Pen needles are fairly prevalent in the medical world. It is mainly used for patients diagnosed with diabetes. The market is soaring owing to applications across other industries as well.
Insulin pens are the most efficient and safest way to deliver insulin. With rising consumer awareness, the insulin pen needles are gaining popularity and expanding the market worldwide. The employment of pen needles especially in insulin delivery is increasing as it is highly beneficial and convenient, can be used anywhere due to its simplicity and is self-administered, while maintaining dosage accuracy. The market is expected to grow significantly due to the rising prevalence of diabetes and other chronic diseases. According to the Center for Disease Control (CDC), 11.9% of the U.S. population is suffering from diabetes which is increasing at 0.7% each year, however, 83.2% are diagnosed and the rest are undiagnosed. The major risk associated with diabetes is rising mortality rate. Increasing reimbursements in developing countries also favour the growth of this market.
Based on type, the market is categorized into standard pen needles and safety pen needles. Standard pen needles held major market share due to its daily consumption of big dosages by diabetic patients. The rising number of diabetic population and awareness level regarding the usage of insulin pens are some of the factors supporting the segment growth.
According to needle length, the market is distinguished into 4mm, 5m, 6mm, 8mm, 10mm, and 12mm. The 8mm sized pen needle constituted the largest market share. These types of needles are widely used across all industries and find immense application. Needle length of 4mm is anticipated to witness a robust CAGR over the forecast period owing to its compatible features. Reduced pain and higher accuracy drive the growth of this segment.
On the basis of therapy type, the market has been segmented into insulin, GLP-1, growth hormone and other therapies. The insulin therapy segment dominated the market and is also projected to showcase lucrative growth over the forecast period. This is due to the increasing awareness about self-administration of insulin therapy amongst the type 1 and type 2 diabetes patients.
Market Regional Insights
North America is forecasted to hold major market share in the global pen needles market. Growing number of diabetes cases and favorable reimbursement scenario for pen needles, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, and the development of improved pen needle technologies are factors boosting the market growth.