The pen needles market trends includes an increase in prevalence of diabetes worldwide and rise in demand for insulin pens. Surge in adoption of self-injection devices and shift in preference toward minimally invasive procedures further contribute toward the growth of the market size.
Allied Market Research published a report, titled, “Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), by Needle Length (Short Length Pen Needles, Medium Length Pen Needles, Long Length Pen Needles), by Distribution Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies, Online Providers): Global Opportunity Analysis and Industry Forecast, 2023-2032″. The global pen needles market was valued at $1.7 billion in 2022, and is projected to reach $4.5 million by 2032, registering a CAGR of 10.3% from 2023 to 2032.
The growth of the global pen needles market is driven by multiple factors, including an increase in the prevalence of chronic conditions, a surge in awareness and adoption of injector pens, and advantages offered by pen needles over traditional syringes. The rising prevalence of chronic diseases, such as diabetes, necessitates frequent and precise administration of medications, which has led to an increased demand for pen needles. Moreover, the growing awareness and adoption of injector pens as a preferred method for self-administration of medications have propelled the market forward, as these devices offer ease of use, accurate dosing, and reduced needlestick injuries.
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Market Statistics
- The global pen needles market size was valued at $1.7 billion in 2022, and is projected to reach $4.5 billion by 2032, growing at a CAGR of 10.3% from 2023 to 2032.
- By type, the standard pen needles segment was the highest contributor to the market in 2022.
- On the basis of needle length, the medium length pen needles segment dominated the market in 2022, and the short length pen needles segment is anticipated to grow at the fastest rate during the forecast period.
- Depending on distribution channel, the drug stores & retail pharmacies segment dominated the market in 2022 and the online providers segment anticipated to grow at the highest CAGR during the forecast period.
- Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Advancements in needle technology, such as ultra-thin and pain-free needles, are driving the demand for pen needles and hence contributing to the pen needles market share. The availability of a wide range of pen needle sizes and brands as well as the convenience and accessibility offered by online providers boost the growth of this market. With increasing awareness about the benefits of using pen needles for insulin injection and other medical procedures, the pen needle market is expected to continue to experience steady growth in the coming years.
Segment Overview
Based on type
The standard pen needles segment held the highest market share in 2022, accounting for more than three-fifths of the global pen needles market revenue and is estimated to maintain its leadership status throughout the forecast period. On the other hand, safety pen needles segment is projected to manifest the highest CAGR of 11.6% from 2023 to 2032, owing to the rising cases of needle stick injuries around the globe.
Based on needle length
The medium length pen needles segment held the highest market share in 2022, accounting for nearly half of the global pen needles market and is estimated to maintain its leadership status throughout the forecast period. This growth is attributed to the presence of key players in the market offering medium length pen needles. The products offered by the key players increase the adoption of medium length pen needles, which contributes to the growth of the market. However, the short length pen needles segment is projected to manifest the highest CAGR of 10.8% from 2023 to 2032. The growth is attributed to the advantages offered by the short length pen needles such as reducing the risk of accidental needle sticks and may be a safer option for healthcare professionals who handle used needles.
Based on distribution channel
The drug stores & retail pharmacies segment accounted for the largest share in 2022, accounting for nearly three-fifths of the global pen needles market revenue and is projected to maintain its lead position during the forecast period. The drug stores & retail pharmacies offer a wide range of pen needles, including standard, safety, short, and medium length pen needles in assorted sizes and gauges from different manufacturers. This offers customers the chance to choose from many different options, which contributes to market growth. However, the online providers segment is expected to portray the highest CAGR of 11.3% from 2023 to 2032. Online platforms’ quick accessibility, time savings, and significant discounts and incentives boost the sale of pen needles. Moreover, surge in online services and increase in penetration of e-commerce platforms are expected to notably contribute toward the growth of the global market.
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Based on region
North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global pen needles market revenue and is likely to dominate the market during the forecast period. The growth is attributed to the well-developed healthcare infrastructure, rise in awareness among consumers about advancements in needle technology, and surge in demand for injector pens with subsequent rise in demand for pen needles in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.2% from 2023 to 2032, owing to large population base in countries such as China and India, rising healthcare expenditure, and developing healthcare infrastructure in this region
Leading Market Players
- Allison Medical Inc.
- B. Braun SE
- Novo Nordisk A/S
- Owen Mumford Ltd.
- Terumo Corporation
- Trividia Health, Inc.
- Ultimed, Inc.
- Ypsomed AG
- MTD Medical Technology and Devices S.P.A
- Embecta Corp.
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