Innovations in the Pen Needles Market Future Demand and Forecast till 2031

[Redding, California] - According to the latest report by Meticulous Research®, the global Pen Needles Market is projected to achieve a significant milestone, reaching $12.88 billion by 2031, with a compound annual growth rate (CAGR) of 9.9% during the forecast period. The market's expansion is fueled by the increasing prevalence of diabetes, heightened demand for self-administered drug therapies, technological advancements, and rising healthcare expenditures. Additionally, the growing preference for pen needles over traditional vials and syringes, coupled with favorable reimbursement policies and opportunities in emerging economies, are expected to drive market growth.

However, the market faces certain challenges, including concerns over needlestick injuries, the reuse of pen needles, limited access to healthcare in developing regions, and a lack of awareness regarding the proper use of pen needles.

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Key Industry Players:

Leading companies operating within the pen needles market include Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed AG (Switzerland), Owen Mumford Limited (U.K.), B. Braun Melsungen AG (Germany), Terumo Group (Japan), Allison Medical, Inc. (U.S.), Cardinal Health, Inc. (U.S.), UltiMed, Inc. (U.S.), Hindustan Syringes & Medical Devices Ltd (India), and Nanchang YiLi Medical Instrument Co., LTD (China).

Market Segmentation and Future Outlook:

By Type:

The market is categorized into standard pen needles and safety pen needles.

The safety pen needles segment is expected to dominate the market in 2024, attributed to their advantages, such as reduced risk of needlestick injuries, reliable delivery of medication doses, and enhanced control during injections. The integration of safety shields in these needles further boosts the segment's market share.

By Needle Length:

The market is segmented into various needle lengths, including 4 mm, 5 mm, 6 mm, 8 mm, 10 mm, 12 mm, and above.

In 2024, the 4 mm needle length segment is anticipated to lead the market due to the minimal pain and discomfort associated with insulin injections using shorter needles. Innovative product offerings, such as Terumo Group's FineGlide launched in September 2022, are expected to drive growth in this segment.

By Usability:

The market is divided into single-use/disposable and reusable pen needles.

The single-use/disposable segment is projected to hold the largest market share in 2024, driven by advancements in insulin delivery devices and growing awareness of hygiene and the prevention of needlestick injuries.

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By Application:

The market is segmented into insulin therapy, growth hormone therapy, GLP-1 therapy, and other applications.

The insulin therapy segment is expected to dominate the market in 2024, driven by the increasing global prevalence of diabetes. According to the International Diabetes Federation, the global diabetic population reached 537 million in 2021, with projections indicating a rise to 783 million by 2045.

By Distribution Channel:

The market is segmented into hospital pharmacies, retail pharmacies, and online channels.

The retail pharmacies segment is expected to lead the market in 2024, offering the advantage of easy access to pen needles without the need for a prescription, thereby simplifying diabetes management for patients.

By Healthcare Setting:

The market is categorized into home care, hospitals and clinics, and other healthcare settings.

The home care segment is projected to hold the largest market share in 2024, driven by increasing diabetes awareness and the rising adoption of pen needles for self-administration in home care settings. This shift enables patients to manage their healthcare independently, leading to improved medication adherence and better health outcomes.

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Geographic Insights:

North America is expected to account for the largest share of the pen needles market in 2023, followed by Europe and Asia-Pacific. The U.S. is anticipated to be the largest market within North America, driven by its highly developed healthcare infrastructure and the presence of major market players such as Becton, Dickinson and Company, and Cardinal Health, Inc.

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This release was published on openPR.