Pen Needles Market is estimated to be US$ 4.5 Billion by 2032 and is anticipated to register a CAGR of 10.3% – By Allied

Pen Needles Market Market Growth 2024 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.

The pen needles market was valued at $1.7 billion in 2022, and is estimated to reach $4.5 billion by 2032, growing at a CAGR of 10.3% from 2023 to 2032.

Impact of COVID-19 on Pen Needles Market:

Negative Impacts:

• Reduced Demand for Injectable Therapies: Fear of exposure to needles and syringes during the pandemic led to a decline in the use of injectable medications, including insulin and other self-administered therapies. This resulted in a decrease in demand for pen needles.
• Supply Chain Disruptions: Global lockdowns and travel restrictions disrupted the supply chain for raw materials and components used in pen needle production. This caused shortages and price increases for certain pen needle types, impacting healthcare providers and patients.

Positive Impacts:

• Increased Awareness of Self-Care: The pandemic highlighted the importance of self-care and management of chronic conditions at home. This led to increased demand for user-friendly and disposable pen needles for self-administration of medications.
• Focus on Patient Comfort and Accessibility: The pandemic emphasized the importance of patient comfort and convenience in healthcare. This drove the development and adoption of innovative pen needle designs, such as shorter needles and pre-filled cartridges, that improve patient experience and reduce injection pain.
• Advancements in Needle Technology: Research and development continued in the field of pen needles, leading to advancements in technologies like non-needle injection systems and needle-free microneedle arrays. These innovations hold promise for further reducing injection pain and improving patient comfort.

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Advancements in needle technology, such as ultra-thin and pain-free needles, are driving the demand for pen needles and hence contributing to the pen needles market share. The availability of a wide range of pen needle sizes and brands as well as the convenience and accessibility offered by online providers boost the growth of this market. With increasing awareness about the benefits of using pen needles for insulin injection and other medical procedures, the pen needle market is expected to continue to experience steady growth in the coming years.

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The standard pen needles segment held the highest market share in 2022, accounting for more than three-fifths of the global pen needles market revenue and is estimated to maintain its leadership status throughout the forecast period. On the other hand, safety pen needles segment is projected to manifest the highest CAGR of 11.6% from 2023 to 2032, owing to the rising cases of needle stick injuries around the globe.

Key Market Segments:

Major Market Players:

• 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.

KEY FINDINGS OF THE STUDY

• Based on type, the standard pen needles segment was the highest contributor to the market in 2022.
• Based on needle length, the medium length pen needles segment dominated the market in 2022, and the short length pen needles segment is anticipated to grow at the fastest rate during the forecast period.
• Based on distribution channel, the drug stores & retail pharmacies segment dominated the market in 2022 and the online providers segment anticipated to grow at the highest CAGR during the forecast period.
• Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

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