Pen Needles Market Size, Share, Growth Analysis, By Type(Standard Pen Needles, Safety Pen Needles), By Therapy(Insulin, GLP 1, Growth Hormone), By Distribution Channel(Retail, Non-Retail), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2722 | Region: Global | Published Date: February, 2024
Pages: 165 |Tables: 88 |Figures: 76

Pen Needles Market Insights

Pen Needles Market size was valued at USD 2.7 billion in 2019 and is poised to grow from USD 3.1 billion in 2023 to USD 7.7 billion by 2031, growing at a CAGR of 12.1% in the forecast period (2024-2031).

The rising incidence of diabetes has increased the demand for pen needles. The International Diabetes Federation projects that more than 642 million people will have diabetes by 2031. During the projection period, the target market is anticipated to expand steadily in response to the growing diabetes population. Patients with diabetes regularly use these products to inject insulin or other injectable medications. Obese individuals are at a greater risk of developing diabetes. According to Diabetes.co.uk, 80-85 percent of the risk of acquiring diabetes is attributed to obesity.

Lancet and pen needles are the most practical and rapid methods of injecting medication. Pen needles are in great demand in tandem with the increased demand for insulin pens among diabetic patients. These gadgets used with insulin pens aid in the administration of the medication to the patient. It is projected that technological advances in the various types of products would also contribute to the expansion of the lancet and pen needles market during the projection period.

US Pen Needles Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 2.7 billion

Largest Segment

Standard Pen Needles

Fastest Growth

Standard Pen Needles

Growth Rate

12.1% CAGR

Global Pen Needles Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Pen Needles Market Segmental Analysis

The global pen needles market is segmented based on type, therapy, distribution channel, and region. Based on type, the market is segmented into standard pen needles and safety pen needles. Based on therapy, the market is segmented into Insulin, GLP 1, and Growth Hormone. Based on distribution channels, the market is segmented into retail and non-retail. Based on region, the global Pen Needles market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Pen Needles Market Analysis by Type

In 2021, the standard pen needles segment was the most important part of the global market. It made up more than 87.5% of the total revenue. The growth was because diabetics were taking more of these products every day. People who have trouble with their eye coordination often use these needles. But people don't like these needles because they are more likely to cause needlestick injuries. This makes it hard for pen needles to be used safely and with proper guidance could be used and will drive the market growth during the analysis period.

Pen Needles Market Analysis by Therapy

In 2021, the insulin therapy segment was the most important part of the market, making up more than 85% of the total revenue. This segment is also expected to grow during the forecast period. This is because people with Type 1 and Type 2 diabetes are becoming more aware of how to take insulin by themselves. GLP-1 therapy is also expected to grow slowly over the next few years. This is because it can reduce the amount of glucose in the blood of people with type 2 diabetes. It is expected that GLP-1 therapy is a better choice than insulin. Some of these medicines are often taken once a week and this cuts down on the number of injections and makes things easier for the patient which drives the demand for the global pen needles market during the analysis period.

Global Pen Needles Market By Type, 2021 (%)

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Pen Needles Market Regional Insights

North America is expected to lead the global pen needles market in 2021 due to the region's increased diabetes prevalence. The National Diabetes Statistics Report for 2020 estimates that 34.2 million Americans have diabetes. Also contributing to its domination are the availability of favorable reimbursement circumstances and rising investments in insulin pen research and development. Due to the expanding elderly population and the rising prevalence of diabetes, the European market is expected to have significant growth over the forecast period. In Asia-Pacific and Latin America, the growth of the insulin pen needles market is anticipated to be fueled by a growing diabetic patient population, a growing desire for home-use applications and safety vaccines, and an increase in public awareness of insulin pen needles. In contrast, the Middle East and Africa are anticipated to have lucrative growth in the pen needles market shortly as a result of the increasing technological advances in insulin pens.

Global Pen Needles Market By Geography, 2022 - 2028
  • Largest
  • Fastest

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Pen Needles Market Dynamics

Pen Needles Market Driver

The increased prevalence of chronic diseases has led to a greater emphasis on pen needles driving the market.

  • Chronic diseases have increased in prevalence. Diabetes, osteoporosis, cardiovascular disease, and multiple sclerosis necessitate daily or weekly pen injections. Pen injectors are the new standard for administering injectable medications. The demand for pen needles is driven due to their simplicity, dependability, and ability to be self-administered. The needle of the pen injector is removable. The length and sharpness of the needle are essential for drug administration. The increased prevalence of chronic diseases has led to a greater emphasis on pen needle technologies to accommodate growing patient numbers and improve patient adherence. These are some of the factors driving the demand for the global pen needle market during the analysis period.

Pen Needles Market Restraint

Needlestick injuries and infections, hyperglycemia, and pain are the major restraints of the market growth.

  • While pen needles are a convenient and hassle-free method of medication administration, they are also linked to needlestick injuries and infections, hyperglycemia, and discomfort. Due to the inability to adjust the dose, insulin pen therapy appears to produce hyperglycemia in some patients. Due to their ability to execute automated insulin suspension and reduce the danger of hypoglycemia, there has been a shift in diabetes therapy from insulin pens to insulin pumps. These are factors that significantly restrain the market growth during the analysis period.

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Pen Needles Market Competitive Landscape

The pen needles market is relatively fragmented, with a high level of competition. Few large players, like Terumo Corp., Novo Nordisk A/S, and Allison Medical, Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.

Pen Needles Market Top Player’s Company Profiles

  • Becton, Dickinson, and Company
  • Novo Nordisk A/S
  • Ypsomed AG
  • Owen Mumford Ltd.
  • Terumo Corporation
  • HTL-STREFA S.A.
  • Allison Medical, Inc.
  • UltiMed, Inc.
  • Artsana S.p.A.
  • Trividia Health, Inc.
  • MedExel Co., Ltd.
  • Haselmeier GmbH
  • Delfu Medical Device Co., Ltd.
  • Shanghai Neo-Medical Co., Ltd.
  • Henso Medical (Hangzhou) Co., Ltd.
  • Injex Pharma AG
  • Sarstedt AG & Co. KG
  • A.Menarini Diagnostics s.r.l.
  • Stat Medical Devices, Inc.
  • Perrigo Company plc

Pen Needles Market Recent Developments

  • In September 2022, Microsoft and Novo Nordisk announced a new strategic partnership to combine Microsoft's computational services, cloud, and artificial intelligence (AI) with Novo Nordisk's drug discovery, development, and data science expertise.
  • In September 2022, Novo Nordisk. announced the acquisition of Forma Therapeutics. Forma Therapeutics is dedicated to improving the lives of patients suffering from sickle cell disease (SCD) and rare blood disorders.

Pen Needles Key Market Trends

  • Short and thin needles are the latest trend in the market and driving the pen needles market. Shorter pen needles are suitable for use by everyone, especially obese people. In comparison to syringes and bottles, insulin pens with needles are regarded as a superior alternative drug administration method. Traditional syringes are cumbersome and make self-administration challenging. However, pen needles have sharp, fine-pointed ends that facilitate easy muscle penetration. These needles also promote insulin administration safety among diabetic patients. These are factors driving the pen needles market during the analysis period.

Pen Needles Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, lancet and pen needles are the most practical and rapid methods of injecting medication. The rising incidence of diabetes has increased the demand for pen needles during the projection period, the target market is anticipated to expand steadily in response to the growing diabetes population. These gadgets used with insulin pens aid in the administration of the medication to the patient. According to Diabetes.co.uk, more than 80% of the risk of acquiring diabetes is attributed to obesity. In 2021, Europe accounted for more than 38.0% of the global pen needles market revenue. Asia-Pacific is expected to grow at a tremendous rate during the analysis period. The number of people with diabetes, obesity, and other lifestyle-related diseases is rising which will propel the demand for pen needles.

Report Metric Details
Market size value in 2023 USD 2.7 billion
Market size value in 2031 USD 7.7 billion
Growth Rate 12.1%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Standard Pen Needles, Safety Pen Needles
  • Therapy
    • Insulin, GLP 1, Growth Hormone
  • Distribution Channel
    • Retail, Non-Retail
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Becton, Dickinson, and Company
  • Novo Nordisk A/S
  • Ypsomed AG
  • Owen Mumford Ltd.
  • Terumo Corporation
  • HTL-STREFA S.A.
  • Allison Medical, Inc.
  • UltiMed, Inc.
  • Artsana S.p.A.
  • Trividia Health, Inc.
  • MedExel Co., Ltd.
  • Haselmeier GmbH
  • Delfu Medical Device Co., Ltd.
  • Shanghai Neo-Medical Co., Ltd.
  • Henso Medical (Hangzhou) Co., Ltd.
  • Injex Pharma AG
  • Sarstedt AG & Co. KG
  • A.Menarini Diagnostics s.r.l.
  • Stat Medical Devices, Inc.
  • Perrigo Company plc
Customization scope

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  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Pen Needles Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Pen Needles Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Pen Needles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Pen Needles Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pen Needles Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Pen Needles Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Pen Needles Market size was valued at USD 2.7 billion in 2019 and is poised to grow from USD 3.1 billion in 2023 to USD 7.7 billion by 2031, growing at a CAGR of 12.1% in the forecast period (2024-2031).

The pen needles market is relatively fragmented, with a high level of competition. Few large players, like Terumo Corp., Novo Nordisk A/S, and Allison Medical, Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Becton, Dickinson, and Company', 'Novo Nordisk A/S', 'Ypsomed AG', 'Owen Mumford Ltd.', 'Terumo Corporation', 'HTL-STREFA S.A.', 'Allison Medical, Inc.', 'UltiMed, Inc.', 'Artsana S.p.A.', 'Trividia Health, Inc.', 'MedExel Co., Ltd.', 'Haselmeier GmbH', 'Delfu Medical Device Co., Ltd.', 'Shanghai Neo-Medical Co., Ltd.', 'Henso Medical (Hangzhou) Co., Ltd.', 'Injex Pharma AG', 'Sarstedt AG & Co. KG', 'A.Menarini Diagnostics s.r.l.', 'Stat Medical Devices, Inc.', 'Perrigo Company plc'

Chronic diseases have increased in prevalence. Diabetes, osteoporosis, cardiovascular disease, and multiple sclerosis necessitate daily or weekly pen injections. Pen injectors are the new standard for administering injectable medications. The demand for pen needles is driven due to their simplicity, dependability, and ability to be self-administered. The needle of the pen injector is removable. The length and sharpness of the needle are essential for drug administration. The increased prevalence of chronic diseases has led to a greater emphasis on pen needle technologies to accommodate growing patient numbers and improve patient adherence. These are some of the factors driving the demand for the pen needle market during the analysis period.

Short and thin needles are the latest trend in the market and driving the pen needles market. Shorter pen needles are suitable for use by everyone, especially obese people. In comparison to syringes and bottles, insulin pens with needles are regarded as a superior alternative drug administration method. Traditional syringes are cumbersome and make self-administration challenging. However, pen needles have sharp, fine-pointed ends that facilitate easy muscle penetration. These needles also promote insulin administration safety among diabetic patients. These are factors driving the pen needles market during the analysis period.

North America is expected to lead the pen needles market in 2021 due to the region's increased diabetes prevalence. The National Diabetes Statistics Report for 2020 estimates that 34.2 million Americans have diabetes. Also contributing to its domination are the availability of favorable reimbursement circumstances and rising investments in insulin pen research and development. Due to the expanding elderly population and the rising prevalence of diabetes, the European market is expected to have significant growth over the forecast period. In Asia-Pacific and Latin America, the growth of the insulin pen needles market is anticipated to be fueled by a growing diabetic patient population, a growing desire for home-use applications and safety vaccines, and an increase in public awareness of insulin pen needles. In contrast, the Middle East and Africa are anticipated to have lucrative growth in the pen needles market shortly as a result of the increasing technological advances in insulin pens.

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