Pen Needles Market by Type (Standard Pen & Safety Pen Needles), Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP 1, Growth Hormone), and Mode of Purchase, End User, Unmet Needs, Key Stakeholders, Buying Criteria - Global Forecast to 2028

"The global pen needles market size is projected to reach USD 2.5 billion by 2028 from USD 1.6 billion in 2023, at a CAGR of 9.1% during the forecast period"

The growing preference for biosimilar drugs, increasing shift of therapy to home settings, and mandates pertaining to safety pen needles provide a wide range of growth opportunities for key players in the market. However, the preference for alternative modes of drug delivery, poor reimbursement in developing countries, and needle anxiety restrain the market growth.

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"The over the counter segment captured the largest share in pen needles market, by mode of purchase, in 2022."

Based on the mode of purchase, the pen needles market is segmented into prescription-based, over the counter, online purchase, and other modes of purchase. The over-the-counter segment accounted for the largest market share in 2022. Over the counter purchase includes all purchases made from stores such as pharmacies, medical supplies distributors/suppliers, etc. Local delivery of products by pharmacies, and discounts provided by pharmacies, suppliers and distributors are some factors driving the growth of this market.

"The homecare segment to witness highest growth rate in pen needles market, by setting during the forecast period."

Based on the setting, the pen needles market is segmented into homes, hospitals & clinics, and other settings. The home care segment occupied th largest share of the pen needles market in 2022. The segment was also expected to grow with the highest CAGR during the forecast period. The patient training provided by insulin pen injectors and pen needle manufacturers, and the increasing adoption of pen injectors for home use are some of the factors which supports the growth of the segment in the coming years.

"The 4mm segment is expected to be the fastest growing segment of the pen needles market, by length, during the forecast period"

The 8mm segment accounted for the largest share of the pen needles market in 2022, while the 4mm segment is likely to be the fastest growing segment during the forecast period. The rapid growth of the 4mm needles can be attributed to the fact that they cause the least pain of all needle lengths. Additionally, they also have a a high efficiency of insulin administration.

"The Asia Pacific market to grow at the highest CAGR during the forecast period."

The pen needles market is segmented into five major regions, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The increase in the awareness of various modes of drug administration, increasing adoption of pen injectors, increasing healthcare expenditures, rising of the disposable incomes, and increasing prevalence of diabetes are some of the key factors in growth of the pen needles market in Asia Pacific region.

Breakdown of supply-side primary interviews:

By Company Type: Tier 1: 22%, Tier 2: 36%, and Tier 3: 42%
By Designation: C-level: 23%, D-level: 28%, and Others: 49%
By Region: North America: 40%, Europe: 31%, APAC: 25%, Latin America: 6%, and the Middle East & Africa: 4%

The major players operating in the pen needles market are Novo Nordisk (Denmark), Embecta Corp. (US), Ypsomed Holding AG (Switzerland), and B. Braun Melsungen AG (Germany).

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