(EMAILWIRE.COM, March 25, 2021 ) The study involved four major activities in estimating the current market size for pen needles. Exhaustive secondary research was done to collect information about the market, peer markets, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Thirdly, both top-down and bottom-up approaches were employed to estimate the complete market size.

According MarketsandMarkets™ Research – The report “Pen Needles Market by Type (Standard Pen Needles and Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) – Global Forecast to 2024“, is expected to reach USD 1.8 billion by 2024 from an estimated USD 1.1 billion in 2019, at a CAGR of 10.8% during the forecast period (2019–2024).

The Growth in the pen needles market is mainly driven by factors such as the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. The growing preference for biosimilar drugs is another factor providing a wide range of growth opportunities for key players in this market.

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The insulin therapy segment to grow at the highest CAGR during the forecast period

On the basis of therapy, the pen needles market is segmented into insulin, GLP-1, growth hormone, and other therapies such as osteoporosis, fertility, and obesity. The insulin therapy segment is expected to grow at a higher CAGR during the forecast period primarily due to the high and growing diabetic population globally. Since pen needles need to be replaced after every injection, the rising use of insulin pens is a major factor driving the demand for pen needles. Additionally, favorable reimbursement scenario for pen needles in several North American, European, and Asian countries is the other major factor driving the demand for pen needles.

The 8mm segment accounted for the largest share of the pen needles market

On the basis of length, the market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. In 2018, the 8mm segment accounted for the largest share of the pen needles market. Growth in this market is largely driven by the high adoption of these needles among diabetes patients. However, the usage of these needles is likely to witness a decrease in the coming years due to the increased usage of shorter needles that cause less pain and enable easy insulin administration.

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Geographical View in-detailed:

North America dominated the pen needles market in 2018. The large share of the North American market can primarily be attributed growing diabetes prevalence and favorable reimbursement scenario for pen needles, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, and the development of improved pen needle technologies.

Global Key Leaders:

The key players in the pen needles market are Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), and Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), and Owen Mumford (UK).

Becton, Dickinson and Company (US) is a leading company in the field of drugs delivery systems. The company is a pioneer in the field of pen needles. The company offers a wide range of products including both standard and safety pen needles, such as BD Ultra-Fine Nano, BD PentaPoint products, and BD AutoShield Duo Pen Needles. BD also collaborates with universities, medical centers, and other entities to conduct R&D programs to support its efforts in specialized fields. In order to maintain its position, the company has adopted growth strategies, such as geographical expansions and product launches. The company opened its Advanced Diabetes Care facility in Andover, Massachusetts, US, in 2015.