According to the latest report by IMARC Group, titled “Pen Needles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global pen needles market reached a value of US$ 2.8 Billion in 2021. Pen needles refer to hollow and disposable needles that are fitted in pen injections for injecting a medicine in subcutaneous tissues of the body. They are largely used in diabetes medication pens. As compared to conventional alternatives, pen needles are cost-effective and are designed for the easy, more accurate and convenient dosage with minimal pain. The use of these needles eliminates the need for pushing through a rubber vial stopper. Pen needles are manufactured in varying lengths, which include 5mm, 12mm, 4mm, and 10mm. The components of a pen needle include a cylindrical posted hub, an inner shield with tactile ridges, and an outer cover with attachment grips.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pen Needles Market Trends:
A significant rise in the prevalence of cardiovascular diseases and diabetes, particularly Type 2, is primarily driving the growth of the global pen needles market. Moreover, during the coronavirus (COVID-19) pandemic, patients took several measures to manage and treat their symptoms and existing ailments at home, which is inflating the sales of pen needles across the globe. Other than this, governments and non-governmental organizations (NGOs) have been undertaking several initiatives to spread awareness and put a curb to the reuse of needles, which is further contributing to the growth of the market. Moreover, leading players have been making investments in the research and development (R&D) activities to introduce more effective product variants. This is creating a positive outlook for the market. Looking forward, the market is projected to reach US$ 6.5 Billion by 2027, growing at a CAGR of 15.14% during 2022-2027.
- On the basis of the type, the market has been bifurcated into standard and safety pen needles.
- Based on the needle length, the market has been segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm.
- On the basis of the therapy, the market has been segregated into insulin, GLP-1, and growth hormones.
- Based on the mode of purchase, the market has been divided into retail and non-retail.
- According to the end user, the market has been categorized into hospitals and clinics, home healthcare, and others.
- On a regional basis, the market has been segmented into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being A. Menarini Diagnostics srl, Advancare Pharma, Arkray Inc., B. Braun Melsungen AG, Becton Dickinson and Company, Hindustan Syringes & Medical Devices Ltd., HTL Strefa SA, Novo Nordisk A/S, Owen Mumford Ltd., Simple Diagnostics, Trividia Health Inc. (Sinocare), and Ultimed Inc.
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