Global Pen Needles Market Report and Forecast 2024-2032

Global Pen Needles Market Outlook

The global pen needles market size attained a value of USD 3.51 billion in 2023. The market is likely to grow further at a CAGR of 13.1% during the forecast period of 2024-2032 to attain a value of USD 10.62 billion by 2032.

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Increasing Demand for Insulin Pens to Augment the Pen Needles Industry Growth

The global pen needles industry is driven by the increase in the preference for insulin pens over syringes and vials on account of their user-friendly and less intrusive mechanism. The diabetic patients are the most common users of insulin pens because of the requirement of multiple daily insulin injections and with the rising prevalence of diabetes due to poor lifestyle choices, there has been a surge in demand for insulin pens. Furthermore, the adoption of insulin pens has increased as a result of technological advancements and expansion of the healthcare industry due to COVID-19. Meanwhile, insulin pens with colour codes have greatly reduced patient pen section errors, thus, significantly contributing to the growth of the pen needles industry.

North America to Provide Significant Growth Opportunities to the Pen Needles Industry

The rising incidences of autoimmune disorders, hormonal disorders, and a variety of other diseases are driving the market expansion in North America. Changes in eating habits, obesity issues, and sedentary lifestyles are some of the major causes contributing to the spread of these diseases among the population in the region. According to the World Fact Book, the United States alone has a 36.2% rate of obesity, making it one of the largest consumers of pen needles. Meanwhile, the increase in research and development activities and the rapid technological advancements in North America are projected to further propel the industry growth during the forecast period.

Pen Needles: Market Segmentation

A pen needle is a device used to inject medication beneath the skin. They are usually used for medications that need to be repeatedly injected over a short period of time. It increases patient's adherence by making the process of drug administration easier and convenient. Pen needles serve as an efficient alternative to the traditional syringe and vials, as they can help people with limited dexterity, poor vision, or portability requirements to easily administer medication on time.

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By product type, the market is divided into:

• Standard Pen Needles
• Safety Pen Needles

Based on needle length, the industry can be segmented into:

• 4 mm
• 5 mm
• 6 mm
• 8 mm
• 10 mm
• 12 mm

On the basis of therapy, the industry can be categorised into:

• Insulin
• Glucagon-like-Peptide-1 (GLP-1)
• Growth Hormone

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Prevalence of Diabetes to Bolster the Growth of the Pen Needles Industry

The global pen needles industry is being driven by the growing incidences of diabetes, as a diabetic patient requires multiple daily insulin injections. It is a severe public health issue that has reached epidemic proportions around the world. Every year around 18 million individuals die because of cardiovascular disease, for which diabetes and hypertension are key risk factors. To counter this, various private corporations and governments have started investing heavily to promote the use of insulin pens, further boosting the growth of the pen needles industry. Over the forecast period, the growing adoption of pen needles in emerging countries such as China, India, and Brazil to fight diabetes is projected to significantly contribute to the industry growth.

Key Industry Players in the Global Pen Needles Market

The report gives a detailed analysis of the following key players in the global pen needles market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Becton, Dickinson and Company
• Novo Nordisk A/S
• Ypsomed Holding AG
• Owen Mumford, Ltd.
• Htl-Strefa S.A
• B. Braun Melsungen AG
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report