Pen Needles Market Size, Share, Growth Opportunities, Trends Analysis & Industry Forecast Report, 2023-2030
GMI Research analysis indicates that the Pen Needles Market estimated at USD 1.8 billion in 2022 and is slated to register a double digit CAGR of 11.7% over the forecast period, and is projected to reach USD 4.3 billion in 2030.
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Major Pen Needles Market Drivers
One of the biggest factors contributing to the growth of the global pen needles market share includes the increasing prevalence of chronic diseases around the world. As per the International Diabetes Federation (IDF), around 642 million people are expected to suffer from diabetes by the end of 2040. Thus, the increasing incidences of diabetes are further propelling the market growth. The pen needles are used by diabetic patients for injecting insulin or other injectable medication into the human body. The increasing obesity cases is further surging the chances of diabetes in people. The pen needles are witnessing strong demand due to the rising need for insulin pens for diabetes patients. Moreover, the continuous technological advancements is further driving the pen needles market growth.
Restraints in the Global Pen Needles Market
On the other hand, the lack of education and training are given to patients and caregivers on the proper usage of pen needles and shortage of medical professionals for the treatment of hormonal imbalance and conditions including diabetes, thyroid disorders, and other diseases are the major factors that are hampering the growth of the pen needles market size.
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Type – Segment Analysis
Based on type, the standard one is expected to grow at a higher CAGR during the forecast period. The increasing adoption of this type of pen needle is mainly due to its high adoption in economies which include India, China, and Brazil, owing to it being highly cost-effective which is contributing to the market growth.
Therapy – Segment Analysis
Based on the therapy, the insulin therapy is expected to dominate the market over the forecast period. This is mainly attributed to the rising number of diabetes patients around the world. In addition to this, the growing awareness related to the self-administration of insulin therapy specially in type 1 and type 2 diabetes patients is further surging the market growth.
Length – Segment Analysis
Based on the length, the 8 mm length pen needle is projected to grow at a higher CAGR during the forecast period. The increasing adoption of this type of needle in diabetes patients, is responsible for the market growth. Additionally, the rising preference for shorter needles that causes less pain and allows easy insulin administration is further responsible for the market growth.
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Regional – Segment Analysis:
On the basis of regional coverage, North America is predicted to dominate the market during the forecast period. This is mainly due to the rising prevalence of diabetes in the region. As per the IDF Diabetes Atlas 9th Edition, in 2019, around 47.6 million adults in the age group of 20-29 years have diabetes in the IDF NAC region. The rising pool of patients, along with the increasing preference for home use applications and safety vaccinations owing to the outbreak of the COVID-19, has surged the market growth.
Top Market Players
Some of the leading players operating in the market include BD, Novo Nordisk A/S, Ypsomed India Private Ltd., Owen Mumford Ltd., HTL-Strefa, B. Braun Melsungen AG, Terumo Corporation, UltiMed, Inc., Allison Medical, Inc., and GlucoRx.
Key Developments:
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- In 2019, BD introduced the Ergonomic pen needle technology known as BD Nano second generation, which is specially designed for more reliable injection depth.
Segments covered in the Report:
The global Pen Needles market has been segmented on the basis of Type, Length, Therapy, Mode of Purchase and regions. Based on Type, the market is segmented into Standard Pen Needles and Safety Pen Needles. Based on Length, the market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. Based on Therapy, the market is segmented Insulin Therapy, Glucagon-Like Peptide-1 (GLP-1) Therapy, Growth Hormone Therapy, and Others. Based on Mode of Purchase the market is segmented into Retail and Non-Retail.
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|
Report Coverage |
Details |
| Market Revenues (2022) |
USD 1.8 billion |
| Market Base Year |
2022 |
| Market Forecast Period |
2023-2030 |
| Base Year & Forecast Units |
Revenues (USD Billion) |
| Market Segment | By Type, By Length, By Therapy, By Mode of Purchase, By Region |
| Regional Coverage | Asia Pacific, Europe, North America, and RoW |
| Companies Profiled | BD, Novo Nordisk A/S, Ypsomed India Private Ltd., Owen Mumford Ltd., HTL-Strefa, B. Braun Melsungen AG, Terumo Corporation, UltiMed, Inc., Allison Medical, Inc., and GlucoRx, among others; a total of 10 companies covered. |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Pen Needles Market by Type
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- Standard Pen Needles
- Safety Pen Needles
Global Pen Needles Market by Length
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- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
Global Pen Needles Market by Therapy
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- Insulin Therapy
- Glucagon-Like Peptide-1 (GLP-1) Therapy
- Growth Hormone Therapy
- Others
Global Pen Needles Market by Mode of Purchase
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- Retail
- Non-Retail
Global Pen Needles Market by Region
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-
North America Pen Needles Market (Option 1: As a part of the free 25% customization)
- by Type
- by Length
- by Therapy
- by Mode of Purchase
- US Market All-Up
- Canada Market All-Up
-
Europe Pen Needles Market (Option 2: As a part of the free 25% customization)
- by Type
- by Length
- by Therapy
- by Mode of Purchase
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
-
Asia-Pacific Pen Needles Market (Option 3: As a part of the free 25% customization)
- by Type
- by Length
- by Therapy
- by Mode of Purchase
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
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RoW Pen Needles Market (Option 4: As a part of the free 25% customization)
- by Type
- by Length
- by Therapy
- by Mode of Purchase
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Major Players Operating in the Pen Needles (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- BD
- Novo Nordisk A/S
- Ypsomed India Private Ltd.
- Owen Mumford Ltd.
- HTL-Strefa
- Braun Melsungen AG
- Terumo Corporation
- UltiMed, Inc.
- Allison Medical, Inc.
- GlucoRx
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