The global pen needles market size was USD 3.10 Billion in 2022 and is expected to register a steady revenue CAGR of 11.7% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of diabetes is a key factor driving market revenue growth. According to the International Diabetes Federation (IDF), in IDF North America and Caribbean Region in 2021, 51 million adults (20-79) were diagnosed with diabetes. This number is expected to rise to 57 million by 2030. Impaired Glucose Tolerance (IGT) affects 47 million adults (20-79) in IDF North America and Caribbean region, putting them at high risk of developing type 2 diabetes.
In addition, rising demand for self-injected devices is another key factor driving market revenue growth. Self-injection devices, primarily pens used for subcutaneous biopharmaceutical delivery, are a growing segment of drug delivery device. Their significance is expected to increase in the future due to tendency towards biological medications that cannot be taken orally and rising prevalence of diabetes that has been observed globally. Need for self-injection devices is rising as a result of numerous new injectable that are anticipated to launch in the market in the upcoming years, as well as tendency to move treatment from clinic to home environment to save costs and improve patient’s comfort.
Needle anxiety for patients is a major factor restraining revenue growth of the pen needles market. Skin pricks and other sharp things can make people feel anxious. However, fear of having to inject with needles can, still exist. According to CDC, 1 in 4 people and up to 2 in 3 youngsters have severe phobias of needles.
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Report Scope:
Forecast Period : 2023-2032
CAGR: 11.7%
Base Year: 2022
Number of Pages: 250
The research report offers in-depth insights into company profiles along with their production values, production capacity, product portfolio, strategic plans such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, government and corporate deals, among others. The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry.
Leading Players Profiled in the Report:
Novo Nordisk's Wegovy for chronic weight management. Wegovy is the first and only once-weekly GLP-1 receptor agonist therapy approved for weight management in obese patients.
Some Key Highlights from the Report
• The standard pen needle segment accounted for a significantly large revenue share in the global pen needles market in 2022. This attributed to low cost of standard pen needles. Standard pen needles are preferred over safety pen needles as they are less expensive, especially given the need for daily insulin administration.
• The 8mm segment is expected to register largest revenue share in 2022. This is due to easy availability and affordability of these needles. These needles are most prescribed to all patients, including obese patients with the target disease. 8mm needles are preferred in home settings owing to their safety, user convenience, and ease of disposal.
• The North America market is expected to register largest revenue share over the forecast period. This is due to increasing prevalence of diabetes, favorable reimbursement conditions for pen needles, federal campaigns to raise public awareness of proper injection technique, expanding market penetration by major players, and advancement of better pen needle technologies.
• In June 2021, U.S. Food and Drug Administration (FDA) approved Novo Nordisk's Wegovy for chronic weight management. Wegovy is the first and only once-weekly GLP-1 receptor agonist therapy approved for weight management in obese patients.
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Emergen Research has segmented the global pen needles market based on product, length, therapy, mode of purchase, and region:
• Product Outlook (Revenue, USD Billion; 2019-2032)
o Standard Pen Needle
o Safety Pen Needle
• Length Outlook (Revenue, USD Billion; 2019-2032)
o 4mm
o 5mm
o 6mm
o 8mm
o 10mm
o 12mm
• Therapy Outlook (Revenue, USD Billion; 2019-2032)
o Insulin
o Glucagon-like-Peptide-1 (GLP-1)
o Growth Hormone
• Mode of Purchase Outlook (Revenue, USD Billion; 2019-2032)
o Retail
o Non-Retail
In conclusion, the report is designed to provide an in-depth analysis of all the key change calculation factors that replicate the decisions that trigger the change, which pushes the player’s winning position profitable on the growth curve despite massive competition in the target Pen Needles market.
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