Pen Needles Market Expansion Expected, Reaching USD 4.5 Million by 2032

PORTLAND, OREGON, UNITED STATES, June 14, 2024 /EINPresswire.com/ -- The global pen needles market was valued at $1.7 billion in 2022, and is projected to reach $4.5 million by 2032, registering a CAGR of 10.3% from 2023 to 2032.

The growth of the global pen needles market is driven by multiple factors, including an increase in the prevalence of chronic conditions, a surge in awareness and adoption of injector pens, and advantages offered by pen needles over traditional syringes. The rising prevalence of chronic diseases, such as diabetes, necessitates frequent and precise administration of medications, which has led to an increased demand for pen needles. Moreover, the growing awareness and adoption of injector pens as a preferred method for self-administration of medications have propelled the market forward, as these devices offer ease of use, accurate dosing, and reduced needlestick injuries.

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Key Takeaways:

The standard pen needles segment to maintain its leadership status throughout the forecast period.

The medium length pen needles segment to maintain its leadership status throughout the forecast period.

The drug stores & retail pharmacies segment to maintain its lead position during the forecast period.

North America to maintain its dominance by 2032

Major Factors Driving the Growth of Pen Needles Market:

Rising Incidence of Diabetes: The global rise in diabetes cases, particularly type 2 diabetes, necessitates regular insulin administration, often using pen needles.

Aging Population: An aging global population is more susceptible to diabetes, increasing the demand for convenient and effective diabetes management solutions like pen needles.

Improved Needle Design: Innovations in needle technology, such as ultra-fine gauge needles, reduce pain and improve patient compliance.

Pen Needle Safety Features: Development of safety-engineered pen needles reduces the risk of needlestick injuries, driving adoption.

Convenience and Ease of Use: Insulin pens, used with pen needles, are user-friendly and portable, leading to increased preference over traditional vials and syringes.

Improved Accuracy and Dosing: Pens offer more precise dosing, which is critical for effective diabetes management.

Regulatory Approvals and Product Launches:

FDA and CE Approvals: Regulatory approvals for new and innovative pen needles enhance their market availability.
New Product Introductions: Frequent launches of advanced pen needles cater to evolving patient needs and preferences.

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Market Segments:

By Type:

Standard Pen Needles
Safety Pen Needles

By Needle Length:

Short Length Pen Needles
Medium Length Pen Needles
Long Length Pen Needles

By Distribution Channel:

Hospital Pharmacies
Drug Stores and Retail Pharmacies
Online Providers

By Region:

North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
Asia-Pacific (Japan, China, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

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Key players in the industry-

Allison Medical Inc.
B. Braun SE
Novo Nordisk A/S
Owen Mumford Ltd.
Terumo Corporation
Trividia Health, Inc.
Ultimed, Inc.
Ypsomed AG
MTD Medical Technology and Devices S.P.A
Embecta Corp.

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