PUBLISHER: Allied Market Research | PRODUCT CODE: 1344520
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344520
The pen needles market is likely to experience a significant growth rate of 10.3% from 2023-2032 owing to increasing market demand from medical devices and supplies sector - Allied Market Research
The tip of the needle is often slanted, or angled, to make it easier to penetrate the skin. It is further coated with a lubricating needle length, such as silicone, to further reduce pain during the injection. After use, the pen needles are disposed of in a sharps container to prevent accidental injury or transmission of disease.
Pen needles are used to administer medication for various types of diseases, including diabetes, growth hormone deficiency, and infertility. Pen needles are an important tool in the management of many chronic conditions and can help improve the quality of life for patients who require regular injections of medication, which is boosting their demand. In addition, factors such as the increase in prevalence of chronic conditions such as diabetes acts as a key driving factor of the market. For instance, the International Diabetes Federation (IDF) stated that the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.
As diabetes is a chronic condition that often requires regular insulin injections, pen needles are commonly used for administering insulin. Thus, with the rise in prevalence of diabetes worldwide, the demand for diabetes management products such as pen needles is expected to increase simultaneously.
In addition, rise in awareness about diabetes management, technological advancements in pen needle design, and surge in adoption of injectable drugs for various medical conditions contribute toward the growth of the pen needles market. Injector pens are designed to be used with specific types of pen needles, and as more people become aware of the benefits of using injector pens, the demand for compatible pen needles is anticipated to increase concurrently, thereby driving the growth of the market.
Furthermore, pen needles exhibit ultra-thin wall construction, which allows for a larger inner diameter while maintaining the same outer diameter. This can improve the flow rate and reduce the injection time. Moreover, some pen needles have safety features, such as a protective shield or cap, to prevent accidental injury after use. The availability of pen needles in different sizes, lengths, and gauges makes it possible to customize the injection to the individual's needs, which can help to improve medication absorption and reduce discomfort during the injection.
Furthermore, injector pens are used for administering a variety of medications, including growth hormone, fertility drugs, and other biologic drugs. As more people become aware of the benefits of using injector pens for these medical treatments, the demand for compatible pen needles is expected to increase, which contributes to the market growth. However, safety concerns related to needlestick injuries and contamination can be a significant restraint of the pen needle market.
Needlestick injuries can occur when healthcare workers or patients accidentally prick themselves with a needle, which can lead to the transmission of blood-borne infections. This is a significant safety concern for healthcare workers who are routinely exposed to needles and other sharp instruments.
On the contrary, to address the safety concerns related to needlestick injuries and contamination, several key players in the pen needle market have developed safety pen needles that offer advantages over standard needles. Some safety pen needles are designed with a needle shielding feature that covers the needle after use, which can further reduce the risk of accidental needlestick injuries. As people are becoming aware about safety needles, the demand for safety needles is anticipated to rise in the coming years, which will augment the market growth.
In addition, emerging countries in Asia-Pacific and LAMEA present lucrative opportunities for key players looking to invest in the pen needles market. This is attributed to the fact that these regions are characterized by the presence of a large population base with strong economic growth and increase in healthcare expenditure. In addition, an alarming rise in prevalence of diabetes in these regions along with an increase in awareness regarding injector pens is anticipated to drive the market growth.
The global pen needles market is segmented into type, needle length, distribution channel, and region. By type, the market is categorized into standard pen needles and safety pen needles. Based on needle length, it is segregated into short length pen needles, medium length pen needles, and long length pen needles. Based on distribution channel, it is divided into hospital pharmacies, drug stores & retail pharmacies, and online providers.
Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA). Major players that operate in the market include Allison Medical, B.Braun SE, Embecta Corp., MTD Medical Technology and Devices S.p.A, Novo Nordisk A/S, Owen Mumford Ltd, Terumo Corporation, Trividia Health, Inc., UltiMed, Inc., and Ypsomed AG.