The new report by Expert Market Research titled, ‘Global Pen Needles Market Analysis, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global pen needles market, assessing the market based on its segments like product type, needle length, therapy, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 13.1%
Worldwide, the number of patients suffering from diabetes is increasing constantly. For instance, in India, there are more than 77 million diabetic patients, and this number is still growing. There has been a rise in demand for self-medication among diabetes patients, and this is being met by pen needles. Insulin pens are very simple to use and offer more convenience and accuracy than vial and syringe.
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Furthermore, pen needles are usually coated with a lubricant so that they can easily penetrate the skin. Moreover, market players like Hindustan Syringes & Medical Devices Ltd are offering single-use and sterile pen needles that are made and sterilised as per stringent industry standards.
Industry Definition and Major Segments
Pen needles are the needles that are attached to a prefilled or durable pen to inject medication into a person’s body. Standard pen needles and safety pen needles are the two common types of needles, with standard pen needles being predominantly used by people.
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Based on the product type, the pen needles market is divided as:
• Standard Pen Needles
• Safety Pen Needles
The market has been further divided based on the needle length:
• 4 mm
• 5 mm
• 6 mm
• 8 mm
• 10 mm
• 12 mm
Based on the therapy, the global pen needles market has been bifurcated as
• Insulin
• Glucagon-like-Peptide-1 (GLP-1)
• Growth Hormone
The EMR report also provides an in-depth analysis of the market by dividing it into regions. For this, the market has been segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Trends
Market players are investing in research and development activities to manufacture and offer better quality products in the market. For instance, in 2021, UltiMed, Inc. launched a new UltiCare® safety pen needle that protects from accidental needle stick injuries. Also, in 2019, Becton, Dickinson and Company launched a pen needle with an ergonomic design that is easier to use and offers a more comfortable experience. Such new product developments are leading to the availability of pen needles with improved technology and quality, ultimately catalysing the market demand.
Key Market Players
The major players in the market are Becton, Dickinson and Company, Novo Nordisk A/S, Ypsomed Holding AG, Owen Mumford, Ltd., B. Braun Melsungen AG, and Htl-Strefa S.A. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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