a few key companies operating in the global pen needles market. These companies adopt product innovation strategies to meet the evolving customer demands, allowing them to maintain their brand name in the global pen needles market.
In May 2018, InvestIndistrial—a leading European investment group—announced the acquisition of HTL-Strefa S.A. The company is expected to have significant revenues for research and development and other funds for marketing and distribution purposes.
Global Pen Needles Market: Growth Drivers
Growing Number of Diabetic Patients
Patients suffering from diabetes require external administration of insulin (patients with type-I on a daily basis), which can be performed with the help of traditional needles attached to syringes or advanced pen needles compatible with insulin. The rising incidences of diabetes is expected to propel the demand for pen needles, thereby fostering its market growth. According to the American Diabetes Association, ~30.3 million people—accounting up to 9.4% of American population—suffered from diabetes, of which 1.25 million children suffered with diabetes type-I.
Moreover, the data suggests that 1.5 million Americans are diagnosed with diabetes every year in the US. Similar trends for high presence of diabetes are prevalent around other geographies, including Asia Pacific, Europe, and the Middle East & Africa. According to IDF Diabetes Atlas published by the International Diabetes Federation in 2017, Southeast Asia is home to approximately one-fifth (19%) of the total diabetes population worldwide. Thus, the rapidly increasing diabetic population due to obesity, sedentary lifestyle, and unhealthy eating habits is expected to accelerate the growth of the pen needles market over the forecast period.
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Development of Cost-Efficient Pen Needles
Pen needles attached to injection pens have been found to be re-used by patients at a significant rate. One of the major reasons behind this reuse is known to be the cost of these needles. Although the initial price of these pen needles is on a lower side, the existing prices are still a reason for lesser number of units sold compared to the doses administered by patients on an average. According to a survey conducted by Becton, Dickinson and Company (BD) in determining the pattern of pen needle usage among population during 2014–2015, 23.3% participants in the survey reported reuse of pen needles due to the price of these needles, as well as for cost-saving purposes. Thus, the market launch of affordable yet efficient pen needles is expected to be one of the potential opportunities that can be utilized by market players to increase their sales, and thereby establish a significant position in the highly competitive pen needles market.
A few top companies have also started taking steps toward the development and launch of such products in the market. In July 2017, as a part of action of the Health Service Medical Supplies Act 2017, Becton, Dickinson and Company (BD) launched Viva insulin pen needles as a cost-effective option for people with diabetes to accommodate extreme budgetary pressure on the National Health Services (NHS). The company aimed to ensure presence of cost-effective options for high-quality pen needles in the UK. Various similar launches are expected to provide growth opportunities to emerging and local players in the global pen needles market.
Global Pen Needles Market: Segmental Overview
Based on type, the pen needles market is segmented into standard pen needles and safety pen needles. In 2017, the standard pen needles segment held a larger share of the market. The safety pen needles segment is expected to grow at a faster rate during the coming years.
Based on therapy, the market is segmented into insulin, GLP-1, and growth hormone. In 2017, the insulin therapy segment held the largest share of the market and is expected to grow at the fastest rate during the coming years.
Based on the length, the market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. In 2017, the 4mm segment held the largest share of the market and is expected to grow at the fastest rate during the coming year.
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