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Pen Needles Market Size to Surpass the USD 10.0 Billion by 2033; Due to Advancement In Technology and Rising Prevalence Of Diabetes

The rising adoption of injectable therapies for the management of various medical conditions, including diabetes, growth hormone deficiency, and osteoporosis, is fueling demand for pen needles. Pen needles offer advantages such as ease of use, portability, and precise dosing, making them a preferred choice for patients and healthcare providers alike.

New York, Feb. 12, 2024 (GLOBE NEWSWIRE) — According to Market.us, the Global Pen Needles Market size is forecasted to exceed USD 10.0 Billion by 2033, with a promising CAGR of 10.9% from 2024 to 2033.

The global pen needles market was worth around the USD 3.5 billion in 2023. In case of diabetic patients, thin needles with injection pens are used to inject medication, known as pen needles, becoming easy and convenient for self administration of medicines. The market involves manufacturing, sales and distribution of pen needles worldwide. The demand for  pen needles increases with the increase in number of diabetic patients. On the flip side, the regulatory hurdles and cost concerns was impede the pen needle market in the near future.

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Key Takeaway

  • Based on product, standard pen needle market captured a significant share of the market.
  • The enhanced safety features resulted the safety pen needles segment to contribute a health revenue share.
  • Based on needle length analysis, 8mm needle length segment emerged as a frontrunner.
  • By therapy analysis, insulin therapy held a major market share of 75% in the year 2023.
  • Rise in government initiatives and preference for self administration of medications, led the growth of the pen needle market significantly.
  • Competition from alternative insulin delivery methods can further hamper the market during the forecast period.

Factors Affecting the Growth of the Pen Needles Market

There are several factors that can affect the growth of the Pen neeldes market. Some of these factors include:

  • Rise in Prevalence of diabetes: The increasing prevalence of diabetes globally boosts the growth of the market.
  • Upsurge in diabetes Awareness: Increasing awareness about diabetes among people will likely enhance the market growth. This will facilitate early detection and treatment of the disease, thus driving the market.
  • Increasing Investment in Healthcare Sector: Investments by the government and various organizations will likely propel the market.
  • Development of novel treatments: Emergence in the novel treatment in the market will likely anticipate market growth.

Top Trends in the Global Pen Needles Market

The adoption of pen needles offer convenience, eradicate need for manual needle changes and reduce the risk of contamination, thus fostering the pen needles market. In order to enhance safety and address concerns related to sudden needlestick injuries, manufacturers are much focused on continuous innovation of safety needles, such as retractable needles and shields. In addition to this, the incorporation of pen needle usage data into telehealth platforms allow healthcare providers to remotely monitor and adjust insulin regimens depending on real time data.

Market Growth

For the people suffering from diabetes, pen needles are highly demanded in conjunction with growing need for insulin pens. Technological advancements in different types of products are also anticipated to drive the growth of the pen needles industry. With respect to needle length, companies are more focused on new product development. For example, in 2021, BD(Beckton, Dickinson and Company) launced BD pen ultra fine pen needle with a 4 mm needle length in order to improve patient comfort and reliable insulin delivery.

Regional Analysis

Leading the pen needle market in 2023, Europe held a remarkable market share of 38.9%. The well established and robust healthcare infrastructure containing advanced medical facilities and high accessibility, foster the pen needle market significantly. In addition to this, the region has a increasing prevalence of diabetes, demanding for diabetic care products, including pen needles. Thus, this leads to a heightened need for secure and efficient insulin delivery systems, bolstering the pen needle market place.

Furthermore, the region is highly involved in research and development activities, leading to development of cutting edge pen needle technologies. Finally, the awareness programs and implementation of patient education provides better understanding among diabetic patients, increasing the pen needle adoption globally.

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Pen Needles Market Regions

Scope of the Report

Report Attributes Details
Market Value (2023) USD 3.5 Billion
Forecast Revenue 2033 USD 10.0 Billion
CAGR (2024 to 2033) 10.9%
Europe Revenue Share 38.9%
Base Year 2023
Historic Period 2018 to 2022
Forecast Year 2024 to 2033

Market Drivers

The demand for insulin delivery devices including pen needles rises with the increase in pervasiveness of diabetic patients. In order to enhance the patient comfort and drive the adoption of pen needles, many technological advancements are made  such as manufacturing of ultra thin needles, improvement in ergonomic designs, and compatibility with various insulin pens. In addition to this, many patients prefer self administration of insulin as it becomes convenient, easy and reduces pain associated with pen injections. Thus these factors greatly drives the pen needle market, generating sky rocketing revenue shares.

Market Restraints

In developing regions there is inadequate access to healthcare facilities and resources, thus impeding the growth of pen needles market. Though the pen needles are now manufactured taking care about the safety concerns, but still many healthcare professionals and patients exhibit unwillingness to adopt its use. In addition to this, there is a huge competition regarding insulin administration between pen needle market and other alternative insulin delivery methods such as insulin pumps and inhalers. Thus, this can significantly impact the pen needle market in the near future.

Opportunities

The partnership or collaboration coupled with market flourishing strategies among the smart market players provides a wide way for the flow of pen needles market. The availability of pen needles with wide range of needle lengths and additional features further provides various opportunities for the growth of the market. The development of child safety needle with smaller needle sizes for pediatric diabetic population can further instigate the market with lucrative opportunities. In addition to this, manifacturers are now developing customized and patient specific devices, making patients satisfactory for self administration of insulin at the comfort of their homes.

Impact of Macroeconomic factors

The Cumulative impact of COVID-19, the Russia-Ukraine conflict, and high inflation is expected to have significant long-term effects on the Global Needle Market. It resulted the changes in consumer behavior, supply chain disruptions, and government interventions during the pandemic. Similarly,the ongoing political and economic uncertainty in Eastern Europe caused by the Russia-Ukraine Conflict and its potential implications for demand-supply balances, pressure on pricing variants, and import/export and trading caused a disaster in recent times. Additionally, high inflation impacted the global economy affecting the demand, supply, cash flow, and currency exchange.

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Report Segmentation of the Pen Needles Market

By Product type analysis

Based on product type, the pen needle market is broadly classified into standard pen needles and safety pen needles. Amongst these, standard pen needles occupied a major portion of pen needles market, accounting a market share of 84.6%, dominating the entire segment. The simplicity and easy usage makes standard pen needles highly preferred among the patients and healthcare providers. The dominance is attributed to their familiarity and usage in diabetic management coupled with the straightforward design of the needles.

On the other hand, safety pen needles have a steady presence in the market, owing to the enhanced safety features avoiding needlestick injuries, ensuring a safe and efficient user experience.

By Needle length analysis

With respect to needle length, the market is fragmented into 4mm, 5mm, 6mm, 8mm, 10mm and 12mm needle length segments. The 8mm needle length segment secured a strong market place capturing a market share of 21.7%, proving a dominance over other segments. This prominence is highly attributed to maintaining a balance between insulin delivery and patient comfort as well as the versatile nature of the needle.

In addition to this, a significant portion of market share is grabbed by 5mm and 6mm length needles attributing to the easy usage and reduction in anxiety during injections. Furthermore, 10mm and 12mm length needle carry a smaller market share, covering the need for the patients requiring subcutaneous injections.

By Therapy analysis

Based on the therapy given to the patients, the pen needle market is bifurcated into insulin, glucagon-like-peptide-1, and growth hormone. The insulin therapy segment emerged as a frontrunner, marking a valuable market share of 75%. Being the primary therapy for diabetes, there is a huge demand for insulin administration, fostering substantial market growth. In addition to this, the another segment grabbing a noticeable market presence is the coexisting glucagon-like-peptide-1 segment, as it has the efficiency to manage blood sugar levels. Moreover, the increasing prevalence of growth hormone related disorder and its related therapeutic benefits upscales the demand for growth hormone segment, promising the upscale of pen needle market shares.

Recent Development of the Pen Needles Market

  • In July 2023: An acquisition was made between Terumo Corporation(global leader in medical technology) and Amstelveen medical devices B.V(developer and manufacturer of pen needles), in order to strengthen the Terumo’s position its pen needles market and expand its product portfolio.
  • In October 2023: A global provider of diabetes care products, Owen Mumford announced the launch of the shortest new Ultratouch 4mm pen needle, providing more confortable injection experience for diabetic patients.

Pen Needles Market Size

Market Segmentation

By Product Type

  • Standard pen needles
  • Safety pen needles

By Needle length

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

By Therapy

  • Insulin
  • Glucagon-like-peptide-1
  • Growth hormone

By Geography

North America

  • US
  • Canada

Europe

  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • South Korea
  • India
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

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Competitive Landscape

The competitive landscape of the market has also been examined in this report. The presence and monopoly of a few key businesses characterize the competitive landscape of the pen needles market. Novo Nordisk A/S has consistently demonstrated a strong market place due to its innovative and high quality diabetic care products. The dominance of these market leaders is due to their extensive product portfolio rife with assorted product categories.

Market Key Players:

  • Novo Nordisk A/S
  • Becton
  • Dickinson and Company
  • Terumo Corp.
  • Owen Mumford Ltd.
  • B. Braun Melsungen AG
  • HTL-STREFA
  • UltiMed Inc.
  • Allison Medical Inc.
  • Artsana S.p.A.

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