Pen Needles Market To Reach $7.7 Billion By 2030 | CAGR: 11.8%

Pen Needles Market Growth & Trends

The global pen needles market size is expected to reach a value of USD 7.7 billion by 2030, expanding at a CAGR of 11.8%, according to a new report by Grand View Research, Inc. Rising prevalence of diabetes is the primary reason for the significant growth of the pen needles market. According to the National Library of Medicine, the number of people with diabetes is expected to climb by 1.51 million in 2023, owing primarily to the ageing population. Such high prevalence of diabetes across the globe has led to rising demand for pen needles. Patients suffering from diabetes commonly use injectable pen devices, which help in easy drug delivery. 

In addition, obesity is a significant cause of diabetes. Obese people often suffer from type 2 diabetes, which makes them one of the highest revenue contributors to the target market. Thus, people with type 2 diabetes are the common target population for companies manufacturing pen needles. 

Rising technological advancements is also expected to drive the market growth. Pen needles allow comfort and easy mode of insulin delivery. These devices are technologically advanced and provide a superior alternative drug delivery method in comparison to syringes and vials. For instance, Becton, Dickinson, and Company launched BD Ultra-Fine Nano 4mm Pen Needles with Easy Flow Technology, which will enable diabetic patients with easy adherence to insulin therapy regimens.

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Pen Needles Market Report Highlights

• Standard needles dominated the market in 2022 due to the availability of cost-effective needles as compared to safety needles

• Safety pen needles are anticipated to showcase lucrative growth over the forecast period due to the continuous technological advancements

• Amongst the needle lengths, 8mm held the largest share in 2022. This is due to the convenience offered by this needle type on diabetic patients

• Needle length of 4mm are expected to witness attractive CAGR over the forecast period owing to its short length

• Insulin therapy accounted for the largest market share in 2022 due to rising awareness regarding self-administration of insulin amongst the diabetic patients

• Europe dominated the pen needles market in 2022 followed by North America owing to the high prevalence of diabetes in the European region

• Asia Pacific region is anticipated to exhibit the highest growth rate over the forecast period owing to the rising awareness levels amongst the diabetic population regarding easy drug delivery

• Some of the key players include Becton, Dickinson and Company, B. Braun Melsungen AG, Novo Nordisk A/S, Owen Mumford, Ltd., Ypsomed, HTL-STREFA, and TERUMO CORPORATION. 

Pen Needles Market Segmentation

Grand View Research has segmented the pen needles market on the basis of product, needle length, therapy, and region:

Pen Needles Product Outlook (Revenue, USD Million; 2018 - 2030)

• Standard Pen Needles

• Safety Pen Needles

Pen Needles Length Outlook (Revenue, USD Million; 2018 - 2030)

• 4 mm

• 5 mm

• 6 mm

• 8 mm

• 10 mm

• 12 mm

Pen Needles Therapy Outlook (Revenue, USD Million; 2018 - 2030)

• Insulin

• Glucagon-like-Peptide-1 (GLP-1)

• Growth Hormone

Pen Needles Regional Outlook (USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Pen Needles Market

• Novo Nordisk A/S

• Becton

• Dickinson and Company

• Terumo Corp.

• Owen Mumford Ltd.

• Ypsomed

• B. Braun Melsungen AG

• HTL-STREFA

• UltiMed, Inc.

• Allison Medical, Inc.

• Artsana S.p.A.