Global Pen Needles Market Is Expected to Reach USD 2.70 Billion by 2028 : Fior Markets

Pen Needles Market by Product (Safety Pen Needles, Standard Pen Needles), Needle Length (12mm, 10mm, 8mm, 6mm, 5mm, 4mm), Therapy (Glucagon-like-Peptide-1, Insulin, Growth Hormone), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, andForecast 2021 to 2028


Newark, NJ, Feb. 18, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global pen needles market is expected to grow from USD 1.22 billion in 2020 to USD 2.70 billion by 2028, at a CAGR of 10.5% during the forecast period 2021-2028.

There are certain factors that are boosting the growth of the global pen needles market. Some of them include the increasing prevalence of diabetes worldwide, new product development, technological advancements, increasing global obesity rate, favorable reimbursement conditions in some countries, increasing prevalence of chronic diseases, and the increasing popularity of biosimilar drugs. As per the IDF (International Diabetes Federation), 642 million humans are expected to contract diabetes by the year 2040. As per, having obesity can lead to an 80% to 85% chance of developing diabetes in the future.

With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the pen needles market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Some other factors that are hindering the market growth are the existence of alternate medicine delivery processes (such as oral drug delivery systems), reuse of needles, low accessibility of pen needles as compared to traditional syringes, and the risk of blood transfusion.


Key players operating in the global pen needles market include Novo Nordisk A/S, B. Braun Melsungen AG, Terumo Corporation, Owen Mumford Ltd., UltiMed, Inc., Becton, Dickinson and Company, Ypsomed Holding AG, HTL-STREFA S.A., Artsana S.p.a., Allison Medical, Inc., GlucoRx, and ARKRAY, Inc., among others. To gain a significant market share in the global pen needles market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. B. Braun Melsungen AG and Becton, Dickinson and Company are some of the biggest manufacturers and suppliers of pen needles in the global market.

  • For instance, Becton, Dickinson and Company unveiled the BD Ultra-Fine micro pen needle 6mm x 32G in the market in 2018.
  • Ypsomed introduced the mylife Clickfine DiamondTip pen needles to the market in 2015.

Standard pen needles dominated the market and held the largest market share of 58.36% in the year 2020

The product segment includes safety pen needles and standard pen needles. Standard pen needles dominated the market and held the largest market share of 58.36% in the year 2020. The large share of this segment can be attributed to factors like the growing number of people with diabetes (who use insulin pens) and the lower price of standard pen needles. However, standard pen needles are riskier as they have a high chance of causing accidental needlestick injuries.

8mm segment dominated the market and held the largest market share of 25.98% in the year 2020

Based on needle length, the global market has been divided into 12mm, 10mm, 8mm, 6mm, 5mm, and 4mm. The 8mm segment dominated the market and held the largest market share of 25.98% in the year 2020. 8mm pen needles are highly used by diabetic patients. However, they do cause more pain and discomfort as compared to shorter needles, which also enable easy & quick insulin delivery.

Insulin segment dominated the market and held the largest market share of 39.42% in the year 2020

On the basis of therapy, the pen needles market has been segmented into glucagon-like-peptide-1, insulin and growth hormone. The insulin segment dominated the market and held the largest market share of 39.42% in the year 2020. This is owing to the expanding global diabetic population. As pen needles are required to be replaced afterwards an injection, the increasing usage of insulin pen needles is a key factor boosting the growth of this segment.

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Regional Segment Analysis of the Pen Needles Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and Rest of South America) 
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

On the basis of geography, the global pen needles market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 41.78% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as government as well as private investment in R&D activities for diabetes care, unhealthy eating habits causing the rise in diabetic patient numbers, increasing prevalence of the target diseases, the advancement of pen needle technologies, supportive reimbursement scenario, and the rising market penetration by significant players in the region. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like growing investment in medical research & development, growing awareness regarding modern advanced devices for diabetes, increasing awareness about medical treatment, and an expanding healthcare sector.

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About the report: 

The global pen needles market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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