The global pen needles market in terms of revenue was estimated to be worth $1.6 billion in 2023 and is poised to reach $2.5 billion by 2028, growing at a CAGR of 9.1% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
Various factors such as the increasing shift of therapy to home settings, growing preference for biosimilar drugs, and emerging markets are likely to accelerate the growth of the market. Moreover, the presence of well-established key players focusing on improving the awareness regarding insulin delivery devices and their home use are likely to propel the market growth during the forecast period.
Pen Needles Market Dynamics
Driver: Growing adoption of self-administration
Due to the advantages that pen injectors offer over conventional drug administration methods using vials and syringes include ease of use, especially at home, which eliminates the need for frequent trips to clinics or healthcare facilities. Pen injectors also offer a low risk of errors while administering the correct dose. Pen injectors can reduce pain at the injection site, especially if used with shorter pen needles, and improve the quality of life compared to other drug delivery modes.
Restraint: Preference for alternative modes of drug delivery
Some of the problems associated with using pen needles include needlestick injuries and infections, hyperglycemia, and pain. Due to inability to regulate the dosage, these are sometimes associated with hyperglycemia. Therefore, in some regions, insulin pumps are preferred over pens for administering insulin. This is one of the major restraints facing the pen needles market.
Opportunity: Emerging markets
Emerging markets such as those in China, India, Mexico, and Brazil are fast-growing pen needle markets. The growing prevalence of diabetes, the growing healthcare expenditure, and diabetes treatment awareness, growing per capita income, and increasing R&D initiatives to develop innovative medical technologies are some of the factors driving these regional markets. Not only that, from the supply side perspective, cheap labor and low-cost manufacturing are major advantages for key market players.
Challenge: Reuse of pen needles
Reuse of pen needles is a major challenge in the pen needles market. Although manufacturers’ instructions advise against it, reuse of pen needles varies across geographies from as low as 30% to a staggering 95% of patients reusing their needles. According to a study published in Value Health Journal, about 98.35% of patients reuse insulin pen needles in China. Reasons for this stem mostly from inability to afford regular purchases. Most developing countries don’t have insurance coverage for pen needles, which makes it even more difficult to use fresh pen needles for every injection.
By type, safety pen needles segment of the pen needles industry is expected to grow at the higher CAGR during the forecast period.
The largest share of the pen needles market by type is occupied by standard pen needles in 2022. This can be attributed to the lower cost, especially considering pen needles need to be bought regularly, and therefore, becomes a recurring cost. However, as standard needles are not equipped with safety shields, the risk of accidental needlestick injuries (NSIs) with these needles is high. Therefore, the demand for safety pen needles is expected to grow considerably in the coming years due to growing concerns regarding the prevention of NSIs, making it the segment with the higher CAGR.
The insulin therapy is witnessed to have highest growth rate of the pen needles industry, by application during the forecast period.
In the pen needles market, the GLP-1 therapy segment is expected to grow at the fastest rate after insulin therapy during the forecast period. The high growth rate of the GLP-1 therapy segment can be attributed to the rapidly rising incidence of type 2 diabetes, and the increasing patient awareness on newer therapies and injectables to manage diseases.
Other modes of purchase segment accounted for the largest share of the pen needles industry, after over-the-counter purchase, by mode of purchase, in 2022
The other modes of purchase segment includes insurance coverage, patient assistance programs, and private/government financial aid programs. This segment accounted for the second largest share of the pen needles market by mode of purchase. This can be chalked down mostly to the increasing insurance cover for diabetes and other chronic disease related medication and products, especially in developed countries like the US.
North America is projected to be the largest regional market for pen needles industry
North America dominates the pen needles market. The North American region is gaining traction with the increasing incidence and prevalence of chronic diseases. Moreover due to strong foothold of major key players in the region, rising approval of pen injectors for multiple applications across many countries, and initiatives by government to increase the awareness about the advancements in insulin drug delivery are likely to play a major role in fueling the growth of the pen needles market in North America.
The prominent players operating in the global market include Ypsomed Holding AG (Switzerland), Embecta Corp. (US), B. Braun Melsungen AG (Germany), and Novo Nordisk (Denmark).
Recent Developments of Pen Needles Industry
- In February 2023, Montmed, Inc. (Canada) announced issuance of a second US Patent for Sitesmart Pen Needles.
- In April 2022, Embecta Corp. (US) completed the spin-off from Becton, Dickinson and Company (US) and started operating globally as a standalone pure-play diabetes care company.
- In February 2021, UltiMed, Inc. (US) launched UltiCare safety pen needles in two sizes, 5mm 30G and 8mm 30 G.
- In January 2021, NHS (UK) chose Owen Mumford (UK) as the sole supplier of safety pen needles. With this partnership, Owen’s pen needles will be used in all NHS Wales hospitals.
