The Pen needles market in North America is expected to reach USD 1.06 billion by 2027 from USD 0.64 billion in 2022, growing at a CAGR of 10.60% from 2022 to 2027.
The growing occurrences of chronic diseases and illness, mainly diabetes, cancers, cardiovascular issues, raise demand for the pen needles market. The ever increasing geriatric population, spread rate of infections, increase in the number of people who have diabetes, type 1, and type 2 lead to market growth. In recent times besides syringes and minimally invasive devices, vials; pen needles are more preferred, which drives demand for the availability and usage of pen needles. Growing awareness in people about self-checking or testing and self-medication, administering the drug in insulin therapy by patients with diabetes type 1 and type 2 increases market size.
Technological advancements, more R & D activities, innovative ideas for designing more medical devices with high patient compliance, focus shifts on patients' pain management increase market size. Other factors, such as the adaption of minimally invasive surgeries and the rise in public awareness for a healthy lifestyle, government’s healthcare benefits and schemes, and easy commute to hospitals, clinics, and health centers, increase market size. The rise in global investors, rise in economy, and spending on this market increased government and public funding to improve the pen needles market.
On the other hand, there are few market restraints faced by this market, which will hinder the growth of the pen needles market in this region. Factors such as safety concerns, pain management inpatient population, focus shift on patient compliance, and other potential reasons effects market size. The rise in preference of other alternative techniques restricts the pen needles market to grow. Needlestick injuries, reuse of pen needles are the main concerns for this market to grow.
COVID 19 cases all around the world are rising. The shortage of minimal medical devices and other needed medical essential supplies are seen during recent times. In order to prevent widespread infections, there is more demand for these medical devices and supplies. An increase in the number of cases, the spread of disease, and the death toll is observed in recent times. More critical care is required for a patient population in severe condition and is on ventilators, for which more medical staff and professionals are also needed to assist. Social distancing is the only way to eradicate the spread of coronavirus.
This research report on the North America Pen Needles Market has been segmented and sub-segmented into the following categories:
Based on geographical areas, The U.S. is estimated to account for a larger share of the North America pen needles market in 2019. In contrast, Canada is estimated to grow at a higher CAGR during the forecast period.
North America is expecting steady growth in the pen needles market during the forecast period. Factors such as rise in the geriatric population, favorable healthcare economy, spending, reimbursement plans, rise in chronic diseases, rise in demand for standards and safety, and advancement in inpatient population safety concerns increase market size.
The United States stands first for well-developed technology and research activities for the medical devices market. Canada, with its highest recorded patients suffering from various illnesses, increases market size. The adaption of pen needles by the diabetic population is a major driving factor for this market. According to reports by the CDC, 100 million people are suffering from diabetes and pre-diabetes. Hence the need for pen needles in the process of treatment and procedures increases the market size.
Companies like Becton Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), 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), Terumo Corporation (Japan) are leading the North American Pen Needles Market.
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