Chicago, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, pen needles market will grow at a CAGR of over $1 billion during the forecast period. One of the major drivers for the adoption of biosimilars is that it lowers the cost barriers to patient access to these treatments and fills in other gaps in patient training. Such factors are expected to propel the adoption of pen needles in the market.
Pen Needles Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2027) | $1.7 Billion | |
| MARKET SIZE (2021) | $1.2Billion | |
| CAGR (2022-2027) | 6.09% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Product Type, Length, Therapy, and Distribution Channel | |
| MARKET SEGMENTS | Europe, North America, Latin America, APAC, and Middle East & Africa | |
| COUNTRIES COVERED | Germany, France, UK, Italy, Spain, US, North America, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, Turkey, South Africa, and Saudi Arabia | |
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Surge in Demand for Self-Injectable Devices
Self-injectable devices are used for the subcutaneous administration of biopharmaceuticals, which is one of the growing segments of drug delivery devices. Factors such as the surge in the number of biological drugs that cannot be administered orally, and the high prevalence of diabetes will drive the demand for self-injectable devices even further in the future.
Many biopharma companies are looking for solutions that enable rapid drug development, smooth conduct of clinical trials, and fast device development to commercialize their combination products. Self-injection applications effectively minimize the costs associated with managing and treating a broad spectrum of diseases. Theself-injection pens are increasingly the first choice for new, subcutaneously administered pharmaceutical agents. These biopharmaceutical products are being developed through industry innovations and new pharma companies. Self-injection solutions can also significantly improve the quality of care from the patient's perspective, therefore, boosting the growth of the market.
Key Insights
- The treatments are shifting to patient centric from the healthcare settings. This is majorly increasing the usage of self-injectors in the biosimilars segment, Technological advancements in top-selling pen needles focus on improving the traditional pen needles portfolio. The needle-stick injuries and non-adherence to the therapies are the major phenomenon where the manufacturers try to minimize and deliver the mediations safely to the patients.
- In 2021, the insulin pen needles segment accounted for the largest share of 81.20%. The global prevalence of diabetes is high, which is expected to increase in the coming years due to unhealthy diets and lifestyle changes. The demand for medication in coming years will surge, majorly in emerging economies, as there is constant increase in the patient population.
- The standard pen needles segment accounted for a revenue share of 71.72% in 2021. Safety pen needles (SPNs) have been found to minimize the risk of exposure to bloodborne infections associated with needle-stick injury without any related adverse events.
- In 2021, the retail segment accounted for the largest revenue share of 76.96%. However, there is a huge increase in demand for the online channels in the future, especially in the developed and developing countries.
Emergence of E-commerce as Preferred Distribution Channel
E-commerce has emerged as a major distribution channel for the global pen needles market due to the surge in the adoption of several online channels by several players to provide pen needles to customers. Convenient prescription ordering, easy buying procedures, privacy and confidentiality, and suitable reimbursement policies are a few benefits of e-commerce channels for vendors in the market.
Consumers have started opting for e-commerce platforms to procure pen needles and insulin pens in recent years due to constraints associated with time. Also, limited inventories in offline pharmacies and the surge in the use of smartphones by consumers to procure pen needles have enabled competitors to expand the reach of their products. Online reviews, the availability of numerous brands, and the use of product information to compare product features and quality have enabled consumers to choose pen needles based on their requirements.
Key Vendors
- BD
- B. Braun Melsungen
- Novo Nordisk
- Owen Mumford
- Ypsomed
Other Prominent Vendors
- AdvaCare Pharma
- Allison Medical
- ARKRAY
- GlucoRx
- Hindustan Syringes & Medical Devices
- HTL-STREFA
- IGAKU NEEDLES
- Iyon Medical
- Links Medical Products
- MedExel
- Medivena
- Montméd
- Narang Medical
- Nipro Europe Group Companies
- Promisemed Medical Devices
- SHANGHAI BERPU MEDICAL
- Simple Diagnostics
- Terumo Europe
- Trividia Health
- UltiMed
- Van Heek Medical
- VOGT MEDICAL
Market Segmentation
Product Type
- Standard Pen Needles
- Safety Pen Needles
Length
- Short Length
- Long Length
Therapy
- Insulin
- Non-Insulin
Distribution Channel
- Retail
- Online
Geography
- Europe
- Germany
- France
- UK
- Italy
- Spain
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- APAC
- China
- Japan
- India
- South Korea
- Australia
- Middle East & Africa
- Turkey
- South Africa
- Saudi Arabia
Explore our healthcare lifesciences profile to know more about the industry.
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