Pen Needles Market worth $3.08 billion by 2030

The global pen needles market, valued at US$1.69B in 2023, is forecasted to grow at a 9.2% CAGR, reaching US$1.81B by 2024 and US$3.08B by 2030.
The pen needles market [https://www.marketsandmarkets.com/Market-Reports/pen-needles-market-75948613.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=penneedlesmarket] valued at US$ 1.69 Billion in 2023, is forecasted to grow at a robust CAGR of 9.2%, reaching US$ 1.81 Billion in 2024 and an impressive US$ 3.08 Billion by 2030. The pen needles market has been segmented based on type, length, application, mode of purchase, setting and region. The key factors driving the market growth of the pen needles market include the rising incidence of chronic diseases, favourable reimbursements in certain countries, and decreasing prices of insulin formulations. Factors that provide opportunities for market players include the growing preference for biosimilar drugs, emerging economies to offer high-growth potential, and rising healthcare expenditure on diabetes. Supportive government regulations, such as rigorous safety standards by the US FDA and favourable reimbursement policies, are also expected to fuel the uptake of technologically advanced products. A combination of these factors is expected to facilitate the increased adoption of pen needles in healthcare systems.

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In this report, the pen needles market has been segmented on the basis of type, length, application, mode of purchase, setting and region.

The pen needles market is segmented into standard pen needles and safety pen needles on the basis of type. Standard pen needles are budget-friendly needles for insulin delivery, which explains their popularity in low-income markets and among the uninsured. These needles are simple and basic, which makes them easier to manufacture. There is no requirement for ultra-thin design or sophisticated coating that is required for more expensive options. Cost is a major determinant in healthcare in developing nations and low-income brackets. With standard pen needles, accessible options for diabetic patients who need insulin therapy are readily available without worry of financial suffocation. Moreover, for the Grey market practioners in developed countries where people do not have insurance, these needles are a cheap and functional alternative. Thus, standard pen needles are vital because they meet minimum requirements of diabetes control which helps increase the availability of insulin delivery worldwide.

The pen needles market is segmented into prescription-based, over the counter (OTC) purchase, online purchase and other modes of purchase on the basis of mode of purchase. Online purchase segment is expected to grow at the highest CAGR during the forecast period of the global pen needles market. As e-commerce grows across the world, the demand for pen needles is also on the rise as new customers are drawn to online shopping. Marketplaces make purchase easier for patients who can now shop for pen needles among other products while sitting in their homes. This is particularly helpful for people with movement disabilities or people living in far flung areas who don't have a ready access to local pharmacies. Businesses engaged in diabetes care and treatment are benefiting enormously as most e-commerce websites offer better rates, promotions, and subscriptions which aid in controlling diabetes. Furthermore, aspects like covert packaging and home delivery make e-commerce users feel more secure and comfortable. The vast variety of products and brands available in these platforms allows customers more purchasing freedom, which aids in increasing their adoption.

The pen needles market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa and GCC Countries on the basis of geographic region. North America holds the largest share of the pen needles market in 2024. North America sees one of the maximum diabetes prevalence rates of the world with the U.S and Canada heads in the top of the insulin-dependent population. As per CDC, more than 37 million Americans suffer from diabetes, and approximately 1.6 million have type 1 diabetes. Thus, Canada also bears a huge burden of diabetes cases with an estimated total of 11.7 million that are affected by diabetes or prediabetes. The prevalence of such patients is relatively high, thus increasing demand for pen needles since it's the basic need for managing blood glucose. Pen needles require good infrastructure and wide awareness in place with patients desiring easy-to-handle devices such as pen needles, thereby augmenting the uptake of this equipment. Increased concern regarding proper management of diabetes helps in sustaining the demand in the region.

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Prominent players in this market include Embecta Corp. (US), Novo Nordisk A/S (Denmark), Ypsomed AG (Switzerland), B. Braun SE (Germany), Owen Mumford (UK), Terumo Corporation (Japan), NIPRO Corporation (Japan), Allison Medical, Inc. (US), AdvaCare Pharma (US), Berpu Medical Technology Co., Ltd. (China), ARKRAY, Inc. (Japan), GlucoRx Limited (UK), HTL-STREFA (Poland), UltiMed, Inc. (US), Hindustan Syringes and Medical Devices (India), Artsana Group (Italy), PromiseMed Medical Devices Inc. (Canada), Montmed, Inc. (Canada), Trividia Health, Inc. (US), VOGT Medical Vertrieb GmbH (Germany), Van Heek Medical (Netherlands), Simple Diagnostics (US), IYON Medical (Turkey), Links Medical Products, Inc. (US), and MHC Medical Products, LLC (US).

EMBECTA CORP. (US)

One of the main products traded by Embecta in the global market is pen needles. The company operates from a US-based facility, as well as having production plants in Ireland and China. The company's vast range of pen needles, syringes, and safety injection devices is a fundamental factor that helps it withstand competition in global market. Alongside the standard pen needles, the company has a safety pen needle portfolio. The company approaches the growth by both inorganic and organic mechanisms to cement its position in the pen needle market. For instance, on November 2022, Embecta Corporation (US) signed a agreement with Intuity Medical, Inc. (US) under which Embecta sales representatives in the US will promote Intuity Medical's high-tech POGO automatic blood glucose monitoring system to healthcare professionals.

NOVO NORDISK A/S (DENMARK)

The major source of revenue for the company is its Diabetes and Obesity Care segment. The global diabetes market provides an opportunity for the firm to generate revenues through its Diabetes Care segment. The company obtained approximately 40 million diabetic patients in 2022, from 32 million in 2020.Novo Nordisk is well poised in production with ~16 production sites across five regions and a growing product portfolio, including pen needles. The R&D centers of the company are set up in China, Denmark, India, the UK, and the US. Novo Nordisk increased R&D investments from 13.6% in 2022 to 14.0% in 2023. The company also announced that it would be expanding its presence in the pen needles market through a research hub in the greater Boston metro area, which was announced in March 2023.

B. BRAUN SE (GERMANY)

B. Braun SE is another major player of the pen needle market. In terms of product, the group has a comprehensive presence across geographical boundaries. Also, it has recognition for its branded products, notably Omnican Fine and Omnican Fine Plus injection pen needles. The innovations included in the products such as three facet grinding tip and silicone coating or thin-wall technologies used for injecting pen needles will help the firm obtain a strong presence in branding at the overall markets. The company has a huge geographical presence and subsidiaries in 64 countries. Therefore, it is not dependent on a single market, thus sustaining its leading position. The company intends to focus on new technology and digital transformation for healthcare medical devices.

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