IMARC Group, a leading market research company, has recently releases report titled "Pen Needles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global pen needles market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the pen needles market?
The global pen needles market size reached US$ 3.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.4% during 2023-2028.
What are pen needles?
Pen needles refer to hollow and disposable needles that are fitted in pen injections for injecting a medicine in subcutaneous tissues of the body. They are largely used in diabetes medication pens. As compared to conventional alternatives, pen needles are cost-effective and are designed for the easy, more accurate and convenient dosage with minimal pain. The use of these needles eliminates the need for pushing through a rubber vial stopper. Pen needles are manufactured in varying lengths, which include 5mm, 12mm, 4mm, and 10mm. The components of a pen needle include a cylindrical posted hub, an inner shield with tactile ridges, and an outer cover with attachment grips.
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What are the growth prospects and trends in the pen needles industry?
A significant rise in the prevalence of cardiovascular diseases and diabetes, particularly Type 2, is primarily driving the growth of the global pen needles market. Moreover, during the coronavirus (COVID-19) pandemic, patients took several measures to manage and treat their symptoms and existing ailments at home, which is inflating the sales of pen needles across the globe. Other than this, governments and non-governmental organizations (NGOs) have been undertaking several initiatives to spread awareness and put a curb to the reuse of needles, which is further contributing to the growth of the market. Moreover, leading players have been making investments in the research and development (R&D) activities to introduce more effective product variants. This is creating a positive outlook for the market. Looking forward, the market is projected to reach US$ 7.4 Billion by 2028, growing at a CAGR of 14.4% during 2023-2028.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Standard Pen Needles
- Safety Pen Needles
Breakup by Needle Length:
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
Breakup by Therapy:
- Insulin
- GLP-1
- Growth Hormones
Breakup by Mode of Purchase:
- Retail
- Non-Retail
Breakup by End User:
- Hospitals and Clinics
- Home Healthcare
- Others
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Menarini Diagnostics srl
- Advancare Pharma
- Arkray Inc.
- Braun Melsungen AG
- Becton Dickinson and Company
- Hindustan Syringes & Medical Devices Ltd.
- HTL Strefa SA
- Novo Nordisk A/S
- Owen Mumford Ltd.
- Simple Diagnostics
- Trividia Health Inc. (Sinocare)
- Ultimed Inc.
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