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Redding, California - March 4, 2024

Pen Needles Market to be Worth $12.88 Billion by 2031

Pen Needles Market by Type (Standard, Safety), Needle Length, Usability (Disposable, Reuse), Application (Insulin, Growth Hormone, GLP-1), Distribution Channel (Hospital Pharmacy, Retail, Online), Setting (Home Care, Hospital) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled ‘Pen Needles Market by Type (Standard, Safety), Needle Length, Usability (Disposable, Reuse), Application (Insulin, Growth Hormone, GLP-1), Distribution Channel (Hospital Pharmacy, Retail, Online), Setting (Home Care, Hospital) — Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the pen needles market is projected to reach $12.88 billion by 2031, at a CAGR of 9.9% during the forecast period. The growth of this market is driven by factors such as the rising prevalence of diabetes, growing demand for self-administration of drugs, advancements in technology, and rising healthcare expenditure. Moreover, the preference for pen needles over vials and syringes, favorable reimbursement policies, and emerging economies are expected to offer significant market growth opportunities.

However, concerns regarding needlestick injuries restrain the market’s growth. Additionally, the reuse of pen needles, limited access to healthcare in developing nations, and lack of awareness about proper usage of pen needles pose challenges to the market’s growth.

Key Players

The key players operating in the pen needles market are Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed AG (Switzerland), Owen Mumford Limited (U.K.), B. Braun Melsungen AG (Germany), Terumo Group (Japan), Allison Medical, Inc. (U.S.), Cardinal Health, Inc. (U.S.), UltiMed, Inc. (U.S.), Hindustan Syringes & Medical Devices Ltd (India), and Nanchang YiLi Medical Instrument Co.,LTD (China).

Pen Needles Market: Future Outlook

The pen needles market is segmented based on Type (Standard Pen Needles, Safety Pen Needles), Needle Length (4 mm, 5 mm, 6 mm, 8 mm, 10 mm, 12 mm & Above), Usability (Single Use/Disposable, Reusable), Application (Insulin Therapy, Growth Hormone Therapy, GLP-1 Therapy, Other Applications), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), Healthcare Setting (Home Care, Hospitals & Clinics, and Other Healthcare Settings), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, the pen needles market is segmented into standard pen needles and safety pen needles. In 2024, the safety pen needles segment is expected to account for the larger share of the pen needles market. The large market share of this segment can be attributed to the advantages provided by safety pen needles, including reduced risk of needlestick injuries, assured delivery of the full medication dose in a safe manner, and enhanced control during the injection process with clear visibility of the sterile needle. Additionally, the incorporation of safety shields in safety pen needles further contributes to the segment's significant market share.

Based on needle length, the pen needles market is segmented into 4 mm, 5 mm, 6 mm, 8 mm, 10 mm, 12 mm & above. In 2024, the 4 mm segment is expected to account for the largest share of the pen needles market. The large market share of this segment can be attributed to the advantages offered by 4 mm needles, such as minimal pain and discomfort during insulin injections. Furthermore, companies in the pen needles market are focusing on improving their product portfolios through the introduction of innovative offerings. For instance, in September 2022, Terumo Group (Japan) launched FineGlide, a sterile pen needle designed for patients requiring insulin injections or other forms of self-medication.

Based on usability, the pen needles market is segmented into single-use/disposable and reusable. In 2024, the single-use/disposable segment is expected to account for the larger share of the pen needles market. The large market share of this segment can be attributed to technological advancements in insulin delivery devices and growing awareness regarding hygiene and needlestick injuries.

Based on application, the pen needles market is segmented into insulin therapy, growth hormone therapy, GLP-1 therapy, and other applications. In 2024, the insulin therapy segment is expected to account for the largest share of the pen needles market. The large market share of this segment can be attributed to the rising demand and awareness of insulin therapy, driven by the high prevalence of diabetes. For instance, according to the International Diabetes Federation, the global diabetic population reached 537 million in 2021. Projections indicate an increase to 643 million by 2030 and 783 million by 2045.

Based on distribution channel, the pen needles market is segmented into hospital pharmacies, retail pharmacies, and online channels. In 2024, the retail pharmacies segment is expected to account for the largest share of the pen needles market. The large market share of this segment can be attributed to the advantages provided by retail pharmacies compared to other distribution channels. Retail pharmacies offer patients the convenience of accessing pen needles without the need for a prescription, thereby simplifying diabetes management for individuals.

Based on healthcare setting, the pen needles market is segmented into home care, hospitals and clinics, and other healthcare settings. In 2024, the home care segment is expected to account for the largest share of the pen needles market. The large market share of this segment can be attributed to the growing awareness of diabetes management and the rising number of diabetes cases. Additionally, the adoption of pen needles in home care settings enables individuals to manage their healthcare independently. By self-administering medications, individuals gain greater control over their treatment, seamlessly integrating it into their daily routines. This autonomy often leads to improved medication adherence and better overall health outcomes.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Austria, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India, South Africa, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the pen needles market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market shareholder in North America. North America’s major market share is attributed to the highly developed healthcare infrastructure and the presence of major market players such as Becton, Dickinson and Company (U.S.), and Cardinal Health, Inc. (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5796

Key questions answered in the report:

Which are the high-growth market segments in terms of type, needle length, usability, application, distribution channel, healthcare setting, and region/country?
What was the historical market size for pen needles across the globe?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, and opportunities in the global pen needles market?
Who are the major players in the global pen needles market?
What is the competitive landscape like, and who are the market leaders in the global pen needles market?
What are the recent developments in the pen needles market?
What strategies are adopted by the major players in the pen needles market?
What are the geographical trends and high-growth regions/countries?

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Redding, California - March 4, 2024

Pen Needles Market to be Worth $12.88 Billion by 2031

Pen Needles Market by Type (Standard, Safety), Needle Length, Usability (Disposable, Reuse), Application (Insulin, Growth Hormone, GLP-1), Distribution Channel (Hospital Pharmacy, Retail, Online), Setting (Home Care, Hospital) - Global Forecast to 2031

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