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Pen Needles Market Size
Pen Needles Market size was valued at over USD 2.1 billion in 2022 and is estimated to reach around USD 6.1 billion by 2032. Diabetes, especially type 2 diabetes, is on the rise worldwide. As more individuals are diagnosed with diabetes, there is a higher demand for insulin delivery devices such as pen needles, which are an essential component for administering insulin via subcutaneous injections.
For instance, according to National Diabetes Statistics Report for 2022, diabetes affected 37.3 million individuals, or 11.3% of the population in the U.S. and it has been diagnosed in an estimated 28.7 million people. In addition, according to Centers for Disease Control and Prevention (CDC), over 37 million Americans have diabetes, with around 90-95% of them having type 2 diabetes. Type 2 diabetes is most common in people over the age of 45, although it is also growing more prevalent in children, teenagers, and young adults.
Moreover, improved awareness of diabetes, its risk factors, and advancements in diagnostic methods have led to more individuals being diagnosed with the condition. The diagnosis of diabetes often necessitates the use of insulin and, by extension, pen needles. Pen needles are small, disposable, and fine-gauge needle designed to attach to insulin pens and similar devices for subcutaneous injections. It is primarily used for the administration of insulin by individuals with diabetes or other medical conditions requiring injectable therapies
Who are the key players in pen needle market?
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.
Why is North America pen needles industry witnessing growth?
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.
How will insulin application drive the pen needles demand?
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.
What is pen needles market worth?
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.