Global Pen Needles Market Is Thriving Amid the Pandemic: Projected to Reach USD 2.3 Billion By 2027
Published | 13 August 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global pen needles market was worth USD 1.1 billion in the year 2020. The data yielded by the study further reveals that the market is estimated to grow at the CAGR of 10.4%, earning revenue of around USD 2.3 billion by the end of 2027.The market is expected to grow as a result of factors such as the growing number of chronic diseases, the increasing geriatric older population, innovative product launches, and the growing demand for minimally invasive procedures around the world.Further contributing to the market growth is the availability of a wide range of cost-effective and high-performance products as well as easy accessibility to these products through retail stores. However, the development of reusable pen needles may hamper the growth of the global pen needles market in the long run. Also, the limited accessibility of pen needles in comparison with traditional syringes has been hampering the market growth.
High Convenience Over Syringes and Vials Favoring the Growth of Pen Needles Market Worldwide
Pen needles are used to deliver injectable medicines into the human body. The convenience offered by pen needles over syringes and vials has made them very popular over the past few decades.It is much more complicated to use syringes and vials, which requires expert supervision.Furthermore, they are rarely prescribed under self-administration.Pen needles, on the other hand, are comparatively much smaller in size, making it easier to inject the medicine or drug.These needles are very sharp and pointed which makes the process of insertion in the body much easier and more painless as compared to syringes and vials. Because of this, the global pen needles market is gaining significant traction.
Increasing Prescription of Insulin Therapy Anticipated to Boost the Global Pen Needles Market
Based on therapies, the global pen needles market is categorized into insulin therapy, growth hormone therapy, glucagon-like peptide-1 therapy, and other therapies. Among diabetic patients, insulin therapy has a very high demand, and it represents a large share of the market in 2020.It is due to the high prevalence of type 1 and type 2 diabetic patients, along with the growing awareness of insulin injections with pen needles.Additionally, the demand for glucagon-like peptide-1 therapy continues to grow as a result of its ability to boost glucose levels instantly.
Global Pen Needles Market - By Length
Based on length, the global pen needles market is classified into 4MM, 5MM, 6MM, 8MM, 10MM, and 12MM. The 8MM needle size has the largest market demand. They are almost used by all types of patients and are specifically suitable for patients suffering from different types of chronic diseases. Furthermore, the demand for the 4MM-sized needle market is also very prominent and is projected to grow at incredible CAGR in the forecast period. As the smallest needle size, 4MM-sized needles are considered the most comfortable because they are painless.
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Global Pen Needles Market - Regional Insights
Geographically, the global pen needles market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America dominated the global pen needles market in 2020, followed by Europe. The growth of the region is attributable to a strong healthcare system with favorable reimbursement policies, which is also driving the market growth. However, the industry players are now targeting the markets of emerging economies which are still untapped. Therefore, the Asia-Pacific region is projected to witness a high CAGR in the forecast period. The rising awareness and adoption of medical technologies are favoring the growth of the APAC countries.
Impact of COVID-19 on Global Pen Needles Market
The COVID-19 virus outbreak was accompanied by a similar pattern, in which most patients with the virus suffered from chronic diseases.Because of this, the focus on the management and treatment of patients with such conditions who are at higher risks increased.As a result, the demand for pen needles increased, particularly for the geriatric population that is under home care. Furthermore, the demand is expected to increase significantly in the post-COVID-19 period since hospital visits are still at lower rates due to social distancing norms.
Competitive Landscape
The leading market players in the global pen needles market are Owen Mumford Ltd., Becton Dickinson and Company, Novo Nordisk, Allison Medical, Inc., Ypsomed Holding AG, ArtsanaS.p.a, B. Braun Melsungen AG, HTL Strefa S.A., Terumo Corporation, UltiMed Inc., Vogt Medical Vertrieb, Nipro Corporation, Arkray, Ultimed, Hindustan Syringes And Medical Devices, Glucorx, Berpu Medical Technology, AdvaCare Pharma, Trividia Health, and other prominent players.
The key industry players essentially focus on innovating and advancing their products to maintain a competitive edge. They are consistently trying to grab a larger market share by strengthening their distribution channels and making their products more accessible, especially in developing countries that hold great potential.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global pen needles market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global pen needles market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: August 2021
Pen needles are used for injecting medicine into the body through pen injectors. They are usually disposable and thus, have lesser chances of secondary infection or cross-contamination. In comparison to syringes and vials, they also cause less pain. Pen needles are also far more convenient to use and do not require the assistance of a physician.
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