Pen Needles Market

Global Pen Needles Market Size (2024 to 2032)

The worldwide pen needles market size is expected to be worth USD 6.57 billion by 2032 from USD 2.81 billion in 2024, growing at a CAGR of 11.18% between 2024 to 2032.

Diabetic patients commonly use pen needles for injecting insulin or any other injectable medication. Obese people are also highly vulnerable to diabetes. As per diabetes.co.uk, it is assumed that obesity accounts for 80-85 percent of the risk of developing diabetes. Insulin pens are most convenient for the fast mode of injecting drug delivery. With the help of insulin pens, these devices deliver the dosage of a drug to the patient. In the recent period, it is observed that most companies are focussing on developing new products in the market; for example, in 2018, Becton, Dickson, and Co. launched their BD ultra-fine micro pen needle 6mm x 32G in the market.

MARKET DRIVERS

The growing diabetic patient population majorly drives the global pen needles market growth.

As per the statistics published by the International Diabetes Federation, an estimated 537 million adults worldwide had diabetes in 2021 and this number is predicted to touch 643 million by 2030 and 783 million by 2045. The incidence of diabetes is high in the low- and middle-income countries compared to the developed countries. The growing adoption of sedentary lifestyles, unhealthy diets and the aging population majorly contribute to the growing incidence of diabetes among people. Proper insulin administration is essential for effective diabetes management. Pen needles are a promising approach for insulin administration and eliminate the need for more traditional injection methods such as syringes.

The growing aging population further fuels the growth rate of the pen needles market. The number of people aging worldwide is on the rise. WHO says 1 in every 6 people worldwide will be 60 or more years by 2030 and the total aging population will reach 1.4 billion by 2030 and 2.1 billion by 2050. People who are aged are more susceptible to diabetes. The growing incidence of diabetes among aged people fuels the need for pen needles that are required for diabetes management.

Technological advancements contribute to the pen needles market growth. Pen needles have gone through several technological upgrades in recent years and the manufacturers were brought new pen needles to the market that are technologically advanced with enhanced safety, comfort and convenience of insulin administration. The rapid adoption of injectable therapies for diabetes, the growing awareness about the benefits of insulin pens and pen needles, increasing acceptance and adoption of pen needles and favorable reimbursement policies for pen needles by the governments and private health insurance providers support the market growth. The trend of self-administering insulin, growing healthcare expenditure in developing countries, increasing number of initiatives from the governments in favor of pen needles, growing disposable income, rising preference for homecare settings for diabetes management and an increasing number of collaborations and partnerships between manufacturers of pen needles and pharmaceutical companies or healthcare organizations further boost the market’s growth rate.

MARKET RESTRAINTS

The presence of alternative insulin delivery methods, high costs associated with pen needles and the risk of needlestick injuries with the use of pen needles to healthcare professionals and patients majorly hinder the market growth. Insufficient awareness and education among healthcare professionals and patients about the benefits and proper usage of pen needles is another significant roadblock to market growth. The stringent regulatory environment for pen needles, inadequate reimbursement coverage for pen needles in some healthcare systems and discomfort or anxiety related to needle size to some patients further hinder the market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Pen Needles Market By Therapy

Based on therapy, the insulin therapy segment had the largest share of the global market in 2023 and is projected to be the fastest-growing segment in the global market during the forecast period. Factors such as the growing diabetic population worldwide, increasing awareness about diabetic treatments, the rising aging population, the penetration of technological advancements in the manufacturing of insulin delivery devices and favorable reimbursement policies majorly drive the segmental growth. The growing adoption of self-administration of insulin, increasing product innovations and new product launches further boost the segmental growth.

The GLP-1 therapy segment is estimated to account for a considerable share of the global market during the forecast period owing to factors such as the rising prevalence of type 2 diabetes, rapid adoption of GLP-1 receptor agonists as an alternative to insulin, growing emphasis on weight management and cardiovascular risk reduction in diabetes treatment and favorable reimbursement policies for GLP-1 therapy.

The growth hormone therapy segment is anticipated to witness a healthy CAGR during the forecast period. The growing incidence of growth hormone deficiency, increasing awareness about growth hormone therapy for pediatric and adult patients, rising demand for personalized medicine and hormone replacement therapies and favorable reimbursement policies for growth hormone therapy majorly drive the segmental growth.

Global Pen Needles Market By Type

Based on type, the standard pen needle segment is estimated to account for a larger share of the global pen needles market during the forecast period owing to the factors such as the availability of low-cost standard pens and increasing adoption in emerging countries such as India, China and Brazil, and some other countries. The cost-effectiveness of standard pen needles compared to safety pen needles, established usage and acceptance among healthcare professionals and patients and compatibility of standard needles with a broad range of insulin pens further propel the segmental growth.

On the other hand, the safety pen needle segment is estimated to grow at a higher CAGR during the forecast period due to the rising emphasis on healthcare worker safety and prevention of needlestick injuries, regulatory requirements and guidelines promoting the use of safety needles and increasing awareness and adoption of safety devices in healthcare settings.

Global Pen Needles Market By Needle Length

Based on the needle length, the 8mm segment is estimated to command the largest share of the world market during the forecast period. 8mm is the most commonly used needle length for individuals with average body build, which is one of the key factors propelling segmental growth. The compatibility of 8mm with a wide range of insulin pens and pen devices, increased usage by patients who require a slightly longer needle length and wide availability of 8mm needles in the market further contribute to the segmental growth.

The 4 mm segment accounted for a considerable share of the global market in 2023 and is estimated to grow at a notable CAGR during the forecast period. The benefits of 4mm needle length such as improved patient comfort and reduced pain perception during insulin injection, lower risk of intramuscular injection and associated complications primarily driving the segmental growth.

The 6mm segment is predicted to witness a healthy CAGR during the forecast period.

Global Pen Needles Market By Mode of Purchase

Based on the purchase mode, the retail segment is estimated to account for the leading share of the global pen needles market and grow at a higher CAGR during the forecast period. The retail purchase model is an accessible mode of investment and reduces the insulins' extra cost, so the retail purchase is preferable to non-retail.

REGIONAL ANALYSIS

The pen needles market in North America geographically accounted for a market share of 32.5% globally in 2023. This regional market had enormous growth recently and is forecasted to continue its growth pace during the forecast period. The market growth is mainly attributed to the growing diabetic prevalence, favorable reimbursement policies, and government incentives to create awareness about diabetic treatments. In addition, the companies such as Ypsomed Holding AG have launched my life-click fine diamond tip pen needles with innovative six-level technology. The U.S. followed by Canada held the largest share of the North American market in 2023 and the same pattern is anticipated to repeat throughout the forecast period.

The pen needles market in Europe was the second-largest region in the global market in 2023 and is expected to expand significantly during the forecast period. The considerable prevalence of diabetes in Europe, increasing diabetic care professionals, availability of advanced insulin products, and improving treatment techniques propel the European market growth. Among various European countries, the German pen needles market is anticipated to grow at a healthy rate during the forecast period. In this country, doctors use and suggest pen needles to give/take regular insulin dosage. The well-established healthcare infrastructure, favorable reimbursement policies, and a strong focus on patient safety support the German pen needles market. France is another lucrative region for pen needles in Europe. The comprehensive coverage and reimbursement for medical devices, including pen needles, technological advancements and increased awareness about insulin therapy in France drive the French pen needles market growth. The UK is predicted to account for a considerable share of the European market during the forecast period.

In contrast, the pen needles market in Asia Pacific is estimated to grow at the highest CAGR of 14.10% during the forecast period. The Asia Pacific had a substantial market share in the global pen needles market over the years and is expected to record a significant share during the forecast period. The diabetic patient rate has been increasing, and technological advancements and the primary factor is the awareness about diabetic treatments in this region, boost the APAC market growth. China held the leading share of the APAC market in 2023 and is predicted to hold the major share of the APAC market throughout the forecast period. The growing number of initiatives from the Chinese government to improve diabetes management and enhance healthcare access, increase the diabetic population, improve healthcare infrastructure and raise awareness about insulin therapy primarily drive the Chinese market. The Indian pen needles market is predicted to account for a considerable share of the APAC market during the forecast period. The growing awareness about diabetes management, improving healthcare infrastructure, and the focus on affordability contribute to the pen needles market growth in India.

The pen needles market in Latin America is predicted to grow steadily during the forecast period. The rising prevalence of diabetes in the Latin American region, growing awareness about self-administration of insulin, advancements in pen needle technology, government initiatives and healthcare reforms aimed at improving diabetes management majorly drive the pen needles market in Latin America.

The pen needles market in Middle East Africa is anticipated to grow at a moderate CAGR during the market forecast period due to the rising geriatric population. In addition, an increase in biosimilar drugs and an increasing diabetic patients rate are expected to maintain market growth.

KEY MARKET PLAYERS

Some of the noteworthy companies leading the global pen needles market profiled in this report are Becton, Dickinson & Company, Novo Nordisk A/S, and Ypsomed Holding AG (Switzerland). The three key companies alone accounted for ~85-90% of the global pen needles market share in 2019. The other significant companies in the market are UltiMed, Inc. (U.S.), Allison Medical, Inc. (U.S.), Owen Mumford, Ltd. (U.K.), B. Braun Melsungen (Germany), Artsana S.p.a. (Italy), HTL-STREFA S.A. (Poland) and Terumo Corporation (Japan). The key market participants focus on R&D to develop much better pen needle products using technological advancements to meet the unmet needs of diabetic patients. In addition, it’s been noticed that a few of the companies have entered mergers and acquisitions to expand their regional presence and increase their market share.

DETAILED SEGMENTATION OF THE GLOBAL PEN NEEDLES MARKET INCLUDED IN THIS REPORT

This research report on the global pen needles market has been segmented and sub-segmented into the following categories.

By Therapy

• Insulin Therapy
• GLP-1 Therapy
• Growth Hormone Therapy

By Type

• Standard Needle
• Safety Needle

By Needle Length

• 4mm
• 6mm
• 8mm
• 10mm
• 12mm

By Mode of Purchase

• Retail
• Non – Retail

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa