PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1657673
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1657673
The pen needles market is projected to reach USD 3.08 Billion by 2030 from USD 1.81 Billion in 2024 at a CAGR of 9.2% during the forecast period. The elderly are susceptible, due to their age, to insulin resistance, a decrease in pancreatic function, and other comorbid conditions, including hypertension and obesity, which raise the risk of developing diabetes. As people age, the body becomes less responsive to insulin's role in regulating blood sugar, hence increasing the chances of developing Type 2 diabetes. In addition, the reduction in physical activity among older adults, coupled with lifestyle changes, contributes to rising trends of the condition. The increasing incidence rate of diabetes with age has simple direct implications concerning the increased desire for insulin administration devices, especially the pen needles. Insulin injections are an essential component of diabetes management among elderly patients, especially patients with Type 1 or advanced Type 2 diabetes. Ease of use, convenience, and reduced pain compared to traditional syringes make the pen needle particularly suitable for older adults. Other conditions most of the elderly suffer from include arthritis, which could primarily hinder them using syringes, hence developing the preference for insulin pens that use pen needles.
Scope of the Report | |
---|---|
Years Considered for the Study | 2022-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD) |
Segments | By Type, Length, Application, Mode of Purchase, Setting and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and the GCC Countries |
"The standard pen needles segment is accounted for the largest share of global pen needles market."
The market share of pen needles in the global market is dominated by the standard ones because of their wide compatibility with most of the pen injectors used for insulin administration and other injectable drugs. These needles are developed to be able to fit in a variety of insulin pens, making them available to patients across all demographics.Their simplicity and affordability make them popular, and their ease of use is something that is found in regions whose populations are rather cost-sensitive. Standard pen needles are also apt for Type 1 and Type 2 diabetes patients. Other patients also require injectable medications for some other conditions; hence, standard pen needles find wide usage in all these conditions, making the patients and their healthcare providers retain them as a first choice for their use.
"Online purchase segment will grow at the highest CAGR during the forecast period of the global pen needles market."
The online purchase segment of the global pen needles market is expected to have the highest growth rate during the forecast period due to the benefits and convenience that e-commerce platforms have provided. For instance, the websites provide competitive prices and, sometimes, offer discounts, promotional offers, and bundle deals that can make the purchase of pen needles cheaper for customers. Apart from this, the appeal of online shopping is greater than traditional retail shops due to more ease in product comparison, reading customer reviews, and availability of a comprehensive range of products and sizes. The availability on online platforms also increases the accessibility for customers located at remote locations or those with some mobility issues since they can receive their pen needles at home. E-commerce adoption, with more convenience and cost-effectiveness, ensures that the segment of online purchases is going to grow strongly.
"North America to witness the substantial growth rate during the forecast period."
The pen needles market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa and GCC Countries based on the region type. In 2024, the Asia Pacific region is projected to exhibit the highest CAGR during the forecast period. However, North America accounts for the largest market share of the pen needles market in 2024. This is largely because of the health care systems that are advanced to facilitate better access to diabetes care. The U.S. and Canada have a well-developed medical infrastructure, making it easy for patients to reach pen needles for insulin delivery devices. Furthermore, with millions of people suffering from diabetes in these regions, there is high demand for effective, as well as user-friendly, delivery solutions. Pen needles are popular for their convenience, ease of use, and minimal discomfort. It is the preferred way to manage Type 1 and Type 2 diabetes. With extensive healthcare coverage, a high patient awareness level, and a large diabetic population, North America is the most significant market for pen needles.
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).
The market study covers the pen needles market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by type, length, application, mode of purchase, setting and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Reasons to Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.