Pen Needles Market

Pen Needles Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Medical Devices | Author Name: Sayali

Given the rapid emergence of popularity of alternative drug delivery methods, global pen needles market represented a nearly US$2 Bn industry in 2021.

Ascending Prevalence of Chronic Diseases Predominantly Bolsters Pen Needles Market Growth

Prevalence of chronic ailments such as diabetes, cardiovascular disorders, multiple sclerosis, and osteoporosis has fuelled the need for daily or weekly drug administration. The delivery of drugs is usually through pen injectors which are the net new in the injectable drug delivery domain. Owing to their simple and easy use, flexibility, convenience, and reliability have fuelled their adoption. Moreover, the patient can administer drugs using pen injectors without the assistance of a practitioner or a physician. This, in turn, has influenced sales of pen needles that are an integral removable attachment of pen injectors. Moreover, increasing prevalence of diabetes remains instrumental in driving the demand for insulin delivery, in turn influencing the use of pen needles on the global front. Sedentary lifestyle of individuals causing diabetes type 1 and 2 has become a major concern among adult population as well as millennials. According to the International Diabetes Federation (IDF), by 2030, around 640 million people are likely to develop diabetes and suffer from its consequences. This number is expected to further grow to 783 million by 2045. Furthermore, as per WHO’s estimations, mortalities due to diabetes are likely to double by 2030. In wake of rising prevalence of diabetes, the demand for efficient drug delivery systems is bound to increase, consequently complementing growth of the pen needles market.

Standard Variants to Account for a Significant Value Share in Pen Needles Market

The use of standard pen needles has significantly prevailed since past several years on the back of daily use of these devices for large diabetic dosages. Moreover, individuals suffering from problems associated with dexterity typically prefer standard pen needles. That said, sales of this type of pen needles are expected to largely contribute towards value growth of the pen needles market. However, with technological advancements in drug delivery, the development of safety pen needles created a complementing pathway of growth for pen needles market. Standard pen needles are associated with a high risk of needlestick injuries that impacts the safety aspect of the pen needle, whereas safety pen needles minimize this risk ensuring enhanced patient safety and drug delivery. This is likely to accelerate the demand for safety pen needles in the forthcoming years.

North America to Lead Global Pen Needles Market, Asia Pacific to Remain a Lucrative Revenue Pocket

The consumption of pen needles across developed nations in North America is expected to increase at a stable rate in the coming years. Since the recent past, demand for pen needles has reflected a positive growth path and is expected to maintain status quo in the coming period. This can be attributed towards increasing cases of diabetes across countries such as the United States, and Canada. For instance, according to the United States National Institutes of Health, over 9% adults develop diabetes whereas 16% of the American adult population is pre-diabetic (pre-diabetes is a condition wherein the glucose level in the individual is more than usual but not high to be diagnosed as a diabetes type 2).

Moreover, rising geriatric population is further contributing towards the growth of diabetes occurrence in the region. According to American Diabetes Association (ADA), in 2020, more than 34 million individuals suffered from diabetes and approximately 40% of deaths due to COVID-19 infection were diabetic patients. This has resulted in an increased burden of the disease translating into rising expenditure on diabetes. According to the International Diabetes Federation (IDF), expenditure on diabetes in the United States alone accounted for more than 50% of the global diabetes expenditure in 2017 and is expected to maintain its upswing in the region. This aspect has pushed the use of insulin in the region, in turn providing high growth potential for the pen needles market in North America.

On the other hand, emerging economies in Asia Pacific are also expected to showcase a lucrative scenario with respect to use of pen needles. This is mainly owing to increasing population count with a high percentage of geriatric population contributing towards rising diabetic cases. Moreover, owing to its business-friendly environment, cheap labour and land, and high patient pool, several pharmaceutical and medical device manufacturers have established their facilities on the Asian soil. This has resulted in efficient diabetic care and an increase in the availability of devices such as pen needles. This factor is expected to spur the growth of the pen needles market in Asia Pacific in the coming years.

Pen Needles Market: Competitive Landscape

Players in the pen needles market have been focused on new product launches, collaborations, acquisitions, and partnerships to strengthen their market position. For instance, in 2020, Arkray Inc. introduced TechLITE pen needles that are used in conjunction with pen injector devices to carry out subcutaneous drug injection. In 2021, UltiMed Inc. launched Ulticare pen needles in two different sizes, viz., 8mm 30g and 5mm 30g. Similarly, in 2022, Roche Diabetes Care (RDC) launched ACCU-FINE high quality pen needles. The main objective behind this launch was to ensure a smooth insulin delivery with a virtually painless experience for individuals suffering from diabetes. Alternatively, same year, Roche Diabetes Care and Novo Nordisk Education Foundation entered a partnership to improve access to care, particularly for children suffering from Diabetes Type 1 in India.

A few of the major players in pen needles market include Novo Nordisk A/S, UltiMed Inc., Artsana S.p.A, Becton Dickinson and Company, Ypsomed Holding AG, Iyon, Owen Mumfrod, B. Braun Melsungen AG, Nipro Corporation, Hindustan Syringes and Medical Devices, and Terumo Corporation.

The Global Pen Needles Market Is Segmented As Below:

By Type

  • Standard Pen Needles
  • Safety Pen Needles

By Length

  • 4mm
  • 5mm
  • 6mm
  • 8mm
  • 10mm
  • 12mm

By Therapy

  • Insulin Therapy
  • Glucagon-Like Peptide-1 (GLP-1) Therapy
  • Growth Hormone Therapy
  • Other Therapies

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Pen Needles Market

  • Pen Needles Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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