The pen needles use market size is expected to reach USD 3.12 Billion in 2030 and register a revenue CAGR of 11.1% over the forecast period, according to the latest report by Reports and Data. pen needles use market revenue growth is due to the rapid prevalence of diabetes across the globe.
pen needles uses are used by both healthcare providers and patients for the administration of various injectable medications. Insulin administration for diabetic patients is a major application segment for pen needles uses. Advancement in technology has resulted in the increasing adoption of pen needles uses over conventional syringes. pen needles uses are easy-to-use and minimally invasive.
Design is a major factor for product efficacy and is continuously worked upon for ensuring proper lubrication, minimum friction, and attached safety caps. The increasing incidence of chronic diseases such as diabetes and cancer, is one of the major factors contributing to market revenue growth worldwide. According to American Diabetes Association, more than 30 million people in America have been diagnosed with diabetes and more than 84 million people have a high risk of suffering from diabetes. pen needles use is used mainly in diabetes for the administration of insulin. Moreover, it does not require any professional skills. The rising demand for minimally invasive treatment is one of the key factors promoting the market growth.
The global market is highly competitive in nature. The top market players are constantly working on new technologies and products to enhance their global footprint. Companies adopt both organic and inorganic growth strategies in order to ensure a steady pattern of growth. Acquisitions and mergers are commonly witnessed. For instance, in January 2019, Becton, Dickinson and Co. launched an ergonomic pen needles use technology, which has been designed for an enhanced injection depth.
Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Some Key Highlights in the Report
- Based on type, the standard pen needles uses segment accounted for largest revenue share in 2020. These pen needles uses are available at a lower price which is expected to boost its demand in countries such as China, India, and Brazil. However, harmful consequences associated with improper disposal of these pens have impacted revenue growth of the segment.
- Based on therapy, the insulin therapy segment is expected to register fastest revenue growth rate during the forecast period. Burgeoning geriatric population along with high number of reported cases of diabetes is pushing the demand for this therapy. Another reason for increasing popularity of insulin pens is that it is accurate, simple, and convenient in terms of usage as compared to syringe and vial. Several users of insulin therapy also prefer the use of insulin pen due to its minimal obstructive nature and accuracy in terms of insulin dose.
- 4 mm segment is expected to witness a significant revenue growth rate during the forecast period because of ease of insulin administration and the widespread availability of this length of pen needles uses in the market. 4 mm needle is as thin as two strands of hair. This type of needle reduces the risk of injecting into muscle tissues while using it. It also offers equal and in some cases, improved outcomes for obese people with diabetes.
- Market in North America accounted for largest revenue share in 2020 owing to increasing incidence of diabetes in the region. Government initiative to spread awareness about the product along with favorable funding from many private players is leading to market growth in the region. Well-established healthcare system and supportive reimbursement structure is also supporting market growth.
Top Players in the Global pen needles uses Market:
Becton, Dickinson and Company, Novo Nordisk A/S, Ypsomed Holding AG, B. Braun Melsungen AG, HTL-Strefa S.A., Terumo Corporation, Owen Mumford Ltd., Allison Medical Inc., Ultimed, Inc., and Arkray, Inc.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
pen needles uses Market Segmentation:
Needle Length Outlook (Revenue, USD Billion; 2019–2030)
- 4 mm
- 5 mm
- 6 mm
- 8 mm
- 10 mm
- 12 mm
Product Type Outlook (Revenue, USD Billion; 2019–2030)
- Disposable Pens
- Reusable Pens
Application Outlook (Revenue, USD Billion; 2019–2030)
- Insulin Therapy
- Allergic Reactions
- Glucagon-like Peptide-1 (glp-1) therapy
- Hormone Replacement Therapy
Global pen needles uses Market Report: Regional Segmentation
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Global pen needles uses Market: Table of Contents
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.1. Primary Sources
1.4.2. Secondary Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
Chapter 3. Key Insights
Chapter 4. Global Pharma & Healthcare Market Segmentation
4.1. Global Pharma & Healthcare Market COVID-19 Impact Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Porter’s Five Forces Analysis
4.5. Regulatory Framework
4.6. Price trend Analysis
4.7. Competitive Metric Space Analysis
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