The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Size and Growth

• Rapid Growth:The pen needles market is expanding quickly, with a growth from $2.17 billion in 2023 to $2.42 billion in 2024.
• Strong CAGR:The compound annual growth rate (CAGR) is 11.5%, signaling a robust upward trend.
• Key Drivers:This growth is fueled by the invention of insulin pens, advancements in miniaturization technology, and a focus on patient convenience. Enhanced needle designs and safety features have also played a crucial role.

Future Market Projections

• Continued Expansion: The market size is expected to reach $3.77 billion by 2028, with a CAGR of 11.7%.
• Innovation Focus: Future growth will be driven by compatibility with various insulin pens, customization options, and material innovations.
• Digital Integration: The integration of pen needles with digital health solutions and adherence to regulatory guidelines will also contribute to market expansion.

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Rising Prevalence of Diabetes

• Global Health Issue: Diabetes is becoming increasingly common due to sedentary lifestyles, unhealthy diets, and urbanization.
• Aging Population: The aging global population, combined with genetic predisposition and rising obesity rates, exacerbates the issue.
• Need for Pen Needles: Pen needles are vital for diabetes management, offering precise insulin delivery and improved glycemic control. Their role is crucial in enhancing patient compliance.
• Staggering Projections: The number of individuals with diabetes is expected to rise to 643 million by 2030 and 783 million by 2045, driving further demand for pen needles.

Technological Advancements in Pen Needles

• Innovation in Home-Use Pen Needles: Companies are focusing on advanced products, such as home-use pen needles, to maximize revenue.
• Owen Mumford’s Unifine Ultra: An example of innovation is Owen Mumford’s Unifine Ultra, which features a needle lock-out mechanism, ergonomic design, and a range of sizes for enhanced comfort and compliance.
• Patient-Centered Design: These advancements are aimed at making the injection process safer, more convenient, and more comfortable for users.

Strategic Acquisitions in the Market

• Gilde Healthcare’s Acquisition of EUROPIN s.r.o.: In February 2022, Gilde Healthcare Partners strengthened its position in diabetic care by acquiring EUROPIN s.r.o., a manufacturer of customized pen cannulas and lancet needles.
• Market Impact: This acquisition allows Gilde Healthcare to form an integrated contract manufacturer for tailor-made cannulas, further solidifying its presence in the pen needles market.

Market Segmentation

• By Type: The market is segmented into standard pen needles and safety pen needles.
• By Needle Length: Options include short, medium, and long-length pen needles.
• By Therapy: The market caters to insulin, glucagon-like-peptide-1 (GLP-1), and growth hormone therapies.
• Mode of Purchase: Pen needles can be purchased through retail and non-retail channels.
• End Users: Major end users include hospitals, clinics, home healthcare, and other healthcare providers.

Regional Market Insights

• North America: The largest region in the pen needles market in 2023, driven by advanced healthcare infrastructure and high diabetes prevalence.
• Asia-Pacific: Expected to be the fastest-growing region, thanks to rising diabetes cases and improving healthcare facilities.

Conclusion

The pen needles market is on a significant growth trajectory, driven by the increasing prevalence of diabetes and continuous technological advancements. With a strong focus on innovation and strategic acquisitions, major players in the market are well-positioned to capitalize on the expanding demand for pen needles. As the market evolves, attention to patient needs, regulatory compliance, and regional market dynamics will be key to sustained growth.

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