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The pen needles industry is fragmented in nature, with a large number of small and medium-sized companies competing with each other. However, some of the key players that are focusing on improving their market share are Novo Nordisk A/S, Becton, Dickinson and Company, and Terumo Corporation that hold a notable share in the market. These companies are diligently directing their efforts towards continuous product innovation to gain substantial market share.
Some of the eminent market participants operating in the pen needles industry include:
Novo Nordisk A/S, Becton, Dickinson and Company, Terumo Corporation, Owen Mumford Ltd., Ypsomed, B. Braun Melsungen AG, HTL-STREFA, and UltiMed, Inc. among others.
North America pen needles market accounted for over USD 875 million in 2022 and is predicted to witness substantial growth through 2032, owing to the highest diabetes prevalence rate, along with the region being a hub for medical research and innovation.
The insulin segment accounted for over 82% market share in 2022 and is anticipated to witness significant growth through 2032, owing to the advances in insulin formulation, such as fast-acting and long-acting insulin analogues, and tailored insulin regimens to meet the specific needs of patients.
The global pen needles industry was valued at over USD 2.1 billion in 2022 and is estimated to reach around USD 6.1 billion by 2032, as diabetes, especially type 2 diabetes, is on the rise worldwide.