Pen Needles Market in terms of revenue was estimated to be worth $1.6 Billion in 2023 and is poised to reach $2.5 Billion by 2028, growing at a CAGR of 9.1% from 2023 to 2028 according to a new report by MarketsandMarkets™.
The increasing healthcare expenditure on diabetes care, and mandates pertaining to safety pen needles are some factors that provide lucrative opportunities for key players in the market. However, reuse and misuse of pen injectors, and factors such as needles anxiety and preference of alternative modes of drug delivery, such as infusion pumps, are expected to restrain the market and pose significant challenges for market players.
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Pen Needles Market Dynamics:
Drivers
· Rising incidence of chronic diseases
· Favorable reimbursements in mature markets
· Growing adoption of self-administration
· Decreasing prices of insulin formulations
Restraints
· Alternative methods of drug delivery
· Poor reimbursements in emerging markets
· Needle anxiety
Opportunities
· Growing preference for biosimilar drugs
· High-growth potential of emerging economies
· Rising healthcare expenditure on diabetes
· Regulatory mandates for safety pen needles
Challenges
· Reuse of pen needles
· Misuse of injection pens
Key Market Players of Pen Needles Industry:
North America is projected to be the largest regional market for pen needles industry
North America dominates the pen needles market. The North American region is gaining traction with the increasing incidence and prevalence of chronic diseases. Moreover due to strong foothold of major key players in the region, rising approval of pen injectors for multiple applications across many countries, and initiatives by government to increase the awareness about the advancements in insulin drug delivery are likely to play a major role in fueling the growth of the pen needles market in North America.
Recent Developments:
· In February 2023, Montmed, Inc. (Canada) announced issuance of a second US Patent for Sitesmart Pen Needles.
· In April 2022, Embecta Corp. (US) completed the spin-off from Becton, Dickinson and Company (US) and started operating globally as a standalone pure-play diabetes care company.
· In February 2021, UltiMed, Inc. (US) launched UltiCare safety pen needles in two sizes, 5mm 30G and 8mm 30 G.
· In January 2021, NHS (UK) chose Owen Mumford (UK) as the sole supplier of safety pen needles. With this partnership, Owen's pen needles will be used in all NHS Wales hospitals.
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Pen Needles Market Advantages:
· Convenience: Pen needles are user-friendly and require minimal setup, making them a convenient option for self-administration of medications, particularly for individuals with diabetes.
· Precision: These needles offer precise and consistent dosing, reducing the risk of medication errors and ensuring accurate delivery of treatment.
· Pain Reduction: Many pen needles are designed with features like ultra-thin gauges and advanced injection mechanisms to minimize pain and discomfort during injections.
· Portability: Pen needles are compact and easily portable, allowing individuals to carry them discreetly and administer injections anywhere, contributing to a more flexible lifestyle.
· Reduced Fear: Their compact design and less intimidating appearance can help alleviate the fear associated with injections, especially in pediatric and needle-phobic patients.
· Compatibility: Pen needles are compatible with a wide range of medications, making them versatile for various therapeutic needs beyond diabetes.
· Smart Technology Integration: Many modern pen needles are equipped with smart features like dose memory, Bluetooth connectivity, and mobile apps for tracking and monitoring injections, enabling patients and healthcare providers to manage treatment more effectively.
· Reduced Cross-Contamination Risk: Disposable pen needles reduce the risk of cross-contamination as they are designed for single use, promoting safety and hygiene.
· Cost-Effective: The competitive market has driven prices down, making pen needles an affordable option for a broad patient demographic.
· Improved Quality of Life: The advantages of pen needles, such as pain reduction, precision, and convenience, collectively contribute to an improved quality of life for individuals requiring injectable therapies, ultimately enhancing treatment adherence and overall well-being.
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