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Pen Needles - Global Market Trajectory & Analytics

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    Report

  • 432 Pages
  • March 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 5303953

Global Pen Needles Market to Reach US$3.3 Billion by the Year 2026


Injection pen and pen needles have evolved as an alternative to the conventional methods such as the vial method or syringe method for delivering drugs into an individual's body. Widely used by patients and healthcare providers to administer drugs for various diseases, pen needles have gained traction owing to the favorable reimbursement structure of several countries and advances in therapy. The pen needle market across the world is anticipated to register healthy growth in the years to come, owing to a rise in the number of individuals suffering from various diseases, specially diabetes and others. Preference to minimally invasive processes, expansion in the population of geriatric individuals, and growing awareness among diabetes patients about hassle-free drug delivery are expected to offer newer business opportunities in the market. The launch of various novel products such as short-length and ultra-thin needles that offer enhanced drug delivery systems, and favorable policies drafted by the government are likely to steer market growth in the coming few years. Chronic ailments such as diabetes, multiple sclerosis, osteoporosis, and cardiovascular diseases have been on the rise over the last few years. Treating these kinds of chronic ailments demands weekly or even daily administration of drugs mainly through pen injectors. Pen injectors are witnessing an upsurge in the demand owing to their reliability, ability for being self-administered sans the need for any physician, and easy-to-use attributes.

Amid the COVID-19 crisis, the global market for Pen Needles estimated at US$2.4 Billion in the year 2022, is projected to reach a revised size of US$3.3 Billion by 2026, growing at a CAGR of 8.7% over the analysis period. Standard, one of the segments analyzed in the report, is projected to grow at a 6.9% CAGR to reach US$2.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Safety segment is readjusted to a revised 11.4% CAGR for the next 7-year period. This segment currently accounts for a 35.8% share of the global Pen Needles market. The standard pen needles segment is dominant due to its extensive usage by diabetic individuals. Global market for safety needles is influenced by the strong emphasis on user safety and growing demand for cost effective solutions. The market is essentially driven by snowballing healthcare industry concerns over needle stick injuries and worker safety.



The U.S. Market is Estimated at $769 Million in 2022, While China is Forecast to Reach $255.8 Million by 2026


The Pen Needles market in the U.S. is estimated at US$769 Million in the year 2022. The country currently accounts for a 32.52% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$255.8 Million in the year 2026 trailing a CAGR of 9.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.4% and 7.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.9% CAGR while Rest of European market (as defined in the study) will reach US$270.6 Million by the end of the analysis period. While developed regions especially the US and Europe remain the dominant forces in the global pen needles market, developing market such as Asia-Pacific emerge as key growth drivers given the rapidly evolving healthcare sector in various countries across the region. Europe is projected to account for a larger share in the worldwide pen needles market, owing to an increase in R&D activities on diabetes care, advancements in technology, and rise in the diabetic population. The market for pen needles in Asia-Pacific region on the other hand is expected to grow rapidly. Growing awareness about the prevalence of medical care as well as treatment, increase in R&D activities, and expanding health care segment are some of the factors fostering growth in the region.

Select Competitors (Total 63 Featured) -

  • AdvaCare Pharma
  • Allison Medical Inc.
  • ARKRAY, Inc.
  • B. Braun Melsungen AG
  • Becton, Dickinson and Company
  • Berpu Medical Technology Co., Ltd.
  • GlucoRx Limited
  • Hindustan Syringes & Medical Devices Ltd.
  • HTL-STREFA S.A.
  • Iyon Saglik Medical
  • Links Medical Products, Inc.
  • MHC Medical Products, LLC
  • Montméd Inc.
  • Nipro Corporation
  • Novo Nordisk
  • Owen Mumford Ltd.
  • Promisemed Medical Devices Inc.
  • Simple Diagnostics
  • Terumo Europe NV
  • Trividia Health, Inc.
  • UltiMed, Inc.
  • Van Heek Medical
  • Vogt Medical Vertrieb GmbH
  • Ypsomed AG

What's New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the publisher's digital archives and Research Platform
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Pen Needles

What is the estimated value of the Global Market for Pen Needles?

The Global Market for Pen Needles was estimated to be valued at $2.4 Billion in 2022.

What is the growth rate of the Global Market for Pen Needles?

The growth rate of the Global Market for Pen Needles is 8.3%, with an estimated value of $3.3 Billion by 2026.

What is the forecasted size of the Global Market for Pen Needles?

The Global Market for Pen Needles is estimated to be worth $3.3 Billion by 2026.

Who are the key companies in the Global Market for Pen Needles?

Key companies in the Global Market for Pen Needles include Allison Medical, Artsana S.p.a., B. Braun Melsungen AG, Becton, Dickinson and Company, HTL, STREFA S.A., Novo Nordisk A/S and Terumo Corporation.

Table of Contents

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 and a Looming Global Recession
  • The Never-Ending “Race” Between the Virus & Vaccines Continues. Amidst this Chaotic Battle, Where is the World Economy Heading Now & Beyond?
  • Omicron Variant Brings Back Memories & Fears of the Worst Part of the 2020 Pandemic
  • EXHIBIT 1: Time is of Essence! What We Know So Far - “Vaccine Efficiency Against New Strains”
  • With New Strains Emerging at an Alarming Rate, Focus Shifts to Booster Doses & Vaccine Tweaking. But How Practical Is It to Implement Them?
  • EXHIBIT 2: With Vaccinated Population Showing Signs of Declining Clinical Protection, Booster Doses Are Emerging Into a Necessity to Restore Vaccine Effectiveness: Number of Booster Doses Administered Per 100 People by Country as of December 2021
  • How Healthcare Has Been Impacted & Beyond COVID-19 What’s In Store for Healthcare?
  • EXHIBIT 3: Missed Cancer Diagnosis in U.S. as of June 2020
  • EXHIBIT 4: % Reduction in OR Volumes in the US: Mar 2020-July 2020
  • EXHIBIT 5: Cumulative Surgery Cancellations Worldwide (In Million)
  • EXHIBIT 6: With the COVID-19 Pandemic Exposing Global Healthcare Unpreparedness, There is Increasing Policy Led Focus on Rebooting Health Systems Worldwide: Current & Required Healthcare Spending as % of GDP
  • COVID-19 and Elective Surgeries
  • COVID-19 Impact on Pen Needles Market
  • Competition
  • EXHIBIT 7: Pen Needles - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Market Players Worldwide in 2022 (E)
  • Needles: A Prelude
  • Types of Needles
  • An Insight into Pen Needles
  • Pen Needles for Insulin Injection
  • Global Market Analysis and Prospects
  • Global Pen Needles Market Set for a Rapid Growth
  • Standard Pen Needles Dominate, Safety Pen Needles to Witness Fastest Growth
  • Emerging Markets: Focal Point for Future Growth
  • Competitive Landscape
  • Top Pen Needle Products
  • Recent Market Activity
  • WORLD BRANDS

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Rise in Diabetic Population Continues to Drives Demand for Pen Needles
  • EXHIBIT 8: World Diabetes and Population Statistics (2019, 2030 & 2045)
  • EXHIBIT 9: Global Prevalence of Diabetes: Number of Adults Diagnosed with Diabetes (in Million) by Gender for 2019, 2030 and 2045
  • EXHIBIT 10: World Diabetes Prevalence (2000-2019)
  • EXHIBIT 11: Top 10 Countries with Highest Number of Adults Diagnosed with Diabetes (in Million) for 2019 and 2045
  • EXHIBIT 12: Global Diabetes Mellitus Population Breakdown by Geographic Region: 2019, 2030 and 2045?
  • Diabetes Emerges as One of the Leading Causes of Mortality
  • EXHIBIT 13: Diabetes-Related Deaths as % of Total Deaths in Below 60 Years Population by Region: 2019
  • Growing Prevalence of Chronic Diseases Drive the Demand for Pen Needles
  • EXHIBIT 14: Global Cancer Incidence: Number of New Cancer Cases in Million for the Years 2018, 2020, 2025, 2030, 2035 and 2040
  • EXHIBIT 15: Global Number of New Cancer Cases and Cancer-related Deaths by Cancer Site for 2018
  • EXHIBIT 16: Fatalities by Heart Conditions: Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
  • High Risk of Diabetes in the Fast Expanding Aging Population Benefit Market Expansion
  • EXHIBIT 17: Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • EXHIBIT 18: Elderly Population (65+ Years) as a % of Total Population by Developed, Less Developed and Least Developed Regions: 2019 & 2030
  • Pen Needles Gain Traction as Insulin Pens Rise in Popularity for Administering Insulin
  • Smart Insulin Pens: A Growing Area of Interest
  • Increasing Role of Self-Injection Devices in Diabetes Management
  • Needle-Free Alternatives: A Growing Threat
  • Innovative Technologies Revolutionize Pen Needles Market
  • Advancements in Insulin Delivery Methods Drive the Demand for Pen Needles
  • Advancements in Pen Needle Technology
  • Droplet Micron Insulin Needle Represents Innovation in the Diabetes Supply Market
  • MACRO GROWTH DRIVERS
  • Increasing Healthcare Expenditure Aids Pen Drives Market Growth
  • EXHIBIT 19: World Healthcare Expenditure (In US$ Trillion) for the Years for 2017, 2019, 2021, and 2023
  • Increasing Obesity Levels Underpins Market Growth
  • EXHIBIT 20: Average Per Capita Annual Health Expenditure (In US$) due to Obesity
  • EXHIBIT 21: Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
  • Rising Demand for Biosimilar Drugs Propel the Market for Pen Needles

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS


UNITED STATES


CANADA


JAPAN


CHINA


EUROPE


FRANCE


GERMANY


ITALY


UNITED KINGDOM


SPAIN


RUSSIA


REST OF EUROPE


ASIA-PACIFIC


AUSTRALIA


INDIA


SOUTH KOREA


REST OF ASIA-PACIFIC


LATIN AMERICA


ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA


MIDDLE EAST


IRAN


ISRAEL


SAUDI ARABIA


UNITED ARAB EMIRATES


REST OF MIDDLE EAST


AFRICA

IV. COMPETITION

  • Total Companies Profiled: 63

Companies Mentioned

A selection of companies mentioned in this report includes:

  • AdvaCare Pharma
  • Allison Medical Inc.
  • ARKRAY, Inc.
  • B. Braun Melsungen AG
  • Becton, Dickinson and Company
  • Berpu Medical Technology Co., Ltd.
  • GlucoRx Limited
  • Hindustan Syringes & Medical Devices Ltd.
  • HTL-STREFA S.A.
  • Iyon Saglik Medical
  • Links Medical Products, Inc.
  • MHC Medical Products, LLC
  • Montméd Inc.
  • Nipro Corporation
  • Novo Nordisk
  • Owen Mumford Ltd.
  • Promisemed Medical Devices Inc.
  • Simple Diagnostics
  • Terumo Europe NV
  • Trividia Health, Inc.
  • UltiMed, Inc.
  • Van Heek Medical
  • Vogt Medical Vertrieb GmbH
  • Ypsomed AG