Pen needles are specialized needles designed specifically for use with pen delivery systems to administer injectable medications. The market for pen needles can be divided into two main categories: safety pen needles and regular pen needles. These needles come in three different lengths—nano, medium, and long—and are used to deliver growth hormones and insulin to patients with diabetes.
The market’s segmentation is based on various factors, including product length, product type, end-user, usability, therapy, and application. These divisions help identify specific areas of growth, formulate strategies for market entry, understand primary application areas, and comprehend variations within the market.
The growth of the pen needles market is primarily fueled by increased awareness among consumers. Favorable reimbursement policies and the widespread adoption of pen needles have led to a rise in self-administered insulin usage through insulin pens. The market is also influenced by the trend towards minimally invasive procedures, driven by shorter hospital stays, reduced trauma, and the higher prevalence of chronic conditions like diabetes and obesity. Additionally, factors such as the growing elderly population, improvements in healthcare systems, increased health awareness among consumers, and technological innovations are all contributing to the positive trajectory of the pen needles market. Market players are positioned to capitalize on favorable opportunities during the projected period from 2022 to 2030, driven by the rising demand for biosimilar medications.
The market for safety pen needles has seen an increase in diabetes cases worldwide due to lifestyle changes and a rise in genetic factors among the global population. According to data from the Centers for Disease Control and Prevention (CDC), around 10.5% of the American population (equivalent to 34.2 million individuals) had diabetes, with 26.9 million diagnosed cases and 7.3 million undiagnosed cases. This substantial diabetic population is expected to propel sales growth in the safety pen needles throughout the forecast period.
Global Pen Needle Market Amid COVID-19 Pandemic
The impact of COVID-19 hit various industries hard, and one of those affected was the safety pen needle market, especially as the number of global COVID-19 cases increased. In recent times, there’s been a shortage of important medical supplies and basic medical equipment. The necessity to control the spread of diseases has caused a surge in the demand for specific medical supplies and equipment. We’ve also seen an increase in the overall number of cases, infectious diseases, and mortality rates. More people are requiring critical care, ventilator support, and medical assistance, which means there’s a need for more medical staff and specialists.
The COVID-19 pandemic made a significant impact on over 100 countries, leading the World Health Organization (WHO) to declare it a public health emergency. According to WHO’s estimates, the coronavirus (COVID-19) has infected around 166 million individuals globally.
COVID-19 has influenced the economy in several ways, disrupting supply and demand, causing issues in distribution chains, and affecting businesses and stock markets. Moreover, the healthcare system in the United States saw a noticeable decrease in surgical procedures between March 2022 and June 2022 compared to the same period the prior year. The pandemic had widespread effects on major economies like the US, China, Japan, and various European nations. In response to the growing presence of COVID-19, key players in the US pen needles market are concentrating on creating innovative solutions to lessen the impact of the disease. Both the US and the global economies have felt profound consequences due to the COVID-19 pandemic.
Increasing Prevalence of Chronic Diseases, and Adoption of Novel Drug Delivery Systems, Consumer Awareness & Technological Trends to Boost Global Pen Needle Market
The growth of the pen needles market is being pushed by several factors. These include increased awareness among consumers, favorable reimbursement options, and the wider use of pen needles for self-administering insulin. The market is also being shaped by the trend toward less invasive procedures, shorter hospital stays, the growing occurrence of chronic conditions like diabetes and obesity, the aging population, investments in healthcare systems, people’s heightened awareness of their health, and advancements in technology. The period projected from 2022 to 2030 is anticipated to offer profitable opportunities for market players due to the rising demand for biosimilar medications.
In the pen needles market, a significant factor is the rise in global diabetes cases due to changes in lifestyle and genetic mutations. The CDC’s data shows a substantial number of Americans dealing with diabetes, which is expected to contribute to increased sales in the global pen needles market throughout the forecast period.
Devices for self-injection, particularly pens used for giving biopharmaceuticals subcutaneously, are gaining prominence in the drug delivery device market. The demand for these devices is on the rise because of the introduction of new injectables, the preference for at-home treatments, and the desire for improved patient comfort. The market is witnessing the introduction of next-generation pen needles with enhanced features that benefit both healthcare professionals and patients.
North America to Spearhead the Global Pen Needle Market
The world’s population is aging quickly, particularly in advanced economies like the United States. The World Health Organization (WHO) estimates that the number of elderly people worldwide will increase from 900 million in 2022 to around 2000 million (22% of the world’s population) by 2030. Due to substantial alterations in lifestyle, an increase in malnutrition cases, and genetic abnormalities in the area, it is anticipated that the prevalence of diabetes in North America will climb tremendously in the upcoming years.
- Increasing occurrence of chronic disorders: One of the main potential growth elements thought to be responsible for the increased prevalence of chronic diseases in this area is the clinical urgency to use these items.
- Favorable Regulatory Environment: The regulatory climate in North America is improving. Pharmaceutical businesses are finding it simpler to launch new drugs since regulatory agencies are creating clearer policies and procedures for the clearance of these therapies.
- Adoption of new technology: Adoption of new technologies by the major industries to develop effective medical equipment.
- New product development: Intensive new product development activities are carried out to meet the needs demanded by the people for the treatment.
- Increased investment in Health care infrastructure: Due to the increase in investment in the healthcare segment North America is leading the drug-device combination products market.
Competitive Insights
Some of the key players operating in the global pen needles market are Becton Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), UltiMed, Inc. (U.S.), Allison Medical, Inc. (U.S.), Owen Mumford, Ltd. (U.K.), B. Braun Melsungen (Germany), Artsana S.p.a. (Italy), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), Links Medical Products Inc., Arkray Inc., McKesson Medical-Surgical Inc. Companies in the global pen needle market are employing various strategies to bolster their market presence, secure market share, and boost revenue.
- Partnerships and Collaborations: Companies are teaming up to pool resources, expertise, and knowledge. This collaborative approach accelerates the development of cutting-edge treatments and solutions. By combining strengths, businesses can create therapies that effectively address specific healthcare needs.
- Innovative Product Development: Investing in research and development (R&D) is a priority for creating new pen needle products and enhancing existing ones. By introducing fresh products and improving features, companies can meet changing customer demands and maintain competitiveness.
- Expansion into New Markets: Venturing into untapped markets and regions with growth potential is a strategy to access new customers and revenue sources. This expansion enables companies to establish a foothold in previously unexplored territories.
- Mergers and Acquisitions: Acquiring or merging with complementary companies offers opportunities to access new technologies, expertise, and customer segments. These strategic moves can lead to stronger product offerings and a wider market presence.
- Increased Investment: Companies are upping their investment in R&D, manufacturing capabilities, and market expansion. This results in cost-effective, high-quality pen needle products that meet rising demand and maintain competitiveness.
- Adoption of Technology: Staying at the industry forefront means embracing technological advancements. Integrating advanced technologies into products and manufacturing processes boosts efficiency and customer satisfaction.
- Strategic Partnerships: Collaborating with healthcare providers, research institutions, and advocacy groups provides insights, market access, and collaboration opportunities within the healthcare ecosystem.
- Diverse Product Portfolios: Companies are diversifying their product ranges to cater to various healthcare needs. Offering a comprehensive selection of pen needle products allows them to serve different segments of the market.
- Regulatory Adherence: Companies must ensure compliance with healthcare regulations and standards. Meeting these requirements enhances product safety and regulatory approval processes.
- Educating Customers: Companies are focusing on educating healthcare professionals and patients about pen needle benefits, proper usage, and safety. Customer education initiatives encourage adoption and better patient outcomes.
- Sustainability Initiatives: Many companies are integrating sustainability and environmental considerations into product design and manufacturing. Environmentally friendly practices attract eco-conscious customers and align with corporate social responsibility goals.
