PUBLISHER: The Business Research Company | PRODUCT CODE: 1513211
PUBLISHER: The Business Research Company | PRODUCT CODE: 1513211
Pen needles are small, disposable devices utilized for administering insulin through insulin pens, designed specifically for subcutaneous injection. They are equipped with thin, sharp needles to minimize discomfort and are offered in different lengths and gauges to suit diverse patient requirements and preferences. These needles play a crucial role in diabetes management by enabling convenient and accurate insulin delivery.
The primary categories of pen needles include standard pen needles and safety pen needles. Standard pen needles are medical tools employed for subcutaneous medication injection, mainly for insulin, by individuals managing diabetes. They are available in various lengths such as short-length, medium-length, and long-length pen needles, serving different therapies such as insulin, glucagon-like-peptide-1 (GLP-1), and growth hormone. These needles are accessible in both retail and non-retail environments and are used by various end-users including hospitals, clinics, home healthcare providers, among others.
The pen needles market research report is one of a series of new reports from The Business Research Company that provides pen needles market statistics, including pen needles industry global market size, regional shares, competitors with a pen needles market share, detailed pen needles market segments, market trends and opportunities, and any further data you may need to thrive in the pen needles industry. This pen needles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pen needles market size has grown rapidly in recent years. It will grow from $2.17 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The increase during the historic period can be attributed to several factors including the invention of the insulin pen, advancements in miniaturization technology, a heightened focus on patient convenience, improvements in needle design, and the implementation of safety features.
The pen needles market size is expected to see rapid growth in the next few years. It will grow to $3.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The rise in the forecast period can be attributed to factors such as compatibility with various insulin pens, customizable options, innovations in materials, integration with digital health solutions, and adherence to regulatory guidelines and standards. Major trends expected in this period include user-friendly designs, advancements in needle coatings, the use of environmentally friendly materials, and the integration of smart technology.
The growth of the pen needles market is expected to be driven by the increasing prevalence of diabetes. Diabetes is a chronic health condition characterized by high blood sugar levels due to insufficient insulin production or ineffective insulin utilization by the body. The rising prevalence of diabetes can be attributed to factors such as sedentary lifestyles, unhealthy diets, genetic factors, urbanization, aging populations, limited healthcare access, and increasing obesity rates globally. Pen needles play a crucial role in diabetes management by facilitating precise insulin delivery through convenient and minimally invasive injections, leading to improved glycemic control and better patient adherence to treatment regimens. For example, the International Diabetes Federation projected in 2021 that the number of people living with diabetes would reach 643 million by 2030 and 783 million by 2045. This increasing prevalence of diabetes is fueling the growth of the pen needles market.
Leading companies in the pen needle market are concentrating on developing advanced products such as home-use pen needles to boost their market revenues. Home-use pen needles are medical devices designed for subcutaneous medication injections using insulin pens or similar devices. They are primarily used by individuals with diabetes who require regular insulin injections to manage their blood sugar levels. In December 2021, Owen Mumford, a UK-based medical device company, introduced Unifine Ultra, touted as the world's most advanced home-use pen needle aimed at enhancing the injection experience for users, particularly those with diabetes. This innovative pen needle features Owen Mumford's patented SafeControl Technology, including a needle lock-out mechanism for safety and convenience during home or on-the-go use. The Unifine Ultra is ergonomically designed with a flat base for better skin contact, a large hub for improved grip, and various sizes to meet different patient needs. This product is designed to improve patient adherence and comfort during injection therapy, aligning with Owen Mumford's commitment to innovative solutions in the medical device sector.
In February 2022, Gilde Healthcare Partners B.V., a Netherlands-based private equity firm, acquired EUROPIN s.r.o. for an undisclosed sum. This acquisition marks a significant step for Gilde Healthcare in creating an integrated contract manufacturer specializing in custom-made cannulas and cannula systems. EUROPIN s.r.o., based in Slovakia, manufactures personalized pen cannulas and lancet needles for diabetic use.
Major companies operating in the pen needles market are Cardinal Health Inc., Novartis AG, F. Hoffmann-La Roche AG, Novo Nordisk AS, Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation, Nipro Corporation, Artsana Group, Embecta Corp., Tandem Diabetes Care Inc., Trividia Health Inc., Medical Technology and Devices S.p.A., Owen Mumford, Dynarex Corporation, Arkray Inc., UltiMed Inc., MontmedInc., Bio-Med HealthCare Products Pvt. Ltd., Allison Medical Inc., GlucoRx Ltd., Simple Diagnostics Inc, Stat Medical Inc., HTL-STREFA S.A., Hindustan Syringes & Medical Devices Ltd.
North America was the largest region in the pen needles market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pen needles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the pen needles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pen needles market consists of sales of painless pen needles, adjustable pen needles, reusable pen needles, and fixed-dose pen needles. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pen Needles Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pen needles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pen needles? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pen needles market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.