- Standard pen needles
- Safety Pen Needles
pen Needles Market size was estimated at USD 2.2 Bn in 2021, growing at a CAGR of 11.2% during the forecast period 2022-2028. The pen needles Market is used in conjunction with injection pens in order to deliver injectable medications into the body. A pen needle comprises a needle that is hallowed and embedded in a plastic hub and attached to injection pens. Pen needles will available in different lengths and diameters to make them easily used by healthcare professionals and patients to administer medications. Generally, these pen needles are used by people with diabetes and who require insulin injections. Pen needles are an alternative delivery system of drug administration to the conventional method. Increasing government initiatives in the prevention of diabetes are expected to boost market growth. For instance, in 2013, World Health Assembly introduced a comprehensive global framework which is accompanied by WHO's a global action plan for the prevention and control of NCD 2013-2020. Growing advanced technologies is also anticipated to drive the market growth of pen needles. For example, In 2013, Becton, Dickson, and Company launched BD Ultrafine nano 4mm pen needles with easy flow technology which enables easy adherence to insulin therapy regimens in diabetic patients.
Fastest Growing Market
Increasing prevalence rate of diabetes is one of the primary factors that enables drive the Global Pen Needles Market. As per International Diabetes Federation (IDF), around 642 Mn of the total population is estimated to have diabetes by 2040. People with obesity are highly prone to diabetes which in turns rise market growth of pen needles. As per, Diabetes.Co.UK, obesity is reported for 80-85% of the risk of diabetes development. Growing adaptation of pen needles and minimally invasive methods over conventional systems, increasing geriatric population is expected to fuel the market growth of pen needles. However, a dearth of specialized endocrinologists to treat diabetes, hormonal imbalances, thyroid disorders etc., issues and risks related to the safe usage of pen needles and strict regulatory framework for the development of new products are the few factors which are restraining the pen needles market size growth.
The pen needles market is projected to expand at a CAGR of 11.% during the forecast period
Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Ypsomed Holding AG (Switzerland), Terumo Corporation (Japan), HTL-STREFA S.A. (Poland)
North America is the fastest-growing region for pen needles market