Rising Chronic Diseases Drive Pen Needles Market Growth
The global pen needles market, valued at nearly $2 billion in 2021, is rapidly expanding due to the increasing popularity of alternative drug delivery methods. The prevalence of chronic diseases such as diabetes, cardiovascular disorders, multiple sclerosis, and osteoporosis has created a demand for frequent drug administration, often through pen injectors, which are a novel addition to the injectable drug delivery domain. These devices, known for their simplicity, ease of use, flexibility, convenience, and reliability, have witnessed widespread adoption. Patients can administer medications through pen injectors without the need for medical professionals, significantly influencing the sales of pen needles, which are integral removable attachments of these injectors. Additionally, the growing prevalence of diabetes has driven the need for insulin delivery, further propelling the demand for pen needles worldwide. The sedentary lifestyle of both adults and millennials has resulted in a surge in diabetes type 1 and 2 cases, becoming a significant concern. The International Diabetes Federation (IDF) projects that by 2030, around 640 million individuals could develop diabetes, escalating to 783 million by 2045. This increasing prevalence emphasizes the necessity for efficient drug delivery systems, thus fostering the growth of the pen needles market.
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Standard Variants Hold Significance
Standard pen needles have maintained a dominant position over the years due to their use in daily administration of large diabetic dosages. They are particularly preferred by individuals with dexterity-related issues. The sales of standard pen needles are expected to contribute significantly to the value growth of the pen needles market. However, as drug delivery technology advances, the introduction of safety pen needles has provided an alternative avenue for market growth. Standard pen needles are associated with a higher risk of needlestick injuries, compromising patient safety. In contrast, safety pen needles minimize this risk, ensuring safer drug delivery. This trend is anticipated to drive the demand for safety pen needles in the coming years.
North America Leads, Asia Pacific Presents Opportunities
The consumption of pen needles in North America, particularly in developed countries, is projected to maintain steady growth. The prevalence of diabetes, exemplified by the United States and Canada, contributes to the consistent demand for pen needles. For instance, the United States National Institutes of Health reports that over 9% of adults develop diabetes, with 16% of the American adult population being pre-diabetic. Furthermore, the regions aging population contributes to the growing incidence of diabetes. The American Diabetes Association (ADA) notes that in 2020, over 34 million individuals suffered from diabetes, and diabetic patients accounted for 40% of COVID-19-related deaths. This has led to increased diabetes-related expenditures, propelling the use of insulin and consequently, the growth of the pen needles market in North America.
Emerging economies in the Asia Pacific region also hold promise for the pen needles market. The high geriatric population and increasing prevalence of diabetes provide a fertile ground for market growth. The regions attractive business environment, affordable labor and land costs, and sizable patient pool have attracted pharmaceutical and medical device manufacturers, contributing to improved diabetic care and accessibility to devices like pen needles. This factor is expected to drive the growth of the pen needles market in Asia Pacific.
Competitive Landscape
Key players in the pen needles market are concentrating on product launches, collaborations, acquisitions, and partnerships to strengthen their market presence. Arkray Inc. introduced TechLITE pen needles in 2020, UltiMed Inc. launched Ulticare pen needles in 2021, and Roche Diabetes Care (RDC) introduced ACCU-FINE high-quality pen needles in 2022. Additionally, Roche Diabetes Care and Novo Nordisk Education Foundation formed a partnership in 2022 to enhance access to care for children with Diabetes Type 1 in India.
Prominent players in the pen needles market include Novo Nordisk A/S, UltiMed Inc., Artsana S.p.A, Becton Dickinson and Company, Ypsomed Holding AG, Iyon, Owen Mumford, B. Braun Melsungen AG, Nipro Corporation, Hindustan Syringes and Medical Devices, and Terumo Corporation.
Browse Pen Needles Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/pen-needles-market
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COMTEX_438660904/2840/2023-08-18T02:42:44