Pen Needles Market Trends
According to a new report published by Allied Market Research, titled, “Pen Needles Market,” The pen needles market was valued at $1.7 billion in 2022, and is estimated to reach $4.5 billion by 2032, growing at 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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The standard pen needles segment to maintain its leadership status throughout the forecast period.
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.
The medium length pen needles segment to maintain its leadership status throughout the forecast period.
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.
The drug stores & retail pharmacies segment to maintain its lead position during the forecast period.
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.
North America to maintain its dominance by 2032
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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