A prominent research firm, Cognizance Market Research added a cutting-edge industry report on the “Global Pen Needles Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2022 to 2030.
Global Pen Needles Market Analysis
According to cognizance market research, the Global Pen Needles Market was valued at US$ 1,258.4 Million in 2022 and is anticipated to reach US$ 2,920.3 Million by the end of 2030 with a CAGR of 11.1% from 2023 to 2030.
What is Pen Needles Market?
Injecting medication using pen needles is a common approach in patient care. These tools are made up of a plastic base that holds a thin needle connected to a pen. They come in different sizes and are particularly important in treating diabetes through insulin delivery. There are two main types of pen needles: safety pen needles and regular ones. Depending on the length – nano, medium, or long – they’re used to provide growth hormones and insulin to individuals with diabetes.
Companies producing safety pen needles are set to benefit from advancements in healthcare technology. These single-use, sterile needles are designed to be used with pen injector devices, making it easier to administer medication. With built-in safety features, they aim to reduce the risk of needle injuries and the potential spread of diseases. Needle injuries are a significant concern in healthcare, affecting around 3 million out of 35 million healthcare workers globally each year, according to the World Health Organization.
Integrating safety mechanisms into hypodermic syringes has proven effective in reducing needle injuries among healthcare staff. Pen needles, commonly used by diabetic patients and healthcare providers for subcutaneous injections, come with the risk of such injuries. Adding safety measures to pen needles helps lower the chances of exposure to blood-borne diseases like hepatitis C, HIV, and hepatitis B, which are associated with needle injuries. The safety-focused segment of the pen needle market is expected to grow due to the increasing prevalence of diabetes and growth hormone-related disorders. The rising demand for automatic safety features in pen needles further improves their outlook, ensuring safer medication administration without negative consequences.
Global Pen Needles Market Outlook
The worldwide market for pen needles is being driven by various factors, including the rise in conditions like diabetes and growth hormone deficiency, along with the increasing number of elderly individuals. Pen needles, which are convenient and portable tools for medication injection, offer multiple benefits compared to traditional needles. Safety pen needles cater to both medical professionals and non-medical users of pen devices.
One of the main forces behind the growth of the pen needles market is the growing awareness among consumers in this field. With favorable reimbursement policies and wider adoption of pen needles, more people are now self-administering insulin using insulin pens.
However, the market’s growth is somewhat hindered by the shortage of specialists who can treat hormonal disorders like diabetes and thyroid issues. On a positive note, the high prevalence of diabetes and the realization among diabetics about the convenience of drug delivery present promising opportunities for growth. Global cases of diabetes have surged due to lifestyle changes and genetic factors. According to the Centers for Disease Control and Prevention (CDC), around 10.5% of the American population (34.2 million people) had diabetes, with a significant portion either diagnosed or undiagnosed. This high prevalence is expected to contribute to revenue growth in the global pen needles market.
The increasing cases of diabetes and disorders related to growth hormone deficiency are set to boost the market size for safety pen needles. Additionally, the growing elderly population is expected to drive the demand for pen needles. The need for 5 mm pen needles has risen significantly among diabetes patients worldwide, leading major players in the pen needles industry to increase production to meet this heightened demand.
Furthermore, advancements in technology and the expansion of the healthcare sector due to the COVID-19 pandemic have led to higher usage of insulin pens. The pen needles industry has experienced substantial growth as insulin pens with color-coded features have notably reduced errors related to pen selection among patients.
To sum it up, the global pen needles market is being propelled by factors like disease prevalence, population demographics, consumer awareness, reimbursement policies, and technological advancements, all contributing to its growth and advancement.
The global market for pen needles is carefully divided into different categories to better understand its dynamics, opportunities, and effective strategies. These divisions include product type, product length, usability, therapy, end-user, and application.
In terms of product type, the market is split between Safety Pen Needles and Standard Pen Needles. Although Standard pen needles have been widely used by diabetic patients in larger doses and currently hold the majority market share, there is a growing concern about needle-stick injuries and safe usage. This might lead to a decrease in demand for standard pen needles. On the other hand, Safety pen needles are anticipated to experience growth due to technological advancements and the introduction of new products designed to reduce needlestick injuries.
The product length category includes Nano Length, Medium Length, and Long Length. Short and long needles are differentiated by their length. Short needles, especially the 4mm variety, make up the largest portion of the market. These shorter needles are often recommended for various patients, including those with obesity, as they provide comfort and effective access to subcutaneous tissue.
End-user classification involves Retail and Online distribution methods. Retail distribution involves hospitals, clinics, and pharmacies, while online distribution channels are becoming increasingly popular. The demand for online marketplaces for pen needles has been significantly boosted by the COVID-19 pandemic.
Usability is categorized into Reusable and Disposable pen needles. The disposable pen needles market is expected to dominate with a share of xx% and is projected to experience the highest CAGR growth. Disposable pen needles adhere to safety precautions and infection control protocols, which contributes to their dominance in the market.
The application segment covers Growth Hormone Deficiency, Diabetes, and Others. Currently, the diabetes segment holds the largest market share due to the high prevalence of diabetes patients and the increased use of pen needles for insulin administration. The trend of self-management of chronic diseases is expected to drive the expansion of diabetes treatment using pen needles.
In the therapy segment, we have Glucagon-like Peptide-1 (GLP-1), Insulin, Growth Hormones, and Others. Insulin pen needles hold the largest market share globally and are projected to continue growing due to increased awareness among both type 1 and type 2 diabetes patients about self-administering insulin therapy. Non-insulin therapies such as GLP-1 and growth hormone therapy are also expected to see rapid expansion.
In conclusion, segmenting the pen needles market based on various factors provides a comprehensive understanding of the market’s dynamics, trends, and growth drivers across different aspects of the industry.
In terms of geography, the global pen needles market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Looking ahead, North America is anticipated to experience steady growth in the pen needles market. Several factors contribute to the expansion of this market in the region. An aging population, favorable healthcare economics, substantial healthcare spending, and well-structured reimbursement programs all contribute to the increased market size. The rising prevalence of chronic diseases, a growing emphasis on healthcare quality and safety, and efforts to address safety concerns within the inpatient population also play a role in driving this growth trend.
The United States, in particular, holds a prominent position in advanced technology and medical device research. This leadership role contributes to the market’s expansion. With an increasing number of individuals in Canada dealing with various health conditions, the market is further propelled forward. The diabetic community’s reliance on pen needles is a significant factor driving this industry’s growth. According to the Centers for Disease Control and Prevention (CDC), around 100 million people worldwide have diabetes or are in a pre-diabetic stage. This substantial demand for pen needles during medical treatments and procedures significantly contributes to the expansion of the market.
All these factors establish North America as a promising region for the pen needles market. The region is characterized by continuous growth prospects driven by advancements in technology, healthcare trends, and the evolving needs of patient populations.
The report offers the revenue of the global pen needle market for the period 2022-2030, considering 2020 & 2021 as historical years, 2022 as the base year, and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global pen needle market for the forecast period. The global pen needle market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global pen needle market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global pen needle market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global pen needle market. Secondary research involved a detailed analysis of significant players’ product portfolios. Literature reviews, press releases, annual reports, white papers, and relevant documents have been also studied to understand the global pen needle market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Global Pen Needle Market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global pen needle market. The subsequent section of the global pen needle market report highlights the USPs, which include key industry events (product launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenarios.
Global Pen Needles Market Competitive Landscape
The “Global Pen Needles market study report will provide valuable insight with an emphasis on the global market including some of the major players such as:
The report explores the competitive scenario of the global pen needle market. Major players operating in the global pen needle market have been identified and profiled for unique commercial attributes. Company overview (company description, product portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the global pen needle market report.
Global Pen Needle Market, by Product Type
Global Pen Needle Market, by Product Length
Global Pen Needle Market, by End-user
Global Pen Needle Market, by Usability
Global Pen Needle Market, by Application
Global Pen Needle Market, by Region
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.), etc.
Trends: Rising management of self-care chronic diseases
Drivers: Growing prevalence of chronic diseases like diabetes, demand for self-injection devices, etc., increased patient compliance with therapies, etc.,
Opportunities: Growing preference for biosimilar drugs, support from government & insurance providers, etc.
Challenges: Injuries, infections associated with pen needles, risk of Hyperglycaemia, reuse of pen needles, etc.
Therapy (Insulin Segmentation)
Product launching, Acquisition & Merges, Partnership & collaboration, etc.
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