IMARC Group, a leading market research company, has recently releases report titled “Pen Needles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global pen needles market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the pen needles market?
The global pen needles market size reached US$ 3.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.4% during 2023-2028.
What are pen needles?
Pen needles are injector pens that are used for delivering medication into the body of a patient. They consist of hollow needles embedded in a plastic body that is connected to the injection pen. Pen needles are used by health professionals and patients who are suffering from diabetes. Nowadays, they are available in a variety of needle lengths and diameters. Pen needles are manufactured with fine and thin point tips made by electro-polishing the needles to offer ease of use and penetration. They also have plastic caps for safety and lubrication for easy glide and less friction.
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What are the growth prospects and trends in the pen needles industry?
The pen needles market is primarily driven by the rising prevalence of chronic and lifestyle diseases like diabetes, osteoporosis, cardiovascular diseases, and multiple sclerosis. In addition, pen needles are cost-effective, portable, and do not require refrigeration for daily or weekly drug administration through pen injectors. Besides this, pen injectors are gaining popularity as the new standard for injectable drug delivery systems due to their simplicity, reliability, and the ability to be administered directly by the patient without the aid of a physician. Furthermore, factors such as the rising geriatric population, inflating healthcare expenditure, and favorable government policies are some of the other factors that are expected to significantly impact the market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Standard Pen Needles
- Safety Pen Needles
Breakup by Needle Length:
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
Breakup by Therapy:
- Insulin
- GLP-1
- Growth Hormones
Breakup by Mode of Purchase:
- Retail
- Non-Retail
Breakup by End User:
- Hospitals and Clinics
- Home Healthcare
- Others
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Menarini Diagnostics srl
- Advancare Pharma
- Arkray Inc.
- Braun Melsungen AG
- Becton Dickinson and Company
- Hindustan Syringes & Medical Devices Ltd.
- HTL Strefa SA
- Novo Nordisk A/S
- Owen Mumford Ltd.
- Simple Diagnostics
- Trividia Health Inc. (Sinocare)
- Ultimed Inc.
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