The Pen Needles Market is projected to witness significant growth, reaching $12.88 billion by 2031, with a compound annual growth rate (CAGR) of 9.9% during the forecast period, as outlined in a recent publication by Meticulous Research®. Several driving factors are propelling this market forward, including the rising rates of diabetes, increasing demand for self-administered medications, technological innovations, and heightened healthcare expenditures.
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The preference for pen needles over traditional vials and syringes, supportive reimbursement policies, and growth opportunities in emerging economies also contribute to the market’s expansion.
Despite this positive outlook, the market faces challenges such as concerns related to needlestick injuries that may hinder growth. Additionally, the issue of pen needle reuse, lack of access to healthcare in developing regions, and inadequate awareness regarding the appropriate use of pen needles present significant hurdles.
Market Segmentation and Future Projections
The pen needles market can be segmented based on various factors, including type (Standard and Safety Pen Needles), needle length (from 4 mm to 12 mm and above), usability (Single Use/Disposable and Reusable), application (Insulin Therapy, Growth Hormone Therapy, GLP-1 Therapy, etc.), distribution channels (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and healthcare settings (Home Care, Hospitals & Clinics, and other settings). The study also provides insights into industry competitors and a detailed regional and country-level analysis.
By type, the market is divided into standard pen needles and safety pen needles, with safety pen needles expected to dominate in 2024 due to their ability to reduce the risk of needlestick injuries, ensure complete medication delivery, and provide enhanced control during injections. The integration of safety shields into these products adds to their appeal.
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In terms of needle length, the 4 mm segment is predicted to hold the largest share in 2024, thanks to the advantages of reduced pain and discomfort during insulin administration. Innovations, such as the FineGlide pen needle launched by Terumo Group in September 2022, reflect ongoing advancements aimed at improving patient experiences.
When considering usability, the single-use/disposable segment is anticipated to capture a larger share in 2024, driven by advancements in technology and increased awareness regarding hygiene and needlestick risks.
Application-wise, the insulin therapy segment is expected to dominate due to the escalating demand for insulin therapy as a result of rising diabetes prevalence. The International Diabetes Federation forecasts that the global diabetic population will rise from 537 million in 2021 to approximately 783 million by 2045.
Regarding distribution channels, retail pharmacies are projected to hold the largest market share by 2024, owing to their accessibility and convenience for patients in obtaining pen needles without requiring a prescription.
The home care segment is set to be the largest share holder in the healthcare setting category by 2024, attributed to increased awareness and the growing number of diabetes cases. Self-administering medications enhances patient autonomy and supports better adherence to treatment regimens.
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Key Players in the Market
Leading companies operating in the pen needles market include 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).
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