The global Pen Needles Market size is expected to reach USD 7.7 billion by 2030, expanding at a CAGR of 12.1%, according to a new report by Grand View Research, Inc. Rising prevalence of diabetes is the primary reason for the significant growth of the industry. According to the International Diabetes Federation (IDF), nearly 537 million people were suffering from diabetes in 2021 across the globe. Such a high prevalence of diabetes has led to the 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 are also expected
to drive industry growth. Pen needles allow comfort and an 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 EasyFlow Technology, which will enable diabetic patients to easily
adhere to insulin therapy regimens. Europe dominated the global industry in
2021 followed by North America owing to the high prevalence of diabetes in the
region. On the other hand, Asia Pacific is anticipated to exhibit the fastest growth
rate during the forecast period owing to the rising awareness levels among the
diabetic population regarding easy drug delivery.
Related Press
Release@ Pen
Needles Market Report
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.
Pen Needles Market Report Highlights
- The standard
needles segment dominated the market in 2021 due to the availability of
cost-effective needles as compared to safety needles
- Safety pen
needles are anticipated to register the fastest CAGR during the forecast
period due to the continuous technological advancements
- The 8mm
needle length segment held the largest share in 2021 due to the
convenience offered by these types to diabetic patients. The 4mm length
segment is expected to witness the fastest CAGR during the forecast period
- Insulin
therapy accounted for the largest market share in 2021 due to the rising
awareness regarding self-administration of insulin among diabetic patients
Related
Reports:
Diabetes
Devices Market
Pen Needles Market Segmentation
Grand
View Research has segmented the global 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 (Revenue, USD
Million, 2018 - 2030)
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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