The Pen Needles Market is expected to reach USD 2.2 Billion by 2026 from an estimated USD 1.3 billion in 2021, at a CAGR of 11.2%. Growth in the market is largely driven by the growing prevalence of chronic diseases and the favourable reimbursement scenario in selected countries. On the other hand, the preference for alternative modes of drug delivery, poor reimbursement in developing countries, and needle anxiety are expected to restrain the overall market growth. Misuse of insulin pens and reuse of pen needles are the challenges faced by the market. The growing preference for biosimilar drugs and emerging markets are areas of opportunity in the market.
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Key Market Players:
Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), Owen Mumford (UK), Terumo Corporation (Japan), Nipro Corporation (Japan) Allison Medical (US), AdvaCare Pharma (US), Berpu Medical Technology (China), ARKRAY (Japan), GlucoRx (UK), HTL-STREFA (Poland), UltiMed, (US), Hindustan Syringes and Medical Devices (India), Artsana Group (Italy), PromiseMed Diabetes Care (Canada), Montmed (Canada), Trividia Health (US), VOGT Medical Vertrieb (Germany), Van Heek Medical (Netherlands), Simple Diagnostics (US), Iyon (Turkey), Links Medical Products (US), and MHC Medical Products (US)
Standard Pen Needles Industry Dynamics
Market Growth Drivers
- Growing prevalence of chronic diseases
- Favorable reimbursement in select countries
Market Growth Opportunities
- Growing preference for biosimilar drugs
- Emerging markets
Market Challenges
- Reuse of pen needles
- Misuse of injection pens
Industry Restraints
- Preference for alternative modes of drug delivery
- Poor reimbursement scenario in developing countries
- Needle anxiety
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The Type 2 diabetes, hypertension, and CVD significantly increase the risk for hospitalization and death in COVID-19 patients. Hence, managing these comorbidities has gained more focus for patients with existing conditions and those at the highest risk of contracting these conditions. This awareness has increased among healthcare professionals and patients and supported the growth of the management devices market. Hypoglycemia and hyperglycemia are both predictors for adverse outcomes in hospitalized patients. Hence the adoption of insulin delivery devices has increased. Pen needles are used in great quantities in diabetes management. So these would naturally be impacted by any change in overall product and service demand.
The safety pen needles segment holds the highest CAGR during the forecast period.
Based on type, the pen needles market is segmented into standard and safety pen needles. Safety pen needles are seen to be growing at the highest CAGR. Due to the rising awareness regarding the risks associated with blood-borne pathogen transmission, needle safety has become an issue of concern for hospitals, doctors, and patients, thus spurring the demand for safe needles.
The 8mm segment is expected to account for the largest share of the pen needles market
Based on length, the market is segmented into 4mm (5/32''), 5mm (3/16''), 6mm (1/4''), 8mm (5/16''), 10mm, and 12mm (1/2''). In 2020, the 8mm segment accounted for the largest share in the standard pen needles market. The large share of this segment is mainly attributed to the wide adoption of these needles among diabetes patients.
The retail segment is expected to grow at the highest rate during the forecast period
Based on the mode of purchase, the market is categorized into retail and non-retail. The retail segment accounted for the largest share during the forecast period. The significant discounts offered on online/retail purchases of pen needles, high convenience, increasing awareness on pen needles, and the favorable reimbursement scenario in North America and Europe are some of the key factors driving the growth of the retail segment.
The therapy segment, insulin therapy is expected to grow at the highest CAGR in the market
Based on therapy, the pen needles market is categorized into insulin therapy, glucagon-like peptide-1 (GLP-1) therapy, growth hormone therapy, and other therapies. In 2020, insulin therapy held maximum of the global market, primarily due to the high and growing diabetic population globally. This segment is also expected to grow at the highest rate during the forecast period.
North America is expected to account for the largest share of the pen needles industry in 2020
North America dominated the pen needles market. The growing diabetes prevalence and favorable reimbursement scenario for pen needles, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, and the development of improved pen needle technologies are driving market growth in the US.
Recent Developments:
- In February 2021, Ulticare safety pen needles are launched in two sizes, 5mm 30G and 8mm 30 G launched by UltiMed Inc. (US).
- In October 2020, Arkray Inc. (Japan) launched TechLITE Pen Needles which are now indicated for use with pen injector devices for the subcutaneous injection of drugs in the US.
- In January 2019, Becton, Dickinson and Company (US) launched Second Generation Standard Pen Needles.
- In August 2018, Arkray Inc. (Japan) launched Assure ID safety pen needles.
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