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Pen Needles Market 2024: Global Trends, Industry Insights, and Growth Outlook
Pen Needles Market
According to The Business Research Company's, The pen needles market size has grown rapidly in recent years. It will grow from $2.17 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to the invention of the insulin pen, miniaturization technology, focus on patient convenience, enhanced needle design, and safety features implementation.
The pen needles market size is expected to see rapid growth in the next few years. It will grow to $3.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to compatibility with different insulin pens, customization options, material innovations, integration with digital health solutions, and regulatory guidelines and standards. Major trends in the forecast period include user-friendly design, improved needle coatings, environmentally friendly materials, and smart technology integration.
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Market Drivers and Trends:
The increasing prevalence of diabetes is expected to propel the growth of the pen needles market going forward. Diabetes presents as a persistent health issue marked by high blood sugar levels, stemming from inadequate insulin production or the body's ineffective utilization of insulin. The increasing prevalence of diabetes can be attributed to factors such as sedentary lifestyles, unhealthy dietary habits, genetic predisposition, urbanization, and aging populations, compounded by limited access to healthcare and rising obesity rates worldwide. Pen needles are indispensable tools for diabetes management, enabling precise insulin delivery through convenient, minimally invasive injections, promoting better glycemic control, and enhancing patient compliance. For instance, in 2021, according to the International Diabetes Federation, a Belgium-based organization, the projected number of individuals living with diabetes is expected to increase to 643 million by 2030 and 783 million by 2045. Therefore, the increasing prevalence of diabetes is driving the growth of the pen needles market.
Major companies operating in the pen needle market are focusing on developing advanced products, such as home-use pen needles, to maximize their revenues in the market. Home-use pen needles are medical devices designed for subcutaneous injection of medication using insulin pens or similar injection devices. These needles are typically used by individuals with diabetes who require regular insulin injections to manage their blood sugar levels. For instance, in December 2021, Owen Mumford, a UK-based medical device company, launched Unifine Ultra, described as the world's most extraordinary home-use pen needle designed to enhance the injection experience for individuals, particularly those with diabetes. This innovative pen needle incorporates Owen Mumford's patented SafeControl Technology, featuring a needle lock-out mechanism that ensures safety and convenience for users at home or on the go. The Unifine Ultra is ergonomically designed with a flat base for improved skin contact, a large hub for better grip, and a range of sizes to cater to different needs. This product aims to enhance patient compliance and comfort during injection therapy, aligning with Owen Mumford's commitment to delivering innovative solutions in the medical device industry.
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Major Key Players of the Market:
Cardinal Health Inc., Novartis AG, F. Hoffmann-La Roche AG, Novo Nordisk AS, Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation, Nipro Corporation, Artsana Group, Embecta Corp., Tandem Diabetes Care Inc., Trividia Health Inc., Medical Technology and Devices S.p.A., Owen Mumford, Dynarex Corporation, Arkray Inc., UltiMed Inc., MontmedInc., Bio-Med HealthCare Products Pvt. Ltd., Allison Medical Inc., GlucoRx Ltd., Simple Diagnostics Inc, Stat Medical Inc., HTL-STREFA S.A., Hindustan Syringes & Medical Devices Ltd.
Pen Needles Market 2024 Key Insights:
• The pen needles market size is expected to see rapid growth in the next few years. It will grow to $3.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Increasing Prevalence Of Diabetes Fuels Growth In The Pen Needles Market
• Advancements In Pen Needle Technology With Innovative Technological Features
• North America was the largest region in the pen needles market in 2023
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