Share on

Global Pen Needles Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Therapy, Type, Needle Length, Mode of Purchase & Region – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 149
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Pen Needles Market Size (2022 to 2027)

The worldwide pen needles market size is expected to be worth USD 3.87 billion by 2027 from USD 2.28 billion in 2022, growing at a CAGR of 11.18% between 2022 to 2027.

Diabetic patients commonly use pen needles for injecting insulin or any other injectable medication. Obese people are also highly vulnerable to diabetes. As per diabetes.co.uk, it is assumed that obesity accounts for 80-85 percent of the risk of developing diabetes. Insulin pens are most convenient for the fast mode of injecting drug delivery. With the help of insulin pens, these devices deliver the dosage of a drug to the patient. In the recent period, it is observed that most of the companies are focussing on developing new products in the market; for example, in 2018, Becton, Dickson, and co., launched its BD ultra-fine micro pen needle 6mm x 32G in the market.

MARKET DRIVERS:

The growth of the global pen needles market is majorly driven by the factors such as an increase in the presence of pen needles over syringes and vials, inclination towards minimally invasive procedures, and a growing aging population. In addition, Y-O-Y growth in diabetic patients is another significant factor accelerating the development of the world pen needles market. As per the International Diabetes Federation, it is estimated that 642 million people will have diabetes by 2040 with an increasing diabetic population.

An increase in the prevalence of chronic diseases, favorable reimbursement scenarios in various countries boosts the market growth. Increasing preference for biosimilar drugs is expected to provide a wide range of opportunities for the market players, further increasing market growth. The prevalence of diabetes has increased the demand for the pen needles market. As per reports, 80-85 percent of the risks of developing diabetes are due to obesity. Therefore, the market is anticipated to have better growth during the forecast period.

MARKET RESTRAINTS:

However, a lack of endocrinologists specialized in treating hormonal imbalances is slowly restraining the market's growth rate. In addition, people in rural areas are less aware of these products available, which is also hampering the global pen needles market demand.

Impact of COVID-19 on the global pen needles market:

The global pen needles market had experienced a better market share before the arrival of COVID-19 into the world. COVID-19 was entered as a regional issue and became a global issue. The arrival of COVID-19 has disrupted all sectors of the economy at the earlier periods of the pandemic because of the nationwide lockdown and a ban on transport modes. The supply chain had been stopped, and temporary postponement of diabetic treatments. However, the next period of the pandemic has benefited the market growth of the pen needle market. The research activities on diabetes were resumed. It is observed that most companies are focusing on developing new products in the market to ensure the availability of advanced products to the patients. However, despite the negative impact at the earlier stage, it is anticipated to have a better share during the market period.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Therapy, Type, Needle Length, Mode of Purchase and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

This research report on the global pen needles market has been segmented and sub-segmented into the following categories and evaluated market size and forecast for each segment until 2027.

Pen Needles Market - By Therapy:

  • Insulin Therapy
  • GLP-1 Therapy
  • Growth Hormone Therapy

Based on therapy, the insulin therapy segment is projected to be the fastest-growing segment over the years, with an increasing compound annual growth rate of 8.17 percent. The factors such as the high and growing diabetic population worldwide and raising awareness among the people about diabetic treatments are expected to create the demand for insulin therapy.

Pen Needles Market - By Type:

  • Standard Needle
  • Safety Needle

Based on type, the standard pen needle segment is estimated to account for a larger share of the global pen needles market in 2020 owing to the growth factors such as the availability of low-cost standard pens, which is expected to create demand for the adoption in the emerging countries such as India, China and Brazil, and some other countries. In contrast, safety pen needles segments are estimated to grow at a higher CAGR for the next five years.

Pen Needles Market - By Needle Length:

  • 4mm
  • 6mm
  • 8mm
  • 10mm
  • 12mm

Among the length of pen needles, 8mm is estimated to command the largest share of the world pen needles market in 2020. These devices are commonly prescribed for all patients who are suffering from targeted diseases.

The 4 mm segment is also considered to increase the market growth over the forecast period.

Pen Needles Market - By Mode of Purchase:

  • Retail
  • Non – Retail

Based on the purchase mode, retail purchase mode is estimated to account for a larger share of the global pen needles market in 2020 and is expected to grow at a higher CAGR for the next five years. In addition, the retail purchase model is an easy mode of investment and reduces the insulins' extra cost, so the retail purchase is preferable to non-retail.

Pen Needles Market - By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

The pen needles market in North America was geographically accounted for a market share of 32.5% globally in 2020. This regional market had enormous growth in the recent past and is forecasted to continue its growth pace during the forecast period. The market growth is mainly attributed to the growing diabetic prevalence, increasing favorable reimbursement policies, and government incentives to create awareness about diabetic treatments. In addition, the companies such as Ypsomed Holding AG have launched my life-click fine diamond tip pen needles with the innovative six-level technology.

The pen needles market in Europe was the second-largest region in the global market in 2019 and is expected to expand significantly during the forecast period. Increasing diabetic care professionals, availability of advanced insulin products, and improving treatment techniques are anticipated to increase the market growth. Among various European countries, the German pen needles market is anticipated to grow at a healthy rate between 2020 to 2025. In this country, doctors use and suggest pen needles to give/take regular insulin dosage.

In contrast, the pen needles market in Asia pacific is estimated to grow at the highest CAGR of 14.10% during the forecast period. The Asia Pacific had a substantial market share in the global pen needles market over the years and is expected to record a significant share shortly. The diabetic patient rate has been increasing, technological advancements, and the primary factor is the awareness about the diabetic treatments in this region creates the market growth.

The pen needles market in Latin America is predicted to register a steady growth rate from 2020 to 2025.

The pen needles market in Middle East Africa is anticipated to register better growth during the market forecast period due to the rising geriatric population. In addition, an increase in biosimilar drugs and an increasing diabetic patients’ rate are expected to maintain market growth.

KEY MANUFACTURERS:

Some of the noteworthy companies leading the global pen needles market profiled in this report are Becton, Dickinson & CompanyNovo Nordisk A/S, and Ypsomed Holding AG (Switzerland). The above three key companies alone accounted for ~85-90% of the global pen needles market share in 2019. The other significant companies in the market are UltiMed, Inc. (U.S.), Allison Medical, Inc. (U.S.), Owen Mumford, Ltd. (U.K.), B. Braun Melsungen (Germany), Artsana S.p.a. (Italy), HTL-STREFA S.A. (Poland) and Terumo Corporation (Japan).

The key market participants focus on the R&D to develop much better pen needle products using technological advancements to meet the unmet needs of diabetic patients. Apparently, it’s been noticed that a few of the companies have entered mergers and acquisitions to expand their regional presence and increase their market share.

Please wait. . . . Your request is being processed

Related Reports

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500

Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM

Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!

REACH OUT TO US

Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us: sales@marketdataforecast.com

Click for Request Sample