The size of the world market for pen needles was estimated at $1.6 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2032, reaching $ 4.4 billion.
.jpg "The Pen Needles Market 2022-2032 (USD Billion)")
The global pen needles market was valued at USD 1,450.0 million in 2019 and is expected to grow at a CAGR of 11.7% over the forecast period. The market is anticipated to grow on account of rising prevalence of diabetes. According to the World Health Organization, approximately 422 million people are currently living with diabetes across the globe and is attributed to 1.6 million deaths annually. The pen needles offer several advantages including improved patient satisfaction and adherence, greater ease of use, superior accuracy for delivering small doses of insulin, greater social acceptability, and less reported injection pain. All these factors are anticipated to augur market growth over the forecast period.
Key players serving the global pen needles market include B. Braun Melsungen AG, Ypsomed AG, Owen Mumford Ltd., Novo Nordisk A/S, BD, Terumo Corporation, Allison Medical, Inc., UltiMed, Inc., HTL-Strefa, Arkray, Inc. among other prominent players.
Pen Needles Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 4.4 billion |
| Growth Rate | CAGR of 10.3 % during 2022-2032 |
| Segment Covered | Product, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Novo Nordisk A/S, Becton, Dickinson and Company, Terumo Corp., Owen Mumford Ltd., Ypsomed, B. Braun Melsungen AG, HTL-STREFA, UltiMed, Inc., Allison Medical, Inc. |
Key Segment Of The Pen Needles Market
Product (USD Billion)
• Standard Pen Needles
• Safety Pen Needles
Needle Length, (USD Billion)
• 4 mm
• 5 mm
• 6 mm
• 8 mm
• 10 mm
• 12 mm
Therapy, (USD Billion)
• Insulin
• Glucagon-like-Peptide-1 (GLP-1)
• Growth Hormon
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
The global pen needles market is anticipated to grow on account of growing diabetic patient pool which has led people to take insulin which can be administered with an insulin pen. These devices are easy to use and more user friendly as compared to conventional syringes. The advancement in technology, growing product awareness coupled with favorable reimbursement policies is anticipated to fuel market growth over the forecast period. However, the availability of other modes of delivery, complications associated with the usability of pen needles, poor healthcare infrastructure policies in LMIC and developing economies are some of the restraining factors that are projected to hamper the market growth.
It is projected that the global prevalence of diabetes will double by the end of 2030. Although, type 1 diabetes incidence rates have been stable while the type 2 diabetes patient pool comprises over 80% of all the diabetes cases across developed as well as emerging economies. The growing burden of diabetes across these regions are anticipated to pave revenue generation opportunities for the market players.
The primary advantages of using an insulin pen instead of a vial-and-syringe method include ease of use, greater accuracy in insulin delivery and an overall improvement in patients’ adherence to diabetes management, according to findings confirmed by several studies. Because an insulin pen is easier to carry, with less stigma attached than a syringe, patients are less likely to resist using them when away from home. Many users also report that the smaller, thinner needles typically used with insulin pens make the injection process less painful. People with vision problems typically find that the larger numbers on an insulin pen are easier to read than the numbers on a syringe, making it more likely that the proper dosage will be used. Insulin pens are also easier to handle for those with dexterity problems.
Based on regions, the global pen needles market is segmented into North America, Europe, Asia Pacific, Central, and South America and Middle East & Africa.
North America currently dominates the global pen needles market owing to the presence of a large number of people suffering from diabetes. According to the American Diabetes Association in the year 2018, 34.2 million Americans were having diabetes which equates to 10.5% of the total population. The percentage of Americans age 65 and older remains high, at 26.8%, or 14.3 million seniors (diagnosed and undiagnosed). Furthermore, annually there is an increase of 1.5 patients diagnosed with diabetes. Adroit Market Research further predicts that the favorable reimbursement scenarios over the forecast period will fuel market growth.
Asia Pacific region is anticipated to witness the highest growth rate over the forecast period owing to the growing patient pool across emerging economies of China and India. Also, the market is anticipated to witness lucrative growth opportunities fueled by growing healthcare expenditure, rising disposable income, growing awareness regarding the advantages of pen needles. In India, the people suffering from diabetes are anticipated to surpass the mark of 80 million by the end of 2025. Growing technological advancements coupled with new product launches are projected to boost the market growth. For instance, in the year 2018 Hindustan Syringes & Medical Devices launched “Dispovan Insulin Pen Needle” to provide better comfort for diabetic patients. With the launch of such devices, companies will contribute to making healthcare affordable for the common people.
