Market Overview

Pen needles are needles of smaller sizes, thinner dimensions, and dosage accuracy. These needles are predominantly used for hormonal therapies such as insulin delivery and other treatment injections. Furthermore, these pen needles allow the user to avail of significant advantages. For instance, the pens allow a more accurate, simpler, and convenient delivery mode than vials and syringes. 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.

The global pen needles market was valued at USD 1100 million in 2019 and is expected to grow at a 10.8% CAGR during the forecast period.

The Rising Prevalence of Chronic Disease Drives the Market at a Global Stage

The growing prevalence of chronic lifestyle disorders has burdened the global healthcare network. The therapeutics domains have been under tremendous pressure to deliver products to meet the market demands. Pen needles market encapsulates the delivery of some of the most frequently used therapeutic molecules such as insulin, GLP-1, and other hormones. Further, these needles are also extensively used to deliver therapy for other common lifestyle diseases such as diabetes, obesity, CVDs, etc.

Thus, the high rate of incidence of these diseases across the globe has further boosted the market. For instance, pen injections find primary insulin delivery in diabetic patients who require scheduled insulin delivery directly into the body. The International Diabetes Federation (IDF) in Diabetes Atlas Ninth edition 2019 reported approximately 463 million adults (20-79 years) globally were suffering from diabetes in 2019.

By the year 2045, the number is expected to touch 700 million patients; according to Diabetes co. approximately 5% of diabetes cases in the U.S. are type-1 diabetes mellitus (T1DM), which requires insulin therapy because of the loss of functions of pancreatic β-cells. Thus, it is evident that there is a huge demand for insulin injections in the market, which boosts the global pen needle market.

Pen Needles Have Major Advantages as a Mode of Delivery of Therapy

Pen needles have several advantages over conventional vial and syringe means that benefits the global pen needles market. 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 take away major hustle from patients prescribed with scheduled injections of therapy.

Further, pen needles are majorly attached to syringes prefilled with dosage amount and concentration that guarantees accurate dosage to patients who opt for self-administration. Additionally, consumer confidence has been associated with the dosage accuracy of these pen needles attached to syringes. For instance, a study reported in the Pharmacy and Therapeutics journal compared the pen used with vial and syringe methods. It concluded that 73% of people who were using insulin pens were confident about the dosage accuracy they were administering. Whereas on the other hand, among the people treated using the conventional vial and syringe method, only 19% were confident about their dosage accuracy. Additionally, pen needles have smaller dimensions than conventional syringes that reduce the risk of accidental needlestick injuries and easily puncture tissue, preventing major tissue damage.

Further, major technological advancements are also driving the growth of the pen needles industry. For example, many of the market key players are now focusing on new product development. For instance, Novo Nordisk's hugely popular commercial product NovoFine Plus, the shortest and thinnest needle in the U.S., is one example.

Global Pen Needles Market: Segmentation

The Standard Pen Needles Segment Held the Largest Share of the Market

Based on product type, the market is dominated by the standard pen needles segment, which can be accounted for the largest share of the pen needles market. The market dominance by the segment is primarily based on adoption, usage, and revenue generated. The segment's lead-in these aspects are due to the low and affordable price associated with the segment products. Thus, these products are being opted for more frequently by consumers. Additionally, in developing nations such as China, India, and Brazil, where the per capita income is below the higher brackets, the low cost of standard pen needles has led to their wide adoption.

The segmental growth can also be reasoned with its extensive adoption due to its frequent usage by diabetic patients. These patients use these to administer daily doses of insulin and consider the existing number of patients worldwide; naturally, they consume these products. Also, these products are often used by people suffering from dexterity problems and neurological dysfunction.

Insulin Therapy Segment to Grow at a Fast Pace during the Forecast Period

The insulin therapy segment is expected to grow at a higher CAGR during the forecast period. This is majorly owing to the ever-growing diabetic population at the global level. For instance, according to the National Diabetes Statistics Report 2020, 34.2 million Americans have diabetes (10.5% of the US population), as published by the Centers for Disease Control and Prevention (CDC). Further, WHO states that Uncontrolled Diabetes is a major cause of blindness, Neuropathy, kidney failure, heart attacks, stroke, and lower limb amputation. Thus, regular doses of insulin become necessary in this case.

Additionally, since mostly pen needles are not reusable and need to be replaced after every injection, the market has seen extensive consumption of these needles. The presence of products such as the Nanopass 34G pen needle by Terumo for the subcutaneous injection of drugs, including insulin and human growth hormone, has also benefitted in the segmental growth. Another major factor contributing to the fast-paced growth in the market is the favorable reimbursement scenario for pen needles in several regions. North American, countries of Europe, and some developing economies are some of the regions with popular reimbursement strategies present.

Regional Overview

America Dominates the Pen Needles Market

The American regional market holds the biggest market share in the global market. This can be attributed to several reasons, such as the growing prevalence of diabetes in the region and favorable reimbursement scenario for pen needles compared to other regions. For instance, in the United States, as approximated by the Centers for Disease Control and Prevention, over 1 in 10 individuals in the states suffer from diabetic conditions.

Federal and state initiatives to create awareness about injection techniques have been another major factor that contributes to market dominance. For example, The CDC-led National Diabetes Prevention Program (National DPP) presents a framework for type 2 diabetes management and prevention in the United States. Through the National DPP, there has been an increase in awareness regarding the same. Also, the CDC, the American Diabetes Association, and the American Medical Association collaborated with the Ad Council to conduct the first national public service advertising (PSA) campaign about diabetes and management.

Further, the regional market is also fueled by increasing product launches by leading players and developing advanced and innovative pen needle technologies. For instance, ARKRAY USA, Inc., a leader in diabetes care products, launched Assure ID Safety Pen Needles in the U.S., specially designed to protect healthcare professionals and patients from unintended needlesticks injuries.

Asia-Pacific Is Projected to Witness a Lucrative Growth Rate over the Forecast Period

APAC regional market is anticipated to witness attractive growth and achieve fast-paced growth in the global scenario. This is primarily due to the rising awareness about the availability of the latest technological devices for healthcare. The region houses a major chunk of the world's diabetic population and, thus, witnessed major growth.

IDF reports that 88 million adults (20-79) are currently suffering from diabetic conditions in the IDF South-East Asia (SEA) Region in 2019. Moreover, the federation estimates the number to increase to 153 million by 2045. Additionally, the rising number of geriatric populations in the region who are potential patients of diabetes, cardiovascular diseases, neurological dysfunctions, loss of motor functions, and others also present lucrative opportunity pockets.

Key Players

• Becton, Dickinson and Company (The U.S.)
• Novo Nordisk A/S (Denmark)
• Ypsomed Holding AG (Switzerland)
• Braun Melsungen AG (Germany)
• HTL-STREFA S.A. (Poland)
• Terumo Corporation (Japan)
• p.a (Italy)
• Owen Mumford Ltd. (U.K.)
• Allison Medical, Inc. (The U.S.)
• UltiMed, Inc. (The U.S.)
• ARKRAY, Inc. (Japan)
• GlucoRx (U.K.)

Recent Developments

• In 2019, Becton, Dickinson and Company, a global leader in Pen Needles market based in the U.S., announced that the company has received approval from the U.S. Food and Drug Administration (FDA)on 510(k) clearance of its second-generation BD Nano pen needle.
• In March 2018, Ypsomedexpanded by opening it's into Canada which resulted in the business expansion of a company into the Americas.

Global Pen Needles Market: Segmentation

By Product Type

• Standard Pen Needles
• Safety Pen Needles

By Needle Length

• 4mm
• 5mm
• 6mm
• 8mm
• 10mm
• 12mm

By Therapy Type

• Insulin
• GLP-1
• Growth Hormone Therapy
• Obesity
• Others

By Usability

• Reusable Pens
• Disposable Pens

By Mode of Distribution

• Retail
• Non-retail

By Region

• America
• Europe
• Asia-Pacific
• The Middle-East and Africa