The global pen needles market, valued at US$1.69 billion in 2023, stood at US$1.81 billion in 2024 and is projected to advance at a resilient CAGR of 9.2% from 2024 to 2030, culminating in a forecasted valuation of US$3.08 billion by the end of the period. The pen needles market has been segmented based on type, length, application, mode of purchase, setting and region. The key factors driving the market growth of the pen needles market include the rising incidence of chronic diseases, favorable reimbursements in certain countries, and decreasing prices of insulin formulations.
Factors that provide opportunities for market players include the growing preference for biosimilar drugs, emerging economies to offer high-growth potential, and rising healthcare expenditure on diabetes. Supportive government regulations, such as rigorous safety standards by the US FDA and favorable reimbursement policies, are also expected to fuel the uptake of technologically advanced products. A combination of these factors is expected to facilitate the increased adoption of pen needles in healthcare systems.
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.
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.
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)
Recent Developments of Pen needles Market
· Expansion: In January 2023, Embecta Corp. (US) expanded its presence in New Jersey with the opening of a new global headquarters in Parsippany.
· Expansion: In March 2023, Novo Nordisk A/S (Denmark) The company aims to expand its presence in the US, near the greater Boston metro area, creating one of the largest R&D hubs outside Denmark.
· Acquisition: In March 2024, MTD (Medical Technology and Devices) (Italy), acquired Ypsomed’s pen needle and blood glucose monitoring (BGM) businesses. This strategic move will solidify MTD’s position as a globally leading player in pen needle production and will enhance its comprehensive solution portfolio of diabetes care.
· Agreement: In November 2022, Embecta Corp. (US) and Intuity Medical, Inc. (US) both companies signed a co-promotional agreement under which sales representatives of Embecta will promote Intuity Medical’s innovative POGO Automatic Blood Glucose Monitoring System to healthcare professionals within the US.
