USD 2.7 billion
Report ID: SQSG35A2057 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 88 | Figures: 76
Pen Needles Market size was valued at USD 2.7 billion in 2021 and is poised to grow from USD 3.1 billion in 2022 to USD 7.7 billion by 2030, growing at a CAGR of 12.1% in the forecast period (2023-2030).
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 2040. 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.
Global Market Size
USD 2.7 billion
Standard Pen Needles
Standard Pen Needles
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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.
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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.
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Pen Needles Market Driver
The increased prevalence of chronic diseases has led to a greater emphasis on pen needles driving the market.
Pen Needles Market Restraint
Needlestick injuries and infections, hyperglycemia, and pain are the major restraints of the market growth.
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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
Pen Needles Market Recent Developments
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.
|Market size value in 2021||USD 2.7 billion|
|Market size value in 2030||USD 3.1 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global 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 Global 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.
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