Yahoo Finance Pen Needles Market Projected to Expand at a CAGR of 12.1% from 2022 to 2030, According to, Contrive Datum Insights
According to a market research study published by Contrive Datum Insights, Europe represented around 39% of the world's market revenue, Asia-Pacific region is anticipated to expand rapidly
Farmington, Jan. 27, 2023 (GLOBE NEWSWIRE) -- The Global Pen Needles Market size was valued at USD 2.7 Billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030. Injectable drugs are administered with pen needles and injection pens. The injection pens, which are available in various lengths and diameters, are attached to a hollow needle through a plastic hub. Traditional medicine administration involves a vial and syringe, however, you can also use an injection pen and pen needle. During the forecast period, the global market for pen needles is anticipated to expand. This is because more individuals are falling ill, particularly with diabetes and other illnesses.
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As the number of persons with diabetes rises, demand for pen needles increases. According to the International Diabetes Federation (IDF), 642 million people will have diabetes by 2040. In the next years, the target market is anticipated to expand as more people get diabetes.
Pen Needles Market Recent Developments:
In February 2021, Ulticare safety pen needles are launched in two sizes, 5mm 30G and 8mm 30 G launched by UltiMed Inc. (US).
In October 2020, Arkray Inc. (Japan) launched TechLITE Pen Needles which are now indicated for use with pen injector devices for the subcutaneous injection of drugs in the US.
In January 2019, Becton, Dickinson and Company (US) launched Second Generation Standard Pen Needles.
Pen Needles Market Segmentation Analysis:
The global market for pen needles is segmented depending on type, needle length, therapy, how they are purchased, and where they are marketed. Based on the type, it is divided into regular pen needles and safety pen needles. Based on the length of the needle, it is categorized as 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. On the basis of how it is treated with medications, it can be divided into three categories: insulin, GLP-1, and growth hormones. Based on how it is sold, it is divided into retail and non-retail categories. From a geographical standpoint, North America, Europe, Asia-Pacific, South America, and LAMEA examine it. Further research of the regions at the national level is provided in order to determine the market size and forecast for each market segment and subsegment in various nations throughout the globe.
Regional Outlook:
Europe represented around 39% of the world's market revenue in 2021. This was because the sickness in question was growing increasingly prevalent in Europe. The significant market share is due to the abundance of patients and the high prices of the items. Patients are becoming more aware of advanced medical gadgets, and payment rules are improving, resulting in an increase in their use in the region. Additionally, the demand is projected to increase as the population in the region becomes less active and heavier. In addition, the British government is investing in diabetes care and research to improve the treatment of diabetic people. During the projection period, the Asia-Pacific region is anticipated to expand rapidly. The prevalence of diabetes, obesity and other lifestyle-related disorders continue to rise.
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Scope of Report:
Report Attributes | Details |
Growth Rate | 12.1% from 2023 to 2030 |
Market Size in 2022 | USD 2.7 Billion |
By Product Type | Standard pen needles, Safety pen needles |
By Therapy | Insulin therapy, Glucagon-like Peptide-1 (GLP-1) therapy, Growth hormone therapy, Other therapies |
By Mode Of Purchase | Retail, Non-Retail |
By Companies | BectonDickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), Braun Melsungen AG (Germany), Owen Mumford (UK), Terumo Corporation (Japan), Nipro Corporation (Japan), Allison Medical (US), AdvaCare Pharma (US), Berpu Medical Technology (China), ARKRAY (Japan), GlucoRx (UK), HTL-STREFA (Poland), UltiMed(US), Hindustan Syringes and Medical Devices (India), Artsana Group (Italy), PromiseMed Diabetes Care (Canada), Montmed (Canada), Trividia Health (US), VOGT Medical Vertrieb (Germany), Van Heek Medical (Netherlands), Simple Diagnostics (US), Iyon (Turkey), Links Medical Products (US), MHC Medical Products (US), and Others |
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2023 to 2030 |
Market Drivers:
In recent years, the prevalence of chronic diseases has increased dramatically. Diabetes, osteoporosis, cardiovascular disease (CVD), and multiple sclerosis are among the conditions requiring daily or weekly injections of medication, typically administered using pens. In a rapidly expanding market, pen injectors have become the norm for administering medications via injection. Their popularity has skyrocketed since they are user-friendly, dependable, and may be administered by the patient without the assistance of a doctor.
Market Restraints:
However, they can also induce needlestick injuries, infections, elevated blood sugar levels, and discomfort. Some individuals who use insulin pens develop hyperglycemia because the dose cannot be regulated. In Europe, diabetics are now treated using insulin pumps rather than insulin pens. Because insulin pumps automatically suspend insulin, the danger of hypoglycemia is reduced.
Market Opportunity:
In 2006, numerous pharmaceutical firms, including Sandoz (Germany), Teva Pharmaceutical Industries Ltd. (Israel), and JCR Pharmaceuticals Co., Ltd., began manufacturing biosimilars (Japan). The increased demand for biosimilars can be attributed to the fact that they are less expensive than their proprietary counterparts. Biosimilars will also be in demand due to the imminent expiration of patents on numerous biological substances. The quality of biosimilars and generics is so high that insurance firms and governments prefer to utilise them.
Pen Needles Market Key Segments Covered:
Top Market Players:
BectonDickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), Braun Melsungen AG (Germany), Owen Mumford (UK), Terumo Corporation (Japan), Nipro Corporation (Japan), Allison Medical (US), AdvaCare Pharma (US), Berpu Medical Technology (China), ARKRAY (Japan), GlucoRx (UK), HTL-STREFA (Poland), UltiMed(US), Hindustan Syringes and Medical Devices (India), Artsana Group (Italy), PromiseMed Diabetes Care (Canada), Montmed (Canada), Trividia Health (US), VOGT Medical Vertrieb (Germany), Van Heek Medical (Netherlands), Simple Diagnostics (US), Iyon (Turkey), Links Medical Products (US), MHC Medical Products (US), and Others.
By Product Type
Standard pen needles
Safety pen needles
By Length
4mm
5mm
6mm
8mm
10mm
12mm
By Therapy
Insulin therapy
Glucagon-like Peptide-1 (GLP-1) therapy
Growth hormone therapy
Other therapies
By Mode Of Purchase
Retail
Non-Retail
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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