Market Overview: In 2021, the global pen needles market reached a size of USD 1.23 Billion, and it is anticipated to exhibit a revenue Compound Annual Growth Rate (CAGR) of 11.1% throughout the forecast period. The market growth is primarily propelled by factors such as the increasing prevalence of chronic diseases, including cancer and diabetes, a rising number of patients requiring hormone replacement therapies or experiencing allergic reactions, a surge in the adoption of injectable devices for drug administration, and ongoing advancements in insulin pen needle technology.
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Global Health Trends: Chronic diseases, such as cancer, diabetes, cardiovascular diseases (CVD), and multiple sclerosis, continue to be leading causes of death and disability worldwide. The World Health Organization (WHO) predicts that nearly three-quarters of global deaths, accounting for 71%, will result from chronic diseases like diabetes, CVD, and chronic respiratory diseases. Low and middle-income countries bear a significant burden, with 77% of non-communicable diseases (NCD) mortality occurring in these regions.
Market Drivers: The market is driven by the growing adoption of injectable devices for drug administration, spurred by advancements and improvements in insulin pen needle technology. The introduction of innovative pen needles, such as those by Becton, , and Company (BD), utilizing cutting-edge technology and design, and HTL-STREFA's Droplet Micron, has enhanced injection comfort and improved patient experience, thereby contributing to market revenue growth.
Diabetes Epidemic: The International Diabetes Foundation reports that approximately 537 million individuals (20-79 years old) had diabetes in 2021, with projections to reach 643 million by 2030 and 783 million by 2045. Injectable treatments like insulin and glucagon-like peptide-1s (GLP-1s) remain crucial, and advancements in insulin pen needle technology, including smaller needle lengths and improved structures, have significantly improved the injection experience for diabetic patients.
Restraints: Concerns related to needle anxiety, vasovagal syncope, and needle-stick injuries pose challenges to market growth. Anxiety and fear associated with needles can impact patients' ability to undergo necessary therapy, and despite standardized guidelines, needlestick injuries still occur, especially among healthcare professionals.
COVID-19 Impact: The COVID-19 pandemic has increased the global demand for pen needles due to vaccination campaigns. Researchers have developed vaccines to combat the pandemic, and countries worldwide are preparing for vaccination delivery, leading to a surge in needle and syringe manufacturing. Needle length and gauge selection are crucial for ensuring effective vaccine delivery, further boosting the demand for pen needles.
Key Market Segments: Needle Length Outlook: The market, segmented based on needle length (4 mm, 5 mm, 6 mm, 8 mm, 10 mm, and 12 mm), highlights the rapid revenue growth of the 4 mm segment. This growth is attributed to the increasing demand for insulin pens and advancements in pen needle technology, offering a better injection experience for diabetics.
Application Outlook: The market, segmented by application (insulin therapy, allergic reactions, glucagon-like peptide-1 therapy, hormone replacement therapy, and others), emphasizes the rapid revenue growth in the insulin therapy segment. Ongoing developments in insulin-based pens, with a focus on minimizing pain and maximizing ease of use, contribute to this growth.
Product Type Outlook: The market, segmented by product type (disposable and reusable pens), underscores the increasing adoption of disposable pens. Disposable pens, pre-filled with a set amount of insulin, are gaining popularity, driven by advancements in diabetes care and ease of use.
Regional Insights:
- Asia Pacific: Expected to witness rapid revenue growth due to increased awareness of medical treatment options, advancements in healthcare, and a rise in R&D efforts. The region's market is driven by a growing diabetic population and the adoption of pen devices for insulin administration.
- North America: Expected to account for the largest revenue share, driven by the high prevalence of diabetes and cancer. Major pharmaceutical companies, well-established healthcare infrastructure, and diverse pen needle applications contribute to market growth.
- Europe: Anticipated to register a steady CAGR, attributed to investments in R&D, government support, and stringent regulations promoting safe injectable device use.
Competitive Landscape: The global pen needles market exhibits a fragmented competitive landscape with key players such as Becton, and Company, Novo Nordisk A/S, Ypsomed Holding AG, UltiMed, Hindustan Syringes and Medical Devices, PromiseMed Diabetes Care, HTL-STREFA, ARKRAY, Links Medical Products, and GlucoRx. Market players focus on product development and strategic alliances to expand their product portfolios and gain a robust market presence.
Recent Developments:
- UltiMed, Inc. launched a new safety pen needle, UltiCare, on February 24, 2021, designed to conceal the needle before and after use, providing protection from accidental needle stick injuries.
- Roche Diabetes Care India (RDC India) introduced ACCU-FINE® high-quality pen needles on May 9, 2022, aiming to simplify insulin administration for diabetes patients.
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