Growth opportunities in the Pen Needles market look promising over the next six years. This is mainly attributed to the growing incidences of chronic diseases and the growing requirement for insulin pens for the diabetes patients. Pen needles are used by the diabetes patients for the injection of insulin or other injectable medication.
Pen Needles Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The major key driver responsible for the growth of the global pen needles market share includes the rising prevalence of chronic diseases at the global level. According to the International Diabetes Federation (IDF), approximately 642 million people are projected to have diabetes by 2040. Therefore, the growing number of diabetes patients are contributing to the pen needles market growth over the coming years.
The pen needles are increasingly used by diabetic patients for the injection of insulin or other injectable medication in the human body. The rising obesity cases is further growing the possibilities of diabetes in people. The pen needles are experiencing an increase in the demand owing to the growing requirement for insulin pens for diabetes patients. In addition to this, the constant technological advancements is further surging the growth of the pen needles market size.
The lack of education and training given to patients and caregivers on the proper usage of pen needles followed by the shortage of medical professionals for the treatment of hormonal imbalance and conditions such as diabetes, thyroid disorders, and other diseases are hampering the market growth.
Type Segment Drivers
Based on type, the standard one is projected to dominate the market over the forecast period. The rising adoption of this type of pen needle owing to its high adoption in economies such as India, China, and Brazil, as it is cost-effective is a major factor that is surging the market growth.
Regional Drivers
Based on the region, North America is expected to grow at a higher CAGR over the forecast period. This is attributed to the increasing incidences of diabetes in the region. According to the IDF Diabetes Atlas 9th Edition, in 2019, approximately 47.6 million adults in the age group of 20-29 years are suffering from diabetes in the IDF NAC region. The increasing number of patients, and the growing preference for home use applications and safety vaccinations are further driving the market growth.
Pen Needles Market’s leading Manufacturers:
- BD
- Novo Nordisk A/S
- Ypsomed India Private Ltd.
- Owen Mumford Ltd.
- HTL-Strefa
- Braun Melsungen AG
- Terumo Corporation
- UltiMed, Inc.
- Allison Medical, Inc.
- GlucoRx
Pen Needles Market Segmentation:
Segmentation by Type:
- Standard Pen Needles
- Safety Pen Needles
Segmentation by Length:
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
Segmentation by Therapy:
- Insulin Therapy
- Glucagon-Like Peptide-1 (GLP-1) Therapy
- Growth Hormone Therapy
- Others
Segmentation by mode of Purchase:
- Retail
- Non-Retail
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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