Global Pen Needle Market 2022-2028

Global Pen Needle Market 2022-2028

The global pen needle market is growing at a considerable CAGR of 9.8% during the forecast period. Increasing need and demand for low costing pen needle is one of the prime factors affecting and driving the market. Growing advancement in insulin pens along with favorable government policies is also estimated to be the key factors that are contributing significantly towards the growth of the market. However, alternative methods present of drug delivery is the major factors constraints that are hindering the growth of the global pen needle market across the globe.

Further, growing advancement in technology along with rising application of injection pens related with insulin are some of the key factors that are creating opportunity for the market. New product launches in the market are likely to drive the growth of the global pen needle market. For instance, in January 2021, MedExel Co., Ltd. had introduced its Insulin Safety Pen Needle. This Insulin Safety Pen Needles had been exported by the company to the market of region of European along with the US. Additionally, the company is also planning to enlarge the business area to all over the globe.

Impact of COVID-19 Pandemic on the Global Pen Needle Market

The global pen needle market is hardly hit by the COVID-19 pandemic since December 2021. The COVID-19 pandemic in the major economies had brought a lot of disruption.Due to COVID-19 pandemic the supply chain were disturbed that slowed down the growth of the market.

Segmental Outlook

The market is segmented based on type, therapy and purchase. Based on type, the market is segmented into standard pen needles and safety pen needles. By therapy, the market is segmented into insulin, glp-1 and growth hormones. Further, based on purchase the market is segmented into retail and non-retail.

Based on therapy, the insulin holds a significant share in the market. The insulin are been used across the globe for effective treatment of patients. Growing diabetic population and increasing awareness among people regarding the treatment of diabetes are some of the key factor that are creating the demand for insulin.

Regional Outlooks

The global pen needle market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2021 in the global pen needle market. Some factors that are boosting the market growth in North America are raising pervasiveness of diabetes patients. According to Centers for Disease Control (CDC’s) National Diabetes Statistics Report for 2021 around 34.2 million cases related with diabetes were estimated. Additionally, increasing technological advancements along with favorable policy of government are some of the other factors that are driving the growth of the market.

Asia-Pacific will have Considerable Growth in the Global Pen Needle Market

Asia-Pacific region is expected to witness significant growth opportunities for the market. Increasing usage of pen needle due to rise in awareness related with medical treatment is likely to drive the growth of the regional market. Additionally, favorable polices of government in this region especially in South Korea, China and India are supporting the growth of the market. Further, rapid research development, and rising sector related with health care also some of the factors that are affecting and impacting the growth in this market.

Market Player Outlook

Key players of the global pen needle market are B. Braun Melsungen AG, Berpu Medical Technology Co., Domrex Pharma, MedExel Co., Ltd., and Métier Medical Ltd., among others. To survive in the market, these players adopt different marketing strategies such as product launches and acquisition. For instance, in February 2021, one of the providers of medical technology across the globe named as Terumo Corp. had entered into definitive agreement in order to acquire all the assets of Health Outcomes Sciences, Inc. (HOS). This acquisition of Health Outcomes Sciences along with the ePRISM platform will support in enlarging the presence of the digital healthcare arena as well that will lead to substantially better patient outcomes for Terumo Corp.

In September 2021, one of the providers of medical devices named as Owen Mumford Ltd. had launched Ateria SafeControl that is considered to be safety pen needles which is compatible with all major brands of injection pens. This safety pen needle will be utilized by the healthcare professionals (HCPs) that are using injection pens in order to address the patients suffering from diabetes. Additionally, it is designed in such a manner that it does not lead to any needlestick injuries (NSIs) as it protect them along with empowering them keep control of the overall injection process.

In January 2021, one of the providers of medical technology company named as Becton Dickinson and Co. had received the clearance and approval from the U.S. Food and Drug Administration for its second generation BD Nano(TM) pen needle made for subcutaneous injection depth that are more reliable. This second generation needle will offer the patients suffering from diabetes in order to manage their diabetes in better and in effective manner. Additionally, it reduces the risk associate with injection force variability with the support of its contoured needle base along with making it easy to use as compared with other pen needles.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global pen needle market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where in the market.