IMARC Group, a leading market research company, has recently releases report titled "Pen Needles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global pen needles market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the pen needles market?
The global pen needles market size reached US$ 3.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.4% during 2023-2028.
What are pen needles?
Pen needles are essential medical devices used for injecting insulin in diabetic patients. They consist of a thin, hollow needle attached to a plastic hub and are primarily designed for use with insulin pens. These needles play a crucial role in the management of diabetes, allowing patients to self-administer insulin conveniently and with precision. With the rising global prevalence of diabetes, the demand for pen needles has surged. These devices have revolutionized insulin delivery, offering patients a more comfortable and less painful experience compared to traditional syringes. As a result, the global pen needles market has witnessed significant growth in recent years.
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What are the growth prospects and trends in the pen needles industry?
One of the primary drivers propelling the growth of the global pen needles market is the increasing incidence of diabetes worldwide. Diabetes has reached epidemic proportions, affecting millions of people, and the need for efficient insulin delivery solutions is more critical than ever. Pen needles offer patients a user-friendly and less invasive method for insulin administration, thus driving their adoption and market growth. Moreover, technological advancements in pen needle design have led to improved patient outcomes and enhanced safety. Manufacturers are constantly innovating to develop pen needles with finer gauges and ultra-thin wall technology, reducing pain during injection. Additionally, features like safety caps and compatibility with various insulin pens have become standard, meeting both patient and healthcare provider demands. Furthermore, the shift toward self-management of diabetes and the convenience of using insulin pens have increased patient adherence to treatment plans. As a result, the global pen needles market is experiencing steady expansion, with a focus on enhancing patient experience and ensuring the efficient delivery of insulin for diabetes management.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Standard Pen Needles
- Safety Pen Needles
Breakup by Needle Length:
- 4mm
- 5mm
- 6mm
- 8mm
- 10mm
- 12mm
Breakup by Therapy:
- Insulin
- GLP-1
- Growth Hormones
Breakup by Mode of Purchase:
- Retail
- Non-Retail
Breakup by End User:
- Hospitals and Clinics
- Home Healthcare
- Others
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Menarini Diagnostics srl
- Advancare Pharma
- Arkray Inc.
- Braun Melsungen AG
- Becton Dickinson and Company
- Hindustan Syringes & Medical Devices Ltd.
- HTL Strefa SA
- Novo Nordisk A/S
- Owen Mumford Ltd.
- Simple Diagnostics
- Trividia Health Inc. (Sinocare)
- Ultimed Inc.
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