Newark, Oct. 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global pen needles market is expected to grow from USD 2.95 billion in 2021 to USD 8.91 billion by 2030, at a CAGR of 13.07% during the forecast period 2022-2030.
To administer, pen injectors and pen needles are employed. A pen needle is made up of a hollow needle attached to an injection pen via a plastic hub. Different lengths and sizes of pen needles are available. Health care practitioners inject various drugs using these pen needles. Due to their daily requirement for many insulin injections, people with diabetes frequently utilize pen needles. Alternatives to the conventional syringe or vial technique of medicine administration include injection pens and pen needles. In the last few decades, needle technology has seen tremendous development. Pen needles are already produced and designed to be easier to use, with electro-polished needles that are smooth and have thin point tips that are simple to penetrate. In addition to having plastic caps for safety, these pen needles also contain lubrication for greater glide and less friction and separate wrapping for sterilization.
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Pen Needles Market Report Scope
| Report Attributes | Details |
| Market Size (2030) | Around $8.91 Billion |
| Market Size (2021) | $2.95 Billion |
| CAGR (2022-2030) | Over 13.07% |
| Base Year | 2021 |
| Forecast Year | 2022-2030 |
| Market Segments | By Product Type, Therapy, Regions |
| Geographic Analysis | North America, Europe, South America, Asia Pacific, the Middle East, and Africa |
The prevalence of serious illnesses has increased substantially in a few years. Diabetes, osteoporosis, cardiovascular disease (CVD), and multiple sclerosis are among the conditions requiring daily or weekly drug administration, frequently given by pen injectors. Pen injectors have replaced previous injectable pharmaceutical delivery methods as the new standard in the continuously growing industry. Their popularity has surged due to their simplicity of use, reliability, and ability to be administered by patients without a doctor's help. Pen needles are an easy and practical way to give medication, but they can also cause pain, hyperglycemia, scars from needlesticks, and infections. Some individuals who use insulin pens have hyperglycemia because the dosage of the drug cannot be adjusted. Because they can immediately discontinue insulin and reduce the danger of hypoglycemia, insulin pumps have taken the role of insulin pens in treating diabetes. This is a crucial factor restricting the market growth. Needle-free medicine administration techniques have helped, but their therapeutic applicability is still relatively limited.
Competitive Strategy
To enhance their market position in the global pen needles market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Market Growth & Trends
Obesity is believed to be responsible for between 80 and 85 percent of the risk of acquiring diabetes, according to Diabetes.co.uk. The most practical and quick way to inject drugs is with insulin pens. Along with the rising need for insulin pens for people with diabetes, pen needles are in great demand. These devices for insulin pens enable giving the patient the correct dosage of the medication. It is also projected that technological developments in the various product categories would fuel industrial expansion. Concerning needle length, manufacturers are concentrating on new product development. The smallest and thinnest needle in the United States, NovoFine Plus, for instance, was made commercially available by Novo Nordisk. Everyone, including overweight individuals, can quickly adopt shorter pen needles. Unlike syringes and vials, insulin pens and needles' alternative medication administration method is superior. The size of conventional syringes makes self-administration challenging. Pen needles have short, pointed ends that facilitate simple entry into the patient's muscles. Furthermore, using these needles helps diabetic people get their insulin safely.
Key Findings
• The safety pen needles segment is expected to show the highest CAGR of 15.03% in the market over the forecast period.
The product type segment is divided into safety pen needles and standard pen needles. The safety pen needles segment is expected to show the highest CAGR of 15.03% in the market over the forecast period. It is due to the fast development of technology. The number of needlestick injuries can be reduced due to these devices. Safety pen needles are in high demand in hospital settings because they facilitate efficient injection of bedridden patients in emergency rooms. Some well-known manufacturers of safety needles are Novofine, Accu-Fine, and BD Autoshield Duo Pen Needles.
• The glucagon-like-peptide-1 (glp-1) is expected to show the highest CAGR of 14.27% in the market over the forecast period.
The therapy segment is divided into glucagon-like-peptide-1 (glp-1), insulin, and growth hormone. The glucagon-like-peptide-1 (glp-1) is expected to show the highest CAGR of 14.27% in the market over the forecast period. This is a result of its capacity to reduce blood glucose levels in type 2 diabetic patients. GLP-1 treatment is considered to be a superior substitute for insulin. Typically, some of these medications are used once a week. This lessens the need for injections while improving patient convenience. Among the GLP-1 medications, Semaglutide, Dulaglutide, and Exenatide (extended-release) are all taken once a week. These support weight loss, which is crucial for diabetic people, and help with blood sugar management.
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Regional Segment Analysis of the Pen Needles Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific is expected to show the highest CAGR of 15.77% in the global pen needles market over the forecast period. The prevalence of obesity, diabetes and other lifestyle problems is constantly increasing. The poor adoption of the newest pen needles is due to insufficient knowledge of improved products and the absence of government-funded insurance and reimbursement programs. However, this region has the most significant prevalence of diabetes worldwide. Major market participants are putting effort into offering reasonable solutions since this will encourage more people to choose cutting-edge alternative treatments, potentially lowering final prices, including local production and government aid. Increasing healthcare tourism is one of the factors attracting more international players to this region. Market expansion is anticipated to be encouraged by growing private insurance companies and franchises for multinational healthcare service providers.
Key players operating in the global pen needles market are:
• Stat Medical Inc.
• Montmed Inc.
• Cambridge Sensors Ltd.
• Allison Medical
• Terumo Corporation
• B. Braun Melsungen AG
• Ypsomed Holding AG
• Owen Mumford Ltd.
• Ulticare
• Novo Nordisk
• Becton, Dickinson, and Company
This study forecasts revenue at global, regional, and country levels from 2022 to 2030. Brainy Insights has segmented the global pen needles market based on the below-mentioned segments:
Global Pen Needles Market by Product Type:
• Safety Pen Needles
• Standard Pen Needles
Global Pen Needles Market by Therapy:
• Glucagon-like-Peptide-1 (GLP-1)
• Insulin
• Growth Hormone
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About the report:
The global pen needles market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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