Pen Needles Market Overview: Market Dynamics and Insights

06 Oct 2024

Table of Content

1. Pen Needles Market Revenue and Trends 2. Market Overview 3. Pen Needles Market Trends 4. Pen Needles Market Highlights 5. Pen Needles Market Top Companies 6. Regional Insights 7. Market Potential and Growth Opportunity 8. Pen Needles Market News

Pen Needles Market Revenue and Trends

The global pen needles market revenue was valued at USD 3.52 billion in 2023 and is poised to grow from USD 3.94 billion in 2024 to USD 10.85 billion by 2033, at a CAGR of 11.9% during the forecast period 2024 - 2033. The growing prevalence of diabetes mellitus and other chronic medical diseases around the world is expected to drive the growth of the pen needles market.

Market Overview

The pen needles market deals with disposable hollow needles utilized in pen injectors for receiving pharmaceutical drugs in the subcutaneous tissues of the human body. The pen needle is kept in the plastic hub of the medical injectable pen and includes individual wrapping and plastic caps for enhanced sterilization and security. Pen needles are produced using electro-polishing techniques to aim thin, fine, and smooth point tips for convenient penetration.

The rising geriatric population, which is more susceptible to chronic diseases, is increasing growth in various product innovations, such as the development of short-length and ultra-thin needles with enhanced drug delivery systems, which are anticipated to enhance the growth of the market. In addition, increasing healthcare spending capacities of the masses, including implementation of favorable government strategies for improving public health, are further expected to drive the growth of the pen needles market during the forecast period.

Pen Needles Market Trends

• The growing technological advancements in needle technology and increasing demand for pen needles over syringes and vials are anticipated to drive the growth of the market.
• The increasing preferences of people towards less invasive treatments and growing patient awareness of personalized medicine administration fuel the market growth.
• The rising emergence of E-Commerce as a preferred distribution channel is further attributed to the growth of pen needles.

Increasing number of patients with chronic diseases

Various chronic diseases such as diabetes and other cardiovascular diseases are rising rapidly around the world. The changes in consumer lifestyle and the rapid expansion of the aging population are factors that contributed to the increasing growth in long-term and common health conditions. The rising pace of urbanization is considered to enhance the growth of the high prevalence of a sedentary lifestyle and middle-class segment.

Such major factors enhance most chronic health diseases, such as diabetes and obesity. In addition, so many adults are affected by chronic conditions worldwide. Due to the global population's aging, the disease burden is growing continuously. Pen injectors have been derived as the advanced method for injectable drug delivery systems. Furthermore, these injectable pens have become rapidly popular due to their ability, reliability, and simplicity to be self-regulated directly by a patient without the need for a physician. These are the major driving factors expected to enhance the growth of the pen needles market.

However, a predilection for alternative drug delivery systems might impede market expansion. While pen needles are an easy and practical way to provide medication, they can also be uncomfortable and lead to infections, needlestick injuries, and hyperglycemia. Some individuals have hyperglycemia as a result of their medicine not allowing them to regulate their pen needle consumption. Because insulin pumps can automatically minimize the danger and cease insulin of hypoglycemia, they have therefore replaced pen needles in the treatment of diabetes mellitus. This is a significant factor impeding market expansion. Medication administration techniques have somewhat resolved this issue without the need for needles. These are the major restraining factors that may hinder the growth of the pen needles market.

Pen Needles Market Highlights

Pen Needles Market Top Companies

• GlucoRx Ltd.
• Arkray, Inc.
• Simple Diagnostics
• ULtiMed, Inc.
• B. Brau Melsungen AG
• Perrigo Company plc
• Trividia Health, Inc.
• Artsana S.p.A.
• Allison Medical, Inc.
• Terumo Corporation
• HTL-STREFA S.A.
• Owen Mumford Ltd.
• Ypsomed AG
• Novo Nordisk A/S
• Becton, Dickinson, and Company

Recent Innovation in the Pen Needles Market by Droplet Micron

• In April 2024, Droplet Micron announced the launch of Droplet Micron 34G with 3.5mm pen needles from HTL-Strefa. The company has received extensive approval from the US Food & Drug Administration, enabling for broader signs of shift and a use of prescription-only to over-the-counter availability. This has benefited patients who can now use the shortest and thinnest pen needle available to inject medications other than insulin in the United States.

Recent Innovation in the Pen Needles Market by Terumo India

• In November 2023, the Indian arm of Terumo Corporation, Terumo India, a global leader in medical technology, launched Insulin Syringe pen needles on World Diabetes Day. This sterile delivery device for patients requires regular insulin injections. The aim behind this launch was to raise the bar for patient therapy compliance and comfort.

Regional Insights

Europe dominated the pen needles market in 2023. The growing well-informed patient population, increasing strict regulatory standards, increasing robust healthcare infrastructure, increasing high prevalence of diabetes, increasing presence of major market players, and rising technological advancements in diabetes management are expected to enhance the growth and demand for the market in Europe. Europe has been active in adopting awareness programs and patient benefits of pen needles and motivating their adoption. This concerted effort is expected to lead to a higher level of usage and acceptance in patients with diabetes. Industry participants and stakeholders are advised to closely monitor technological innovations, regulatory developments, and evolving trends. These are the major factors anticipated to accelerate the growth of the pen needles market in Europe.

Asia Pacific is estimated to grow fastest during the forecast period. The increasing ongoing research and development activities, strategic collaborations among major market players, increasing early adoption of innovative medical technologies, increasing awareness about advanced diabetes management tools, increasing favorable refund policies, developing healthcare infrastructure, and increasing high prevalence of chronic diseases like diabetes are expected to drive the growth of the pen needles market in Asia Pacific. China, India, Japan, and South Korea are the major countries in the Asia Pacific. China has the largest market share and is the expanding country in this market.

Chinese pen needle manufacturers produce a wide range of pen needles with the greatest features such as non-pyrogenic, non-toxic, sterile, easy flow medication without any impurities, patient point with the system, and easy flow medication without impurities in China. The Chinese market can contract or expand for a variety of reasons, such as geopolitical considerations, macroeconomic issues, disease prevalence and incidence, and population demographics. These are the major factors expected to drive the growth of the market in the Asia Pacific region.

Market Potential and Growth Opportunity

Increasing customization and personalization of devices

The advanced trend toward personalized medicine creates lucrative opportunities for pen needle manufacturers to develop patient-specific and customizable devices. Personalized devices providing a range of gauges, needle lengths, and additional features can serve to enhance market penetration and individual preferences. These are the major factors that are expected to accelerate the growth and demand for the pen needles market in the coming years.

Pen Needles Market News

• In March 2024, in China, HTL-Strefa Inc., a plastic syringes and safety needles manufacturer, launched DropSafe Sicura, a European-based passive safety needle. This safety pen needle represented the pinnacle of performance, reliability, and safety, and it was fully aligned with the highest standards of patient safety and care.
• In May 2022, RDC India (Roche Diabetes Care India) launched pen needles under the brand name ACCU-FINE. These pen needles are available in 100 packs in 3 variants, including 33G 4mm variants. The aim behind this launch was to make the process of insulin delivery painless and smoother for better diabetes management. This can then lead to improved outcomes and an increase in compliance for people with diabetes.

Market Segmentation

By Product

• Standard Pen Needles
• Safety Pen Needles

By Needle Length

• 4 mm
• 5 mm
• 6 mm
• 8 mm
• 10 mm
• 12 mm

By Therapy

• Insulin
• Glucagon-like-Peptide-1 (GLP-1)
• Growth Hormone

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