Pen needles are disposable needles used in conjunction with insulin pens and other medical injectors. They are designed to be used with a variety of medications and are available in a range of sizes and styles. Pen needles are used to inject medications into the subcutaneous or intramuscular layers of the skin and are typically made from stainless steel or plastic. Pen needles are available in a variety of lengths, ranging from 4 mm to 12.7 mm; the most common size being 8 mm. Pen needles are also available in different gauge sizes, which indicates the size of the needle’s lumen or opening; common gauges range from 31 gauge to 33 gauge. The smaller the gauge, the thinner and shorter the needle. Pen needles are designed to be disposable and should only be used once.
Currently, pen needles market in terms of revenue was estimated to be worth $1.3 billion in 2021 and is poised to reach $2.2 billion by 2026, growing at a CAGR of 11.2% from 2021 to 2026. Growth in the market is largely driven by the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. On the other hand, the preference for alternative modes of drug delivery, poor reimbursement in developing countries, and needle anxiety are expected to restrain the overall market growth. The misuse of insulin pens and the reuse of pen needles are the challenges faced by the market. The growing preference for biosimilar drugs and emerging markets are areas of opportunity in the market.
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Market Growth Drivers
· Growing prevalence of chronic diseases
· Favorable reimbursement in select countries
Market Growth Opportunities
· Growing preference for biosimilar drugs
· Emerging markets
Market Challenges
· Reuse of pen needles
· Misuse of injection pens
Industry Restraints
· Preference for alternative modes of drug delivery
· Poor reimbursement scenario in developing countries
· Needle anxiety
The prominent players operating in the Pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), Owen Mumford (UK), Terumo Corporation (Japan), Nipro Corporation (Japan) Allison Medical (US), AdvaCare Pharma (US), Berpu Medical Technology (China), ARKRAY (Japan), GlucoRx (UK), HTL-STREFA (Poland), UltiMed, (US), Hindustan Syringes and Medical Devices (India), Artsana Group (Italy), PromiseMed Diabetes Care (Canada), Montmed (Canada), Trividia Health (US), VOGT Medical Vertrieb (Germany), Van Heek Medical (Netherlands), Simple Diagnostics (US), Iyon (Turkey), Links Medical Products (US), and MHC Medical Products (US)
Becton, Dickinson and Company (US) is the leader in the global pen needles market. It held first position in the pen needles market in 2020. The company offers a wide range of products, including standard and safety pen needles: BD Ultra-Fine Nano, BD PentaPoint products, and BD AutoShield Duo Pen Needles. BD also collaborates with universities, medical centers, and other entities to conduct R&D programs to support its efforts in specialized fields. The company’s R&D expenditure during 2020, 2019, and 2018 was estimated at USD 1,096.00 million, USD 1,062 million, and USD 1,004 million, respectively. BD markets its products through independent distribution channels and directly to end users through independent sales representatives. To maintain its position, the company has focused on geographical expansions and product launches. In 2019, BD launched its BD Nano second-generation pen in the market.
Novo Nordisk A/S (Denmark) holds the second position in 2020. The company’s Diabetes Care segment, which offers safety pen needles (NovoFine Autocover) and standard pen needles (NovoFine Plus and NovoTwist), is its largest and fastest-growing business. As a significant volume of Novo Nordisk’s insulins is used in injectable devices, the company is witnessing a surge in the sale of its insulin pens and supplies, including pen needles. The company has distribution and production facilities in more than 75 countries and markets its products in more than 180 countries. In addition, Novo Nordisk has strategically placed its facilities in five countries across four continents. To build a sustainable market position, the company offers a dedicated program named “Defeat Diabetes,” with new long-term ambitions in areas critical to helping improve individual and public health.
Ypsomed Holding AG (Switzerland) held the third position in the global pen needles market. The company is a provider of insulin pumps and customized injection systems for biotechnology and pharmaceutical companies focused on diabetes, growth disturbances, infertility, and other therapeutic areas. Ypsomed is one of the world’s largest manufacturers of pen needles. The pen needles offered by the company are available in different lengths and fit in all injection pens. These pen needles have a special silicone coating for painless injection and are packed in different colors, which provide easy recognition of different length sizes. Its products range from conventional and inexpensive pen needles to pen needles equipped with highly advanced technologies. The company’s pen needles portfolio includes the mylife Penfine Classic needle and mylife Clickfine Autoprotect needle. Pen needles are the company’s only products sold indirectly through sales partners in various countries. The company focuses on launching new products to meet the customer needs for an easier injection experience. The company operates in Switzerland, France, Germany, the Netherlands, the US, the UK, and India. It focuses on emerging markets, particularly China, India, and South Africa.
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Report Highlights
· To validate the segmentation defined through the assessment of the product portfolios of the leading players in the market
· To understand key industry trends and issues defining the growth objectives of market players
· To gather both demand- and supply-side validation of the key factors affecting market growth, including market drivers, restraints, opportunities, and challenges
· To validate assumptions for the market sizing and forecasting model used for this market study
· To understand the market positions of the leading players in the pen needles market and their shares/rankings
· To understand the ongoing pricing trends in the market and future expectations
Recent Developments:
· In February 2021, Ulticare safety pen needles are launched in two sizes, 5mm 30G and 8mm 30 G launched by UltiMed Inc. (US).
· In October 2020, Arkray Inc. (Japan) launched TechLITE Pen Needles which are now indicated for use with pen injector devices for the subcutaneous injection of drugs in the US.
· In January 2019, Becton, Dickinson and Company (US) launched Second Generation Standard Pen Needles.
· In August 2018, Arkray Inc. (Japan) launched Assure ID safety pen needles.
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