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Global Pen Needles Market to Increase at a CAGR of 13.1% During 2022-2027, Driven by the Advancement in Technology

According to a new report by EMR titled, ‘Global Pen Needles Market Report and Forecast 2022-2027’, the industry is expected to grow at a CAGR of 13.1% in the forecast period of 2022-2027.

Increasing the use of pen needles over syringes due to the rise in diabetic patients is driving the market growth. The rising diabetes population worldwide is leading to a rise in the demand for insulin pens. The rising research and development activities for pen needles are aiding the growth of the industry. Various advantageous features like increased accuracy and improved patient satisfaction are offering growth opportunities to the industry. Additionally, since insulin pens are disposable, there is a lesser chance of cross-contamination. An increase in the geriatric population and adoption of pen needles is aiding the growth of the market. There is rising focus by the key players such as Novo Nordisk A/S and Ypsomed Holding AG, which in turn is driving the market growth potential.

To extend the care beyond the walls of hospitals in the current situation where healthcare is disrupted, pen needles are expected to witness a robust growth compared to pre-pandemic levels. Advancement in technology and new innovations in the market is driving the industry growth. On 9 December 2020, Novo Nordisk A/S (NYSE: NVO) announced the completion of the Emisphere Technologies acquisition, and in July 2021, Prothena and Novo Nordisk announced the acquisition agreement for Prothena’s ATTR amyloidosis programme. Various advantages of pen needles are leading to market growth.

Market Analysis by Product Type, Needle Length, Therapy, and Region:

  • The market, on the basis of product type, can be divided into standard pen needles and safety pen needles.
  • Based on needle length, the industry can be divided into 4 mm, 5 mm, 6 mm, 8 mm, 10 mm, and 12 mm.
  • On the basis of therapy, the market for pen needles includes insulin, glucagon-like-peptide-1 (GLP-1), and growth hormone.
  • The regional markets for pen needles include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • Increasing investment by the government for pen needles is driving the market growth.
  • Rising health awareness among individuals is aiding the market growth.
  • Rising preference for insulin pens over syringes and vials on account of their user-friendly and less intrusive mechanism offers growth opportunities to the pen needles industry.
  • Advancement in technology is leading the market for peen needles.

Key Offerings of the Report:

  • The EMR report gives an overview of the global pen needles industry for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the product type, needle length, therapy, and regions of pen needles.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global pen needles market are Beckton, Dickinson and Company, Novo Nordisk A/S, Ypsomed Holding AG, Owen Mumford, Ltd., Htl-Strefa S.A, and B. Braun Melsungen AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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