The global pen needles market size is expected to reach USD 7.7 billion by 2030, expanding at a CAGR of 12.1%, according to a new report by Grand View Research, Inc. Rising prevalence of diabetes is the primary reason for the significant growth of the industry. According to the International Diabetes Federation (IDF), nearly 537 million people were suffering from diabetes in 2021 across the globe. Such a high prevalence of diabetes has led to the rising demand for pen needles. Patients suffering from diabetes commonly use injectable pen devices, which help in easy drug delivery. In addition, obesity is a significant cause of diabetes. Obese people often suffer from type 2 diabetes, which makes them one of the highest revenue contributors to the target market.
Thus, people with type 2 diabetes are the common target population for companies manufacturing pen needles. Rising technological advancements are also expected to drive industry growth. Pen needles allow comfort and an easy mode of insulin delivery. These devices are technologically advanced and provide a superior alternative drug delivery method in comparison to syringes and vials. For instance, Becton, Dickinson, and Company launched BD Ultra-Fine Nano 4mm Pen Needles with EasyFlow Technology, which will enable diabetic patients to easily adhere to insulin therapy regimens. Europe dominated the global industry in 2021 followed by North America owing to the high prevalence of diabetes in the region. On the other hand, Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period owing to the rising awareness levels among the diabetic population regarding easy drug delivery.
Free Report Sample: www.grandviewresearch.com/industry-analysis/pen-needles-market
Pen Needles Market Report Highlights
- The standard needles segment dominated the market in 2021 due to the availability of cost-effective needles as compared to safety needles
- Safety pen needles are anticipated to register the fastest CAGR during the forecast period due to the continuous technological advancements
- The 8mm needle length segment held the largest share in 2021 due to the convenience offered by these types to diabetic patients. The 4mm length segment is expected to witness the fastest CAGR during the forecast period
- Insulin therapy accounted for the largest market share in 2021 due to the rising awareness regarding self-administration of insulin among diabetic patients
Key Companies & Market Share Insights
The key companies are engaged in new product development through the introduction of improved technology, regional expansion, and mergers & acquisitions to target the unmet needs of diabetic patients. Other initiatives such as new product developments are also being adopted in order to cater to the rising needs of the patients. Some of the key companies operating in the global pen needles market are:
- Novo Nordisk A/S
- Becton
- Dickinson and Company
- Terumo Corp.
- Owen Mumford Ltd.
- Ypsomed
- Braun Melsungen AG
- HTL-STREFA
- UltiMed, Inc.
- Allison Medical, Inc.
- Artsana S.p.A.
Buy Full Report: www.grandviewresearch.com/checkout/select-license/pen-needles-market