Pen Needle Market Size, Share, Opportunities, COVID 19 Impact, And Trends by Type (Standard Pen Needles, Safety Pen Needles), Needle Length (4mm and 5mm, 6mm and 8mm, 10mm and 12mm), Therapy (Insulin, Glucagon-like-Peptide-1, Growth Hormone), Distribution Channel (Online, Offline), And By Geography - Forecasts From 2022 To 2027

The pen needle market is expected to grow at a CAGR of 11.20% over the forecast period to reach a total market size of US$2,598.520 million by 2027, increasing from US$1,236.030 million in 2020. 

Pen needles are widely used to deliver injectable medication into the body. The growing prevalence of chronic disease is expected to be one of the prime drivers of market growth during the forecast period. However, the availability of substitutes is anticipated to restrain the market's growth in the coming years.

The growing prevalence of various chronic diseases is anticipated to drive the market in the forecasted period.

The rising prevalence of chronic diseases such as cancer and diabetes is expected to be one of the prime drivers for the growth of the market during the forecast period. According to the International Diabetes Federation report, the number of people with diabetes under the age group of 20-79 years has risen from 151 million in 2000 to 425 million in 2017. In addition, the rising economic burden of diabetes, coupled with increasing healthcare expenditure around the globe, is also anticipated to increase the demand for rapid diagnostic kits for glucose monitoring in the coming years. According to the International Diabetes Federation (IDF), global healthcare expenditure on diabetes was around USD 727 billion in 2017, which represents a growth of 7%, which directly fuels the growth of the market. 

Also, according to the World Health Organization, in 2018, nearly 71 million people had chronic hepatitis C infection, and approximately 3, 99,000 people die each year from hepatitis C. The World Health Organization, in its report, stated that in 2010, an estimated 524 million people were aged 65 or older, which constitutes 8 percent of the world’s population, and by 2050 this number is expected to nearly triple to about 1.5 billion, representing 16% of the world population. Poor nutrition, physical inactivity, and the harmful use of alcohol contribute to the development of chronic conditions like cardiovascular diseases, cancer, and chronic respiratory disease, which will directly affect the market for pen needles in the coming years.

Rising ageing population

One of the main factors driving the market's expansion over the forecast period is anticipated to be the growing elderly population in several regions of the world. For instance, based only on the rising geriatric population in a developing country like China, the WHO has predicted a 50% increase in annual cardiovascular disease occurrences between 2010 and 2030. Also, according to the World Bank, the population aged sixty-five and above as the percent of the total population in France and Italy has increased from 16.64% and 20.22% in 2006 to 20.03% and 22.75%, respectively, by the end of 2018. In addition, rising disposable income encourages people to demand better quality healthcare solutions for which they are ready to pay high premiums. The surging demand for private health insurance plans is also increasing the number of surgical procedures in this country.

North America is holding a significant share of the market

By geography, the pen needle market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The pen needle is fast gaining traction in the region on account of the growing number of chronic disease cases. According to the National Cancer Institute, in 2017, an estimated 15,270 children and adolescents ages 0 to 19 were diagnosed with cancer, and 1,790 died of the disease. Burgeoning need for a targeted drug delivery system that causes minimal side effects drives the demand for pen needles in the country.

Advancement in technology and increased healthcare spending a significant boost to the pen needle market growth. For instance, U.S healthcare spending increased by 3.9% to reach $3.5 trillion in 2017 (source: Centers for Medicare & Medicaid Services). In the European region, to address the growing needs of the aging population, the government is easing regulations and accelerating approval of the innovative new drug in a campaign to promote pharmaceutical companies, both domestic and foreign, and to attract new companies to the European market.

 In addition, increasing strategic investment by domestic market players in the form of mergers and acquisitions increases the competition, which is further expected to propel market growth opportunities in the coming years. Furthermore, in the Asia Pacific region, increasing health awareness among the population, coupled with the rapid evolution of the market in the use of new types of injectable drug delivery systems or technologies, is expected to drive market growth during the forecast period. The Chinese and Indian governments are trying to establish new policies to improve the population's health which may include coverage expansion of public healthcare institutions and standardizing the services offered by them.

Key Developments in the Market

• In February 2021, UltiMed Inc., a global medical devices manufacturer, launched a new UltiCare pen needle. The technology deployed conceals the needle after and before use, preventing accidental needle injuries. The new offering comprises an audible cue, facilitating a user-friendly experience. The needles are designed to have compatibility with diabetes pen injector devices available on the market. The pen needles are available in two sizes: 8mm 30G and 5mm 30G.
• In May 2022, Roche Diabetes Care introduced pen needless into the market under the brand ACCU-FINE. The pen needles are designed to enable painless and smooth delivery of insulin. According to the firm, the new offering can effectively enhance the outcome for diabetic patients and is available in packs of hundred needles, each in three variants, including a 33G 4mm variant.

COVID-19 Insights

COVID-19 had a negative impact on the global pen needle market. The onset of the pandemic and its rapid spread had shifted the healthcare firms' research and development activities towards covid. Subsequently, the production of other products, including pen needles, decreased. Furthermore, border restrictions, closure of ports, and halt in airlines also disrupted the market supply chain, cooling down the market growth.

Pen Needle Market Scope:

Segmentation:

• By Type
  • Standard Pen Needles
  • Safety Pen Needles
• By Length
  • 4mm and 5mm
  • 6mm and 8mm
  • 10mm and 12mm
• By Therapy
  • Insulin 
  • Glucagon-like-Peptide-1
  • Growth Hormone
• By Distribution Channel
  • Online
  • Offline
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Others
  • Middle East and Africa
    • UAE
    • Saudi Arabia
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the pen needle market size by 2027?
A1. The pen needle market is expected to reach a market size of US$2,598.520 million by 2027. 

Q2. What factors are anticipated to drive the pen needle market growth?
A2. The growing prevalence of the chronic disease is expected to be one of the prime drivers for the pen needle market growth during the forecast period. 

Q3. What is the size of the pen needle market?
A3. Pen Needle Market was valued at US$1,236.030 million in 2020. 

Q4. What are the growth prospects for the pen needle market?
A4. The global pen needle market is expected to grow at a CAGR of 11.20% over the forecast period. 

Q5. Which region holds the largest market share in the pen needle market?
A5. North America is holding a significant share of the pen needle market.

Becton, Dickinson and Company

Glucorx

Braun Melsungen

Ypsomed

Novo Nordisk

HTL-Strefa

Ultimed, Inc.

Allison Medical, Inc.

Terumo Corporation

Owen Mumford, Ltd.