Global Pen Needles Market Size & Outlook, 2023-2030
Global pen needles market, 2018-2030 (US$M)
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Global pen needles market highlights
- The global pen needles market generated a revenue of USD 3,560.4 million in 2023 and is expected to reach USD 7,757.6 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 11.8% by 2030.
- In terms of segment, standard pen needles accounted for a revenue of USD 3,108.9 million in 2023.
- Safety Pen Needles is the most lucrative product segment registering the fastest growth during the forecast period.
- In terms of region, Europe was the largest revenue generating market in 2023.
- Country-wise, Germany is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 3,560.4 million |
| Market revenue in 2030 | USD 7,757.6 million |
| Growth rate | 11.8% (CAGR from 2023 to 2030) |
| Largest segment | Standard pen needles |
| Fastest growing segment | Safety Pen Needles |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Standard Pen Needles, Safety Pen Needles |
Other key industry trends
- In terms of revenue, the North America accounted for 29.0% of the global pen needles market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Germany is the fastest growing regional market and is projected to reach USD 1,215.6 million by 2030.
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Pen Needles Market Scope
Pen Needles Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global pen needles market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pen needles market will help companies and investors design strategic landscapes.
Standard pen needles was the largest segment with a revenue share of 87.32% in 2023. Horizon Databook has segmented the Global pen needles market based on standard pen needles, safety pen needles covering the revenue growth of each sub-segment from 2018 to 2030.
The growing prevalence of diabetes has led to rising demand for pen needles. According to the International Diabetes Federation (IDF), 642 million people are estimated to have diabetes by 2040. With the rising population of diabetes, the target market is expected to grow continuously over the forecast period. These products are commonly used by diabetic patients for injecting insulin or any other injectable medication.
Obese people are also highly susceptible to diabetes. According to Diabetes.co.uk, obesity is assumed to account for 80-85% of the risk of developing diabetes. Insulin pens are the most convenient and fastest mode of injecting drug delivery. Pen needles are highly demanded in conjunction with the growing need for insulin pens for people suffering from diabetes. These devices used with insulin pens help in delivering the dosage of the drug to the patient.
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Horizon Databook provides a detailed overview of global-level data and insights on the Global pen needles market , including forecasts for subscribers. This global databook contains high-level insights into Global pen needles market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global pen needles market size, by regions, 2018-2030 (US$M)
Top 10 countries: Pen needles market size, 2023 (US$M)
Global pen needles market share, by product, 2023 & 2030 (%, US$M)
Pen needles market: Opportunity assessment by country
Global pen needles market, by region, 2023 (US$M)
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