Pen Needle Market: By Product Type (Standard Insulin Pen Needle, Safety-engineered Insulin Pen Needle), By Size (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), By Application (Type I Diabetes, Type II Diabetes), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Drug Stores, Online Pharmacies), and Geography  

Pen Needle Market was valued at USD 3,172.9 million in 2022 and is expected to grow at a 12.3% CAGR from 2023 to 2029. Pen needles are pen injections used in the delivery of injectable medicines into the body of a patient. Pen needles are comprised of hollow needles embedded in a plastic body and are available in variety of needle lengths and diameters. The pen needles are most commonly used in the treatment of type I diabetics and type II diabetics for injecting insulin and other types of medications. Thus, the increasing prevalence of diabetes has surged the demand for pen needles and thus expected to drive the growth of pen needle market over the forecast period. For instance, according to the International Diabetes Federation (IDF), 642 million people are estimated to have diabetes by 2040.

In addition, the increasing prevalence of other chronic diseases such as osteoporosis, cardiovascular disease, and multiple sclerosis requires daily or weekly drug administration by the use of pen injectables which is anticipated to drive the growth of the pen injections market over the forecast period. furthermore, due to their simplicity, and reliability pen needles can administer drugs directly by the patients without the aid of a physician, this is expected to boost the growth of the pen needles market over the forecast period. However, the needlestick injuries, pain, infection, and hyperglycemia associated with pen needle administration are expected to hinder the growth of the pen needle market over the forecast period. In addition, changing the preference of patients in alternative modes of drug delivery is anticipated to hold and hinder the growth of pen needle market over the forecast period. Moreover, the growing preference of biosimilar drugs are anticipated to provide opportunities to the market players in the market growth over the forecast period. 

Pen Needle Market Key Developments:

• In September 2019, Owen Mumford Inc. launched the Ateria Safe Control, the next generation of safety pen needles.
• In January 2019, BD received FDA approval for its second-generation BD nano pen needle, designed for more reliable subcutaneous injection depth.