The report "Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), Length (8mm, 5mm), Setting (Home Care Settings), Application (Glucagon-Like Peptide-1 Therapy), Mode of Purchase (Over the Counter Purchase, Online Purchase) - Global Forecast to 2030" pen needles market is projected to reach USD 3.08 billion by 2030 from USD 1.81 billion in 2024 at a CAGR of 9.2% during the forecast period.
Browse 267 market data Tables and 71 Figures spread through 285 Pages and in-depth TOC on "Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), Length (8mm, 5mm), Setting (Home Care Settings), Application (Glucagon-Like Peptide-1 Therapy), Mode of Purchase (Over the Counter Purchase, Online Purchase) - Global Forecast to 2030"
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Pen needles are made more acceptable through various government support programs. Many governments around the world, particularly in North America and Europe, have realized the importance of proper management of diabetes and are thus investing in programs that make insulin delivery systems, including pen needles, available to patients. These programs normally involve subsidies or insurance coverage of diabetic patients; hence, these reduce the burden of diabetes. For example, in the United States, medicare and Medicaid will cover pen needles as part of the cost of insulin delivery devices. This provides patients, especially from low-income households, the means to manage their diabetes. As a similar example, in Europe, countries have been increasing the cost coverage for pens and needles used in diabetes management to enhance the compliance of patients with diabetes care and minimize the long-term complications associated with poor diabetes management. In addition, government programs support awareness campaigns and educational programs so that patients become more aware of diabetes and the need for proper insulin injection at regular intervals. These programs combined with financial aid for the insulin delivery systems propel the adoption of pen needles, patient outcomes, and overall quality in diabetes care. This is imperative in dealing with the ever-rising global epidemic of diabetes.
This report categorizes the pen needles market based on type, length, application, mode of purchase, setting and region.
“Standard pen needles segment is accounted for the largest share of global pen needles market”
Due to their wide acceptance and affordability, the standard pen needles segment retains the largest market share in global pen needles market. These needles can be easily bought from pharmacies, hospitals, as well as online platforms available in most places, making accessibility easy for most consumers. Moreover, compatibility with any insulin pen as well as most injectable drug delivery devices makes these needles comparatively very convenient for people with diabetes to manage the chronic disease. Lower price as compared to advanced options attracts cost-conscious patients and healthcare systems particularly in developing regions. Online platforms make them even more accessible through competitive pricing, discounts, and convenience, as a patient can well order these pen needles while staying at home. They are most available, hence leading in the global market.
“Online purchase segment is expected to grow at the highest CAGR during the forecast period of the global pen needles market”
The growth in the global online purchase segment is expected to be at the highest CAGR, owing to the demand for the e-commerce website. Through an online portal, these various pen needles are available from multiple manufacturers, and hence, consumers may compare these easily with regard to specifications, prices, and features. Such transparency of information empowers the customer and encourages him to take a well-informed decision, opting for the right kind of pen needles. In addition, e-commerce websites provide extra benefits such as doorstep delivery, competitive prices, and sometimes discounts or offers. This accessibility and convenience, along with the increased trend of online shopping, make e-commerce a very attractive option for buying pen needles, especially in areas where traditional pharmacies are scarce or charge more.
“Asia Pacific region is expected to exhibit the highest growth rate during the forecast period”
The Asia Pacific region is anticipated to have the highest CAGR in the global market for pen needles because of the increasing number of cases of diabetes in countries such as China and India. A rapidly growing population and an increasing rate of urbanization in the region are accompanied by poor dietary habits and less physical activity, which in turn has caused an increase in diabetes cases. Consequently, insulin delivery solutions such as pen needles have seen increasing demand. Not just the huge diabetics, but enhanced infrastructures and healthcare and rising diabetes management awareness drive the usage of pen needles in these regions. For instance, a convenient, easy to use product that does not burn the patient's pocket leads to increasing pen needle sales because it makes diabetes treatment possible.
Key Market Players:
Key players in this market are adopting several organic and inorganic growth strategies (such as product launches, agreements, collaborations, acquisitions, and expansions). Prominent players in this market include Embecta Corp. (US), Novo Nordisk A/S (Denmark), Ypsomed AG (Switzerland), B. Braun SE (Germany), Owen Mumford (UK), Terumo Corporation (Japan), NIPRO Corporation (Japan), Allison Medical, Inc. (US), AdvaCare Pharma (US), Berpu Medical Technology Co., Ltd. (China), ARKRAY, Inc. (Japan), GlucoRx Limited (UK), HTL-STREFA (Poland), UltiMed, Inc. (US), Hindustan Syringes and Medical Devices (India), Artsana Group (Italy), PromiseMed Medical Devices Inc. (Canada), Montmed, Inc. (Canada), Trividia Health, Inc. (US), VOGT Medical Vertrieb GmbH (Germany), Van Heek Medical (Netherlands), Simple Diagnostics (US), IYON Medical (Turkey), Links Medical Products, Inc. (US), and MHC Medical Products, LLC (US).