Pen Needles Market was valued at USD 1.6 billion in 2021 and is estimated to grow at a CAGR of 11.7% during the forecast period, reaching USD 3.9 billion in 2029
The factors driving the growth of the Pen Needles Market includes growing prevalence of diabetes and obesity around the world, increasing use of insulin pen and needles for enhancing the drug discovery process, sedentary lifestyles, rapid growth in the medical tourism industry and improvements in the living standards. Moreover, growing adoption of advanced technologies across the globe, rise in the launch of innovative products, Government funding to medical institutions and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, rising disposable incomes, strategic mergers and collaborations between key industry players and growing population growth rates, are further contributing towards the market growth.
However, growth of the Pen Needles Market is hindered due to inadequate knowledge given to the patients for using pen needles.
The major players operating in the market are B. Braun Melsungen AG, Terumo Corporation, UltiMed, Inc., BD, Novo Nordisk A/S, Ypsomed India Private Ltd., Allison Medical, Inc., Owen Mumford Ltd., HTL-Strefa, and GlucoRx, among others.
Based on Length, the 8mm segment is predicted to expand at a remarkable CAGR during the forecast period
Increasing awareness about self-administration of insulin therapy amongst diabetic type 1 and type 2 patients, is the major factor pushing Pen Needles Market size.
Based on Therapy, the Insulin Therapy segment is projected to capture the largest market share over the forecast period
Growing demand for short insulin pens which are easy to use and causes less pain, is propelling segment’s growth.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Rising prevalence of diabetes and obesity across United States and Canada, growing demand for technologically advanced needle pens, rapid industrialization, increase in Government’s expenditure on improving healthcare facilities and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Key Development
- In 2019, BD launched the Ergonomic pen needle technology known as BD Nano second generation, which is specially designed for more reliable injection depth.
Market Segmentation
Segmentation by Type
- Standard Pen Needles
- Safety Pen Needles
Segmentation by Length
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
Segmentation by Therapy
- Insulin Therapy
- Glucagon-Like Peptide-1 (GLP-1) Therapy
- Growth Hormone Therapy
- Others
Segmentation by Mode of Purchase
- Retail
- Non-Retail
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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