The pen needles market size is projected to reach US$ 5.40 billion by 2031 from US$ 2.33 billion in 2023. The market is expected to register a CAGR of 11.1% during 2023–2031. Rising awareness about the self-administration of insulin therapy is are likely to remain key trends in the market.
The rising prevalence of diabetes around the world is a major reason driving the growth of the pen needle market. Rising expenditure on healthcare infrastructure development, rising adoption of insulin injection pens over traditional syringes, as well as rising government initiatives to enhance the life sciences industry, are also driving the pen needles market. Other indirect contributors of pen needle market growth include an increasing geriatric population and personal disposable income. Development of cost-efficient pen needles are expected to provide growth opportunities to emerging and local players in the global pen needles market.
Some of the factors driving the growth of this market include an increase in the diabetes population and increased awareness of the use of insulin pens. According to the Lancet, 529 million people globally had diabetes in 2021, with the vast majority living in low- and middle-income nations. The frequency and incidence of diabetes have increased during the last decade. Moreover, the World Health Organisation (WHO) has set a global aim of halting the rise in diabetes and obesity by 2025.
In recent years, there has been a considerable developments in the field of medical drug delivery devices. Insulin administration is a common procedure in diabetic population. pen needles that have emerged as a solution to combat all the existing issues of the needles and vials for drug delivery offer several advantages that has led to rapid shift of patients’ preference towards their use. The injection pens that facilitates easy attachment and retraction of pen needles does not need a skill set and require fewer steps than that of syringes and vials. Moreover, the availability of pen needles in different lengths as well as gauge sizes provide variety of options to the users to find the best suitable option according to their needs. Thus, the inclination of patients towards pen needles used in injection pens over syringes is expected to be a driving factor to foster the growth of pen needles market.
Glucagon like Peptide-1 also known as GLP-1 is a hormone produced in the gut that is released in response to the food consumed by an individual. The peptide reduces the appetite of an individual and helps to secrete insulin in the body among obese patients. In recent years, external injection of GLP-1 has been witnessing a significant traction due to increase in the number of doctor prescription for these hormones. The rising number of novel GLP-1 analogue launches is thus expected to indirectly provide opportunities for the manufacturers to develop therapy specific pen needles with incorporation of features such as bore size, length and material that is not reactive with the biologic.
Key segments that contributed to the derivation of the pen needles market analysis are type, therapy, and length.
The geographic scope of the pen needles market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. Increasing geriatric population, rising prevalence of diabetes, favourable reimbursement for diabetes care consumables and supplies, increasing healthcare expenditure, advancement in the technological developments, and the major presence of the key players in this market is going to propel the market growth.
The regional trends and factors influencing the Pen Needles Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pen Needles Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.33 Billion |
| Market Size by 2031 | US$ 5.40 Billion |
| Global CAGR (2023 - 2031) | 11.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Pen Needles Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Pen Needles Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The pen needles market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the pen needles market are listed below:
The “Pen Needles Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the market in 2023.
The rise in number of patients suffering from diabetes and rising adoption of insulin injection pens over traditional syringes and vials are the factors bolstering the market.
Rising awareness about the self-administration of insulin therapy is likely to act as future trends in the market.
BD, NOVO NORDISK A/S, YPSOMED AG, B. Braun Melsungen AG, Owen Mumford Ltd, HTL-Strefa S.A., Ultimed Inc, Terumo Corporation, Allison Medical Inc, and Artsana S.p.A. are the leading players operating in the pen needles market.
The estimated value of the market by 2031 will be US$ 5.40 billion.
The market is estimated to grow at a CAGR of 11.1% during 2023–2031.