Global Pen Needles Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Pen needles are the type of devices which are used in conjunction with injection pens to deliver injectable medications into the body. It consists of a hollow needle which is embedded in a plastic hub and attaches to injection pens. There are a variety of needle lengths and diameters and are used by health professionals and patients for injection of a variety of medications.

Global Pen Needles Market Segments Size & Growth:

Global Pen Needles Market size is projected to reach approximately $2.93 billion by the end of 2024 with a CAGR of close to 11.21% from $1.69 billion in 2017 during the forecast timeline 2018-2024. Key parameters promoting the market growth include rising diabetes prevalence, a comparative advantage over syringes and vials, technological advancements, increasing awareness of the general public, government support in certain countries. However, reusability of pen needles, complications associated with needle use, availability of alternative dosage forms, poor reimbursement policies in underdeveloped and developing countries are thereby hampering the market growth.

Global Pen Needles Market Segments Share:

Global Pen Needles Market is categorised into therapy which comprises growth hormone, Insulin, and GLP-1. Among them, insulin therapy segment is expected to hold the most significant share in the market. By Type, the market is segmented into Standard Pen Needles and Safety Pen Needles. Among them, standard pen needles segment is expected to account for the most significant share in the pen needles market because of rising prevalence of diabetes and dysfunctionality of pancreas. By Needle Length, the market is segmented into 4mm, 6mm, 8mm, 10mm, and 12mm. Among them, 8mm needle length segment is expected to hold for the most significant share in the market. By Material, the market is segmented into Glass Needles, Plastic Needles, Stainless Steel/Metallic Needles, and Polyetheretherketone (PEEK) Needles. By Mode of Purchase, the market is segmented into Retail and Non-Retail. Among them, retail purchase mode segment is expected to hold the most significant share in the market. By Type of Therapy, the market is segmented into Glucagon-Like Peptides, Insulin, Growth Hormones, Others. By End-Users, the market is segmented into Hospitals, Diagnostic Centers, Home Healthcare, and Others. By Geography, Europe is estimated to account for the most significant share of 32.8% of the global pen needles market in 2017 due to the EU announcement to reduce sharp injuries in hospitals and the healthcare sector.

Global Pen Needles Market Trends:

• Novo Nordisk is planning to launch a new product called flex pro; the device is designed to hide the needle injecting Norditropin into patients. Norditropin is used for children and adolescents.
• Becton, Dickinson, and Company announced the introduction of the BD Ultra-Fine micro pen needle 6mm x 32G for use with leading pen injection devices.

Global Pen Needles Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial study with significant competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The primary market players, such as

• Becton, Dickinson, and Company
• Novo Nordisk A/S
• Ypsomed Holding AG
• UltiMed, Inc.
• Allison Medical, Inc.