Pen Needles Market Primarily Driven by Diabetic People in Need of Insulin Therapy and Management

Introduction

 

 

Pen needles are needles of smaller size and thinner dimensions that are most commonly attached to syringes prefilled with therapeutic molecules. In general, these needles fitted syringes are coupled with injectors pens that act as an excellent drug delivery model. More recently, these needles have gained popularity and hence extensive adoption. This is owing to the fact that these acts as a major alternative to the conventional vial and syringe method of therapy via injections.

Additionally, the pen needles allow patients to self-inject therapeutics as per need, which is very convenient for people who require scheduled injections of therapy, such as diabetic patients. Further, these needles are also extensively used to deliver therapy for other common lifestyle diseases such as diabetes, obesity, CVDs, etc.

The rising prevalence of chronic lifestyle disorders has driven the global market significantly. For instance, diabetes, Cardiovascular diseases have been major diseases that have burdened the healthcare network across continents. Although most of these diseases are incurable, however, management and therapy for the same are available in the market. Most of these therapies use injection as a mode of delivery of molecules inside the body. Thus, with the growing demand for these therapies in the market, pen needles used as the most demanded mode of delivery have witnessed a generous market penetration.

Further, Pen Needles has major advantages as a mode of therapy that promotes market establishment and penetration. For example, pen needles are used for the subcutaneous injection in combination with injector pens. This offers quick, convenient, and easy handling for users without medical training. Additionally, self-injectables, as such, takes away major hustle from patients who are prescribed with scheduled injections of therapy.

Pen needles are majorly attached to syringes prefilled with dosage amount and concentration that guarantees accurate dosage to patients who opt for self-administration. This builds up confidence among end-users that directed influences the market growth projectile.

Key Highlights

• The global pen needles market was valued at USD 1100 million in 2019 and is expected to grow at 10.8% CAGR during the forecast period.
• The standard pen needles segment held the largest share of the market and is the most dominating segment in terms of usage.
• The insulin therapy segment is expected to grow at a higher CAGR during the forecast period.
• The American regional market holds the biggest market share in the global market.
• APAC regional market is anticipated to witness attractive growth and achieve fast-paced growth in the global scenario.

Competitive Players

1. BD
2. Novo Nordisk
3. B. Braun Melsungen AG
4. Ypsomed Holding AG
5. Owen Mumford Ltd
6. AdvaCare Pharma
7. Montmed Inc
8. Allison Medical
9. Terumo Corporation
10. UltiMed
11. Van Heek Medical
12. HTL-STREFA
13. Hindustan Syringes & Medical Devices
14. Igaku Needles
15. Links Medical Products
16. Medexel
17. Narang Medical
18. Medivena
19. Nipro Europe Group Companies

Recent Developments

Recent Developments

• November 2022- Ypsomed stated that Abbott's FreeStyle Libre 3 sensor can now be used with mylife Loop in Germany. The mylife YpsoPump and the FreeStyle Libre 3, combined with the mylife CamAPS FX algorithm from CamDiab, form an intelligent and automated insulin delivery system (AID) designed to help people with type 1 diabetes control their glucose levels better and alleviate the burden of daily diabetes management.
• October 2022- Ypsomed made a new autoinjector platform for liquid medicines with volumes between 1.5 and 5.5 ml. The YpsoMate 5.5 is the latest device in the YpsoMate family. It uses the same technology as the YpsoMate 2.25 Pro, which has been around for a while. YpsoMate 5.5 enables the self-administration of larger volumes of medications for treating cancer and rare and autoimmune diseases.

Segmentation

1. By Product Type
   1. Standard Pen Needles
   2. Safety Pen Needles
2. By Needle Length
   1. 4mm
   2. 5mm
   3. 6mm
   4. 8mm
   5. 10mm
   6. 12mm
3. By Therapy Type
   1. Insulin
   2. GLP-1
   3. Growth Hormone Therapy
   4. Obesity
   5. Others
4. By Usability
   1. Reusable Pens
   2. Disposable Pens
5. By Mode of Distribution
   1. Retail
   2. Non-retail