Pen Needles Market Overview: Key Insights into a Growing Healthcare Sector

Pen Needles Market size was valued at USD 1.67 Bn. in 2022 and the total Pen Needles revenue is expected to grow by 11.5 % from 2023 to 2029, reaching nearly USD 3.58 Bn.

Pen Needles Market Report Scope and Research Methodology

Report Scope: This comprehensive research report offers valuable insights into the global pen needles market. It provides investors, stakeholders, and decision-makers with a deep understanding of the factors influencing market growth. The report includes SWOT analysis and market assessments, offering a clear and detailed analysis of key aspects of the global pen needles market. It covers the past, present, and projected market numbers, along with competitive analysis of market leaders, followers, and new entrants. The report profiles top market players, assesses their key competencies, and highlights their strategic plans, such as new product launches, partnerships, acquisitions, and collaborations.

Research Methodology: Maximize Market Research Pvt. Ltd. conducted extensive research to compile this report. The research involved analyzing market trends, conducting competitor analysis, and evaluating factors affecting market dynamics. A thorough study of the global pen needles market was carried out, encompassing historical and current data, along with future projections.

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What are Pen Needles Market Dynamics?

Market Drivers:

Growing Diabetes Patient Population: The global rise in diabetes cases is driving the demand for pen needles, which are commonly used by diabetic patients for insulin and injectable medication administration.

Obesity-Related Diabetes: The increasing prevalence of obesity, responsible for a significant portion of diabetes cases, further contributes to the demand for insulin pens and pen needles.

Rising Chronic Diseases: The prevalence of chronic diseases like osteoporosis, cardiovascular disease, and multiple sclerosis, requiring regular medication administration, fuels the adoption of pen injectors and pen needles.

Market Restraints:

Preference for Alternate Drug Delivery Methods: Some individuals prefer alternate drug delivery methods due to discomfort, hyperglycemia, and infections associated with pen needles. This preference hinders market growth.

Needle Reuse: Widespread reuse of pen needles, driven by cost considerations and convenience, reduces the demand for new needles and poses safety risks.

Pen Needles Market Segmentation:

Based on the product, More than 88.5% of all sales in 2022 came from the market segment for conventional pen needles, which dominated the market. The increase was attributed to diabetes individuals using these medications more often and in larger quantities. People with handiness problems frequently use these needles. These needles are not advised, nevertheless, as they make using pen needles less safe due to the considerable risk of needlestick injuries. As a result, their demand is anticipated to be quite low in the near future. Standard pen needles are used more commonly at home. Lack of basic training on how to use these devices correctly leads to incorrect dosages and the challenges that go along with them.

Based on needle length, the 8mm segment, which accounted for the maximum share of more than 25.00% of the total revenue among the various needle lengths, led the worldwide pen needles market in 2022. These needles are administered to the majority of patients, even overweight people with the target ailment. Because of its advantages, such as safety, user convenience, and simplicity of disposal, 8mm needles are popular in home settings. The rise of the category is anticipated to be encouraged by a number of additional variables, including price and accessibility. The needles are easy and safe to dispose of and are less likely to result in a needlestick injury due to their larger size.

Considering therapy Based on treatment, the worldwide market has been segmented into insulin, GLP-1, and growth hormone segments. More than 90% of the total revenue was generated by the market category for insulin therapy in 2022, which had the biggest market share. Throughout the projected period, the market is anticipated to expand profitably. People with Type 1 and Type 2 diabetes are becoming more and more aware of the advantages of self-administering insulin, which has led to this. GLP-1 treatment is also anticipated to emerge reasonably soon. This is as a consequence of its capacity to reduce type 2 diabetics' blood glucose levels. GLP-1 therapy is thought to be a better alternative to insulin. Some of these drugs are often used once a week.

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Who are Pen Needles Market Key Players?

1. B. Braun (Germany)
2. KD Medical GmbH Hospital Products (Germany)
3. GlucoRx Ltd (UK)
4. Owen Mumford (UK)
5. HTL-STREFA S.A. (Poland)
6. VOGT MEDICAL (Ukraine)
7. Van Heek Medical (Netherlands)
8. Ypsomed Holding AG (Switzerland)
9. Novo Nordisk A/S (Denmark)
10. Rays SpA (Italy)
11. Terumo Corporation (Japan)
12. Nipro Corporation (Japan)
13. ARKRAY, Inc. (Japan)
14. Berpu Medical Technology Co., Ltd. (China)
15. Hindustan Syringes & Medical Devices Ltd (India)
16. Cipla Limited (India)
17. Becton, Dickinson and Company (US)
18. Allison Medical Inc (US)
19. AdvaCare Pharma (US)
20. UltiMed (US)

Table of Content: Pen Needles Market

Part 01: Executive Summary

Part 02: Scope of the Pen Needles Market Report

Part 03: Global Pen Needles Market Landscape

Part 04: Global Pen Needles Market Sizing

Part 05: Global Pen Needles Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

Europe: Europe dominated the market in 2022, with a 40.0% revenue share, driven by the increasing incidence of target diseases, high patient volume, and favorable reimbursement conditions. The region's growing obesity rates and inactive lifestyles are expected to drive further demand.

Asia Pacific: The Asia Pacific region is poised for promising growth during the forecast period, primarily due to increasing diabetes prevalence, obesity rates, and lifestyle-related health issues. Though limited by factors such as low consumer awareness and government funding, the region's market growth potential is significant.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)

Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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