Pen Needle Market size is forecast to reach $2.17 billion by 2025, growing at a CAGR of 9.83% during the forecast period 2020-2025. Pen Needles use injection pens to deliver medications into the body. A pen needle consists of resonating needle that is surrounded in a plastic hub and connect to vaccination pens. These needle technologies have undergone a significant change in last few decades. Presently, pen needles are manufactured are engineered for more easy use, as they comprise of electropolishing for smoothness of needle, fine and thin points tips ease in penetration. Increase in growing prevalence of chronic disease, increase in number of diabetic patients, increase in preference of pen needles over syringes and vials are factors leading to growth of Pen Needle Market
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By Type- Segment Analysis
Based on type, the Pen needle market is segmented into Standard Pen Needle and Safety Pen Needle. Standard Pen Needle accounts for major market share for Pen Needle by type. This is owing to low cost of standard pens which is creating huge demand as they are widely adopted in emerging economies such as India, China, Brazil, and other developing countries. The risk of accidental needle stick injuries the standard needles are not equipped with safety shields. However, Safety Pen Needles are set to register the highest CAGR during the forecast period 2020-2025 owing to growing technological advancements in the field. It helps to minimize risk of needle stick injuries amongst patients.
By Therapy Type- Segment Analysis
Based on Therapy type Pen Needle Market is segmented into Insulin Therapy, Glucagon- Like Peptide-1 (GLP-1) therapy, Growth Hormone Therapy and Others. Insulin Therapy is projected to be the fastest growing segment with a CAGR of 8.17% during the forecast period 2020-2025. This is owing to high and growing diabetic population globally. Also, with increase in awareness about insulin therapy the demand is increasing.
Geography- Segment Analysis
Based on Geography Pen Needle Market is segmented into North America, Europe, Asia- Pacific and Rest of the World. North America accounted for 37.69% of the overall Pen Needle Market share in 2019 followed by Europe and APAC. This is owing to incidence of diabetes in North America and healthcare system and supportive reimbursement structure is supporting market growth in North America. Government initiative to spread awareness about the product along with a favorable funding from many private players is leading the market growth.
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Drivers –Pen Needle Market
As per international diabetic federation, in 2019 1 in 11 adults aged 20-79 years have diabetes(approximately 463 Million) and around 10% of global expenditure is spent on diabetes and it is estimated that 642 million people is estimated to have diabetes by 2040. There is huge demand of diabetes pen needles with advancement. With the rise in the numbers of diabetic patient these Pen Needle which are used for injecting insulin and other injectable medication is driving the growth of Pen Needle Market.
Around 39.1% of nurses reported that at least one needlestick injury while administering the diabetic injections. The incidence of needlestick injuries involving injection pen was 139.5 nurses per 1000 nurses per year. With this increasing number of injuries safety is still a concern. However, with different technology growth there is scope of improvising the shields over the front and back ends of needles that does not require to pinch up. This in thus is set to create the safety of needle and thus driving the growth of market
Challenges – Pen Needle Market
Reusing the pen needle could increase the bacterial growth on the needle where there is likelihood of experiencing pain when injecting. Also, it increases the risk of liphypertrophy i.e occurrence of lumpy skin can which is caused if the pen needle is reused. In 2019, a pen needle is being reused approximately 7 times causing very small piece from the end of the needle to break off which suggest the microscopic pieces of needle left in patient. With around 7 times reusing the same needle and with risk of many infection it is huge challenge in Pen Needle Market.
Pen Needle Market Industry Outlook
Product Launches, Merger & Acquistions, joint ventures and R&D activities are key strategies adopted by the players in the Pen Needle Market. Pen Needle Market top 10 companies are Becton, Dickinson and Company, Novo Nordisk A/S, Ypsomed Holding AG , B. Braun Melsungen AG, HTL-STREFA S.A., Terumo Corporation, Artsana S.p.a , Owen Mumford Ltd., Allison Medical, Inc. , UltiMed, Inc. among others
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