Pen Needles Market Exclusive Report on the Latest Revenue and Future Scope

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Pen Needles Market- (By Type (Standard Pen Needles, Safety Pen Needles), By Length (4 mm, 5 mm, 6 mm, 8 mm, 10 mm, 12 mm), By Mode of Purchase (Retail, Non-retail), By Therapy (Insulin, Glucagon-Like Peptide-1, Growth Hormone, Other therapies)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Pen Needles Market Size is valued at USD 1.66 Bn in 2024 and is predicted to reach USD 3.43 Bn by the year 2031 at a 10.95% CAGR during the forecast period for 2024-2031.

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Pen needles are specialized medical devices designed for use with pen injectors to administer subcutaneous insulin. They are commonly utilized by individuals with diabetes who require multiple daily insulin injections. The increasing global prevalence of diabetes, coupled with the rising demand for self-administration of injectable therapies, is significantly driving the growth of the pen needles market. Additionally, the availability of a diverse range of pen needles tailored to meet individual patient needs, along with a growing focus on home healthcare and self-care, is further supporting market expansion.

Moreover, the advantages of pen needles over conventional syringes-such as improved ease of use and enhanced patient comfort-have contributed to their widespread adoption. Growing awareness and acceptance of pen injectors among patients and healthcare professionals have also played a pivotal role in boosting demand.

List of Prominent Players in the Pen Needles Market:
• Becton, Dickinson, and Company (US),
• Novo Nordisk A/S (Denmark),
• Ypsomed Holding AG (Switzerland),
• B. Braun Melsungen AG (Germany),
• Owen Mumford (UK),
• Terumo Corporation (Japan),
• Nipro Corporation (Japan)
• Allison Medical (US),
• AdvaCare Pharma (US),
• Berpu Medical Technology (China),
• ARKRAY (Japan),
• GlucoRx (UK),
• HTL-STREFA (Poland),
• UltiMed, (US),
• Hindustan Syringes and Medical Devices (India),
• Artsana Group (Italy),
• PromiseMed Diabetes Care (Canada),
• Montmed (Canada),
• Trividia Health (US),
• VOGT Medical Vertrieb (Germany),
• Van Heek Medical (Netherlands),
• Simple Diagnostics (US),
• Lyon (Turkey),
• Links Medical Products (US),
• MHC Medical Products (US)

Market Dynamics:
Drivers-
The global rise in chronic diseases such as diabetes, cardiovascular conditions, and multiple sclerosis has significantly increased the need for regular medication administration, often through pen injectors. These devices have emerged as a preferred method for delivering injectable therapies due to their convenience, reliability, and ability to be used independently by patients without the need for clinical supervision.

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Challenges:
Despite their benefits, the use of pen needles poses several challenges, including the risk of needlestick injuries, infections, discomfort, and in some cases, hyperglycemia due to inconsistent insulin dosing. In particular, insulin pen therapy has been linked to hyperglycemic events when dosage precision is compromised. This has led to a shift in diabetes treatment preferences in some European markets from pen injectors to insulin pumps, which offer automated insulin suspension and reduce the risk of hypoglycemia.

Regional Trends:
The Asia-Pacific region is projected to experience robust growth in the pen needles market during the forecast period. According to the 2020 edition of the Guidelines for the Prevention and Treatment of Diabetes in China, the adult diabetes prevalence rate stands at 11.2%, with approximately 141 million individuals affected-of which over 50% remain undiagnosed.

Recent Developments:
• In February 2023, Montmed, Inc. announced, the United States Patent and Trademark Office has issued a second US Patent 11,517,659, expanding the company's novel technology patent family that aims to help insulin users develop and implement healthy injection site rotation practices easily and seamlessly.
• In May 2022, Owen Mumford Ltd. revealed its next-generation safety pen needle will join Unifine SafeControl to enhance its diabetic care products. The first safety pen needle, Unifine SafeControl, protects healthcare professionals from needlestick accidents and ensures the full medication dose is given.
• In Jan 2019, Becton Dickinson (BD) introduced the Ergonomic Pen Needle Technology with the aim of enhancing the efficiency of injection techniques. The BD Nano(TM) second generation pen needle has obtained 510(k) clearance from the U.S. Food and Drug Administration.

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Segmentation of Pen Needles Market-
By Type-
• Standard Pen Needles
• Safety Pen Needles
By Length-
• 4 mm Pen Needle
• 5 mm Pen Needle
• 6 mm Pen Needle
• 8 mm Pen Needle
• 10 mm Pen Needle
• 12 mm Pen Needle
By Mode of Purchase-
• Retail
• Non-retail
By Therapy-
• Insulin
• Glucagon-Like Peptide-1
• Growth Hormone
• Other therapies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.