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.
Attractive opportunities Pen Needles Market
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"Discounts offered on the online purchases of pen needles to drive the growth of this segment"
Online purchase is the fastest growing segment of the pen needles market, by mode of purchase. The convenience of online purchases, and time-efficient drive the growth of this segment. Additionally, patients who need pen needles on a regular basis can even get subscriptions for a monthly supply, which further makes it more convenient.
The over-the counter purchase segment accounted for the largest share of the pen needles market by mode of purchase, in 2022. This is due to the large number of patients buying pen needles from local pharmacies without the need of a prescription. Additionally, distributors and suppliers provide discounts to hospitals and clinics on bulk purchases, which further contributes to the large share of this segment.
"Asia Pacific likely to emerge as the fastest-growing pen needles market, globally"
The pen needles market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa. Asia Pacific attributes to the highest growth rate amongst the other regions. The emerging Asian countries, such as China, India, and Japan, are offering significant growth opportunities for market players. The expansion of healthcare infrastructure and increase in disposable incomes, increase incidences of diabetes are factors which are likely to support the growth of pen needles market in the region.
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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:
The key players in the pen needles market B. Braun Melsungen AG (Germany), Embecta Corp. (US), and Novo Nordik A/S (Germany). These companies adopted strategies such as collaborations, partnerships, and investments to strengthen their presence in the market.
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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