New York, United States , Dec. 15, 2023 (GLOBE NEWSWIRE) -- Global Pen Needles Market Size to Grow from USD 2.2 Billion in 2022 to USD 5.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period.
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A pen needle is a small, disposable medical device used to administer medications that is attached to an injector pen. To make them easier to handle, these needles are made of plastic or plastic-coated metal and come in a variety of lengths and gauge sizes. The needle is made of stainless steel, which is strong and durable enough to comfortably pierce the skin. A lubricant is used to reduce injection pain, and the needle tip is frequently slanted to aid in skin penetration. Pen needles are more cost-effective, convenient to use, portable, and do not require refrigeration than traditional syringes and vials. Diabetes prevalence is increasing, as is demand for self-administration of injectable drugs, the availability of a wide range of pen needles to meet individual patient needs, and a greater emphasis on home healthcare and self-care. Furthermore, the benefits of pen needles over traditional syringes, as well as increased awareness and adoption of injector pens, drive pen needle demand and contribute to the growth of the pen needles market. However, pen needles can result in needlestick injuries, infections, hyperglycemia, and pain. Because of the inability to control the dosage, these are sometimes associated with hyperglycemia. As a result, in some areas, insulin pumps are preferred over pens for insulin administration. This is one of the most significant challenges confronting the market for pen needles.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the Global Pen Needles Market Size By Product (Standard & Safety Pen Needles), By Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), By Therapy (Insulin, Glucagon-like-Peptide-1), By Geographic Scope And Forecast, 2023 - 2032."
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Pen Needles Market Price Analysis
Prices are influenced by market dynamics and fluctuations in raw material costs. Furthermore, as manufacturers strive to balance affordability and quality, regulatory changes and healthcare reimbursement policies have an impact on pricing strategies. Continuous price analysis is required to adapt to changing market demands and ensure the accessibility and sustainability of these critical medical devices for patients.
Pen Needles Market Distribution Analysis
Distribution is aided by pharmacies, online retail, and healthcare facilities. Online sales are gaining traction due to convenience, while traditional pharmacies remain prominent. Collaborations between pen needle manufacturers and pharmaceutical companies are also expanding the reach. Continuous advancements in pen needle technology, as well as a focus on patient-friendly designs, aided in this market's competitive distribution dynamics.
Insights by Product
The Safety Pen Needles segment accounted for the fastest growth rate over the forecast period 2023 to 2032. Safety pen needles are expected to grow at a rapid pace due to technological advancements in this field over the forecast period. These devices aid in the reduction of needlestick injuries among patients. According to the National Library of Medicine, the majority of needlestick injuries (NSIs) are caused by faulty needles. Sharps injury prevention function (SIPF) in safety pen needles (SPN) helps to prevent such injuries before, during, and after use.
Insights by Needle Length
The 8mm segment captured a significant market share throughout the forecast period of 2023 to 2032. These needles are typically prescribed to all patients, including those who are obese and have the target disease. It offers advantages such as security, user convenience, and disposal ease. In private homes, these needles are used. Other factors, such as cost and accessibility, are expected to drive category growth. The needles are less likely to cause a needlestick injury and are simple and safe to dispose of due to their larger size. They are also recommended because they are distinguishable from other pointy garbage.
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North America Market Statistics
North America is anticipated to dominate the Pen Needles Market from 2023 to 2032. The North American region is gaining traction as the incidence and prevalence of chronic diseases rise. Furthermore, the pen needles market in North America is projected to expand significantly due to the region's strong foothold, rising approval of pen injectors for multiple applications across many countries, and government initiatives to raise awareness about advancements in insulin drug delivery.
Asia Pacific is witnessing the fastest market growth between 2023 to 2032. Rising demand for pen needles over syringes and vials, as well as an increase in geriatric populations, are driving the APAC pen needles market. Another promising market in the Asia Pacific region is China. The increasing number of diabetic patients in this region is driving market growth in China.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Companies Covered: Novo Nordisk A/S, Becton, Dickinson and Company, Terumo Corp., Owen Mumford Ltd., Ypsomed, B. Braun Melsungen AG, HTL-STREFA, UltiMed, Inc., Allison Medical, Inc., Artsana S.p.A., Others, and Key vendors
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Recent Market Developments
- In February 2023, Montmed, Inc. (Canada) has received a second US Patent for its Sitesmart Pen Needles.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Pen Needles Market, Product Analysis
- Standard Pen Needles
- Safety Pen Needles
Pen Needles Market, Needle Length Analysis
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
Pen Needles Market, Therapy Analysis
- Insulin
- Glucagon-like-Peptide-1
Pen Needles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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