by The global pen needles market achieved a remarkable milestone, reaching close to US$2 billion in 2021. This growth is primarily attributed to the increasing prevalence of chronic diseases and the rising demand for efficient drug delivery methods, particularly for conditions such as diabetes, cardiovascular disorders, multiple sclerosis, and osteoporosis.
Chronic Diseases Drive Demand
The escalating prevalence of chronic ailments necessitates regular drug administration, with pen injectors emerging as a convenient and reliable solution. Pen injectors offer simplicity, ease of use, and flexibility, allowing patients to self-administer drugs without the need for healthcare practitioners. This has driven the demand for pen needles, which are essential components of pen injectors. The surging prevalence of diabetes, in particular, has significantly contributed to the growth of the pen needles market. Sedentary lifestyles have led to a rise in diabetes cases, with projections indicating a steady increase in the coming years.
Standard Pen Needles Dominate
Standard pen needles have been the preferred choice for daily drug dosages, catering to individuals who may face dexterity-related challenges. The convenience of standard pen needles has made them a staple in the market, with their sales expected to continue driving market growth. However, the development of safety pen needles has opened new avenues for growth. Safety pen needles address the risk of needlestick injuries associated with standard pen needles, enhancing patient safety and drug delivery. The demand for safety pen needles is expected to rise in the foreseeable future.
North America Leads, Asia Pacific Gains Traction
North America currently leads the global pen needles market, with increasing cases of diabetes in countries like the United States and Canada. The regions growing geriatric population has further contributed to the rise in diabetes cases. In 2020, over 34 million individuals in the United States suffered from diabetes, with diabetes-related expenses on the rise. This has led to increased insulin use and significant growth potential for the pen needles market in North America.
Meanwhile, emerging economies in Asia Pacific are poised for substantial growth in the pen needles market. The regions high population, including a substantial geriatric demographic, has driven an uptick in diabetes cases. Additionally, Asia Pacifics business-friendly environment has attracted numerous pharmaceutical and medical device manufacturers, leading to improved diabetic care and increased availability of devices such as pen needles.
Competitive Landscape
Market players have focused on innovation, collaborations, acquisitions, and partnerships to strengthen their positions. For instance, Arkray Inc. introduced TechLITE pen needles in 2020, while UltiMed Inc. launched Ulticare pen needles in 2021. Roche Diabetes Care introduced ACCU-FINE high-quality pen needles in 2022. Collaborations have also been prevalent, with Roche Diabetes Care and Novo Nordisk Education Foundation partnering to improve access to care for children with Diabetes Type 1 in India.
Key players in the pen needles market include Novo Nordisk A/S, UltiMed Inc., Artsana S.p.A, Becton Dickinson and Company, Ypsomed Holding AG, Iyon, Owen Mumfrod, B. Braun Melsungen AG, Nipro Corporation, Hindustan Syringes and Medical Devices, and Terumo Corporation.
As the global pen needles market continues to grow, it reflects the increasing importance of efficient drug delivery methods in managing chronic diseases, particularly diabetes, and the commitment of industry leaders to advance healthcare solutions.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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COMTEX_442171508/2840/2023-10-20T08:01:36
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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