Yahoo Finance Pen Needles Market to Surpass Valuation of USD2.57 Billion by 2028 | Safety Pen Needles Generates Only 15% Market Revenue | SkyQuest Technology
Global Pen Needles Market was valued at USD 1.21 Billion in 2021, and it is expected to reach a value of USD 2.57 Billion by 2028, at a CAGR of 11.5% over the forecast period (2022–2028).
Westford, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) -- As the prevalence of diabetes continues to rise, so does the demand for pen needles market. In fact, it is the key factor driving this growth is the increasing number of people with diabetes who are using insulin pens as opposed to syringes and vials. Insulin pens are more convenient and easier to use than syringes and vials, which makes them a preferred choice for many people with diabetes.
There are a variety of different types of pen needles available on the market, and demand for each type depend on consumer’s personal preferences. As per SkyQuest, most of the end-users prefer the type of pen needle they are more comfortable for them works well with their insulin pen. Some people in the global pen needles market prefer disposable pen needles while others prefer reusable ones. Our findings suggest that disposable pen needles are convenient because consumer can simply throw them away after each use. However, we can see a slight inclination of the market towards reusable pen needles as they can be more cost-effective in the long run, but they require more care and cleaning between uses.
As the demand for insulin grows, so does the demand for pen needles. Pen needles are a vital part of any diabetes treatment plan, and with the rising prevalence of diabetes, the market for pen needles is growing exponentially.
There are a few factors driving pen needles market growth. First, as mentioned, the prevalence of diabetes is on the rise. According to the World Health Organization, there were an estimated 422 million adults living with diabetes in 2020, and this number is expected to rise to 642 million by 2040. With such a large and growing population of diabetics, the need for pen needles is also increasing.
Second, advances in technology have led to the development of new types of pen needles that are thinner, sharper, and more comfortable to use. These newer generations of pen needles make it easier and less painful for patients to inject insulin, which leads to better compliance with treatment plans.
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Lastly, an increase in insurance coverage for diabetes supplies has made it more affordable for patients in the global pen needles market to purchase pen needles and other necessary supplies. In the past, many patients could not afford to purchase these items out-of-pocket, but now that insurance companies are beginning to cover more of the costs associated with diabetes care.
Safety Pen Needles Generates Only 15% Market Revenue
As the prevalence of diabetes continues to grow around the world, so does the demand for safety pen needles. These special pens are designed to safely and effectively inject insulin into the body, and they are becoming increasingly popular among diabetics of all ages.
There are a number of reasons why safety pen needles are in such high demand. For one, they help to minimize the risk of accidentally sticking oneself with a used needle. They also provide a more comfortable injection experience, as the needles are much thinner than those used in traditional syringes. However, only 15% of the pen needles market revenue comes from this segment as limited number of people with diabetes prefer safety pen needles because they offer a higher level of precision when injecting insulin. This is important for maintaining proper blood sugar levels and avoiding potentially dangerous complications.
On the other hand, a new study from SkyQuest shows that standard pen needles are responsible for generating 85% of the global pen needles market revenue for insulin delivery devices. This is a significant finding, as it means that the vast majority of people who use insulin pens are still using the traditional needle-and-syringe method, rather than more advanced methods such as pre-filled pens or cartridge-based systems.
There are a number of reasons why standard pen needles are so popular, including their low cost and easy availability. However, it is worth noting that they are also associated with a number of disadvantages, such as a higher risk of infection and greater pain during injection.
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Key Innovations in Pen Needles Market
The pen needles industry is constantly innovating to provide patients with the best possible experience. The latest innovation in this field is the use of smart technology to create a more user-friendly experience. Smart pen needles are able to connect to a smartphone or tablet and provide real-time feedback on things like insulin levels and delivery rates. This can be a huge help for consumers in the global pen needles market who have to manage their diabetes carefully. It also means that people with diabetes can have more control over their condition and treatment.
The other big innovation in pen needles is the development of nanotechnology. This has led to the creation of needles that are much thinner and sharper than before. This makes them much more comfortable to use and helps to reduce the risk of injections becoming painful or causing bruising. overall, the latest innovations in pen needles are making life easier for people with diabetes and helping to improve the quality of care they receive.
Another recent innovation in pen needles market is the development of new coatings that can make the needles even smoother and less likely to cause pain or irritation. Some of the most popular new coatings include silicone and Teflon. These coatings help to reduce friction and make it easier for the needle to glide through the skin.
The latest generation of pen needles is also being manufactured using more advanced methods that improve their quality and safety. For example, many manufacturers are now using laser cutting technology to create a more precise and consistent needle tip.
Rapid Expansion of Needless Pen May Challenge Growth of Pen Needles Market Momentum
Global pen needles market is anticipated to grow at a CAGR of over 11.5% during the forecast period of 2022-2028. The primary factor driving this market is the increasing prevalence of diabetes and the growing number of insulin users worldwide.
On the other hand, the market is slowly witnessing rising demand for needle-free injection devices and the availability of advanced delivery systems are expected to disturb the market growth in the years to come.
However, the rapid expansion of needleless pens may challenge the momentum of the pen needles market in the coming years. Needleless pens are easy to use and offer a pain-free injection experience, which is likely to result in higher patient preference. Additionally, several key players are investing in the development of needleless pen technologies, which is expected to further intensify competition in the market. Currently, the technology is still under development and very small number of players are manufacturing them. In addition, most of the patients find them very expensive to buy as compared to other pen needles. However, our research suggests that the by 2030, the market is likely to witness a significant improvement in the needle-less pen manufacturing technology and decline in the cost. As a result, the pen needles market may start witnessing a blow on the growth trajectory.
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Top Players in Global Pen Needles Market
Novo Nordisk A/S (Denmark)
Becton, Dickinson, and Company (US)
Terumo Corp. (Japan)
Owen Mumford Ltd. (UK)
Ypsomed (Switzerland)
B. Braun Melsungen AG (Germany)
HTL-STREFA (Poland)
UltiMed, Inc. (US)
Allison Medical, Inc. (US)
Artsana S.p.A. (Italy)
ECR Pharmaceuticals Co., Ltd. (US)
CR Pharmaceuticals Co., Ltd. (China)
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