Press release
With 14.4% CAGR, Pen Needles Market to hit $ 7.4 Billion by 2028
Pen Needles Market Report 2023
Report Highlights
How big is the pen needles market?
The global pen needles market size reached US$ 3.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.4% during 2023-2028.
What are pen needles?
Pen needles are essentially thin, disposable needles placed within injection pens to administer medication into the body's subcutaneous tissues. They are predominantly used in pens for diabetes treatment. In comparison to traditional alternatives, pen needles offer cost efficiency and are designed for more convenient, precise dosing with minimal discomfort. Their use eliminates the need to puncture a rubber vial stopper. Pen needles are manufactured in various lengths, including 5mm, 12mm, 4mm, and 10mm. They consist of several parts, including a cylindrical hub, an inner shield with tactile ridges, and an outer cover with grip attachments.
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What are the growth prospects and trends in the pen needles industry?
A significant rise in the prevalence of cardiovascular diseases and diabetes, particularly Type 2, is primarily driving the growth of the global pen needles market. Moreover, during the coronavirus (COVID-19) pandemic, patients took several measures to manage and treat their symptoms and existing ailments at home, which is inflating the sales of pen needles across the globe. Other than this, governments and non-governmental organizations (NGOs) have been undertaking several initiatives to spread awareness and put a curb to the reuse of needles, which is further contributing to the growth of the market. Moreover, leading players have been making investments in the research and development (R&D) activities to introduce more effective product variants. This is creating a positive outlook for the market. Looking forward, the market is projected to reach US$ 7.4 Billion by 2028, growing at a CAGR of 14.4% during 2023-2028.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Standard Pen Needles
Safety Pen Needles
Breakup by Needle Length:
4mm
5mm
6mm
8mm
10mm
12mm
Breakup by Therapy:
Insulin
GLP-1
Growth Hormones
Breakup by Mode of Purchase:
Retail
Non-Retail
Breakup by End User:
Hospitals and Clinics
Home Healthcare
Others
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Menarini Diagnostics srl
Advancare Pharma
Arkray Inc.
Braun Melsungen AG
Becton Dickinson and Company
Hindustan Syringes & Medical Devices Ltd.
HTL Strefa SA
Novo Nordisk A/S
Owen Mumford Ltd.
Simple Diagnostics
Trividia Health Inc. (Sinocare)
Ultimed Inc.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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