The Global Pen Needles Market to grow from USD 1.74 billion in 2022 to USD 3.60 billion by 2030, at a CAGR of 9.49%.

PUNE, MAHARASHTRA, INDIA, November 10, 2023 /EINPresswire.com/ -- The "Pen Needles Market by Product (Safety Pen Needles, Standard Pen Needles), Length (10mm, 12mm, 4mm), Application, Mode of Purchase, Sales Channel, End-Use - Global Forecast 2023-2030" report has been added to 360iResearch.com's offering.

The Global Pen Needles Market to grow from USD 1.74 billion in 2022 to USD 3.60 billion by 2030, at a CAGR of 9.49%.

Request a Free Sample Report @ https://www.360iresearch.com/library/intelligence/pen-needles?utm_source=einpresswire&utm_medium=referral&utm_campaign=sample

Pen needles are an essential component in the administration of injectable medications for patients with chronic conditions such as diabetes, growth hormone deficiencies, and other hormonal imbalances. These fine-gauge needles are designed specifically for use with pen-style injection devices, offering a convenient and accurate method of delivering precise doses of medication in a minimally invasive manner. Individuals with diabetes rely on regular insulin injections to maintain healthy blood glucose levels. Using pen needles in combination with insulin pens allows for easy and accurate self-administration, helping to improve overall glycemic control and patient adherence to treatment regimens. One of the primary factors driving the need for the pen needles market is the increasing prevalence of diabetes worldwide. According to the International Diabetes Federation (IDF), 537 million adults (20-79 years) are living with diabetes, and is expected to rise to 643 million by 2030 and 783 million by 2045. Other factors influencing growth include increased awareness about proper diabetes management, government initiatives promoting self-monitoring practices among diabetics, and favorable reimbursement policies for medical devices in developed markets. Innovations such as safety-engineered pen needles and ultra-thin needle designs have made self-administration less painful and more effective for patients. The high cost of advanced pen needle technologies can be prohibitive for some patients, especially in developing countries where access to affordable healthcare is limited. In addition, a lack of awareness about proper disposal methods for used needles presents an environmental challenge, as improper disposal can lead to needle stick injuries and the spread of infections. Companies are focusing on innovation and research that addresses current challenges while catering to evolving consumer needs. Emerging players focus on key areas, including developing cost-effective manufacturing processes, designing ergonomically improved pens with reduced injection pain, and exploring alternative materials and coatings for enhanced comfort to enrich their business globally.

Product: Increasing use of safety pen needles for minimization of needlestick injuries amongst patients
Safety pen needles are designed with safety mechanisms to prevent needlestick injuries and reduce the risk of infection. These needles are commonly used in healthcare settings and by patients with diabetes who require frequent insulin injections. Safety pen needles have become increasingly popular due to their ease of use, reduced pain, and enhanced safety features. Need-based preference for safety pen needles stems from their ability to minimize accidental pricks while disposing of used needles, ultimately promoting a safer environment for both healthcare professionals and patients. Additionally, these needles cater to people with dexterity issues or those who have difficulty handling standard pen needles. Standard pen needles are widely used for insulin injections in diabetes management and other injectable medications such as glucagon-like peptide-1 (GLP-1) agonists or growth hormone treatments. They come in various lengths and gauges to suit individual needs based on factors such as body mass index (BMI), injection site choice, and personal preferences. Standard pen needles remain popular due to their cost-effectiveness and widespread availability, but need diligent adherence to safety protocols.

Sales Channel: Online sales channel gaining traction with its competitive pricing structure and broader product offerings
The offline sales channel is a primary source of pen needles for many consumers worldwide. It comprises various brick-and-mortar outlets such as hospitals, pharmacies, clinics, and retail stores. Although the online market is growing rapidly, certain factors still contribute to the preference for offline channels. Patients with chronic illnesses such as diabetes often require continuous consultation with healthcare professionals, guiding them on insulin administration techniques and recommending appropriate pen needles based on individual needs. This personalized approach helps build trust among patients toward physical stores. Some patients prefer the immediate availability of products in physical stores since it allows them to purchase pen needles on an as-needed basis without waiting for delivery times associated with online orders. The online sales channel for pen needles has been gaining traction due to benefits such as convenience, competitive pricing, and broader product availability. Online platforms include e-commerce websites, online pharmacies, and manufacturer websites. Consumers prefer the online channel primarily for convenience because they can easily compare different products and prices to make informed decisions. Online retailers often offer discounts and deals that give them a competitive edge over offline channels. Furthermore, some areas with limited access to physical stores are more likely to rely on online platforms for their pen needle requirements.

Mode of Purchase: Development of innovative products to extend access to specialized prescription devices
OTC pen needles are purchased directly by consumers without a prescription from a medical professional. This mode of purchase is popular for individuals who require insulin injections for diabetes management and prefer easy access to pen needle supplies over visiting a healthcare provider. OTC pen needles are available in various lengths and gauges to cater to different user needs. Prescription-based pen needles require a licensed healthcare professional's authorization before being dispensed by a pharmacist. This mode of purchase ensures that patients receive appropriate guidance on the correct use of pen needles, along with personalized advice based on individual needs and circumstances. Prescription pen needle purchases often involve collaboration between manufacturers and insurance companies or government programs, wherein pricing agreements are negotiated to provide affordable options for patients requiring specific types of devices or sizes due to their medical conditions.

Application: Rising utilization of pen needles for minimally invasive skin procedures
Glucagon-like peptide-1 (GLP-1) therapy involves the use of pen needles for the administration of GLP-1 receptor agonists, which help in managing blood sugar levels for patients with type 2 diabetes. The preference for pen needles in this application is due to their ease of use, minimal pain, and accurate dosage delivery. Growth hormone (GH) deficiency is treated using recombinant human growth hormone (rhGH), which requires daily subcutaneous injections. Pen needles offer an effective delivery system for this therapy due to their precise dosage control and improved adherence to the treatment regimen. Their compact design allows for convenient storage and transport, making them suitable for long-term GH replacement therapy in pediatric and adult patients with growth disorders. In recent years, pen needle technology has been adopted in hair restoration treatments such as platelet-rich plasma (PRP) therapy. PRP involves injecting concentrated platelets directly into the scalp to stimulate hair growth by enhancing angiogenesis and cellular proliferation. The accuracy and ease of penetration offered by pen needles make them an ideal choice for this minimally invasive procedure that provides promising results regarding hair regrowth. Insulin therapy is vital for managing diabetes, and pen needles are the preferred choice for many patients due to their ease of use, portability, and accuracy in insulin delivery. Pen needles are also used in microneedling procedures for skin rejuvenation and scar reduction. Microneedling devices create microscopic punctures in the skin's surface layer, triggering collagen production and promoting tissue repair. Pen needle technology offers precise control over needle depth during the treatment process, ensuring consistent results across various skin types and conditions.

Regional Insights:
The Americas region is characterized by a high incidence of diabetes among its populace, where the United States holds a significant share of the pen needles market primarily due to advanced healthcare infrastructure and reimbursement facilities. Moreover, numerous initiatives taken by public health organizations such as the American Diabetes Association (ADA) aim at increasing awareness about diabetes management tools such as insulin pens. In Canada, too, there is an upward trend in demand, which can be attributed partly to technological advancements in manufacturing processes developed by established provincial players. EU countries also play a vital role in the global pen needles market, given their established healthcare systems and well-regulated pharmaceutical industries. Rising awareness about self-management of diabetes and advancements in drug delivery technologies for growth hormone therapy have led to higher adoption of pen needles in countries such as Germany, France, and the United Kingdom. Furthermore, market growth in the Middle East and Africa is primarily driven by an increased prevalence of diabetes and improving healthcare systems. Countries such as Saudi Arabia, South Africa, and the United Arab Emirates are investing in research initiatives focused on enhancing diabetes management solutions. In the Asia-Pacific region, there is significant potential for growth in the pen needles market due to rapidly increasing diabetic populations across countries such as China, India, Japan, South Korea, and Australia. Moreover, improving healthcare infrastructure along with enhanced affordability has led to greater adoption of advanced insulin delivery devices such as insulin pens. Furthermore, increased awareness and government initiatives aimed at reducing the burden of diabetes are also anticipated to spur market growth in this region.

FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Pen Needles Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Pen Needles Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Pen Needles Market, highlighting leading vendors and their innovative profiles. These include AdvaCare Pharma, Advocate by Pharma Supply, Inc., Allison Medical, Inc., ARKRAY, Inc., Ayset Health Services, B. Braun SE, Becton, Dickinson and Company, Berpu Medical Technology Co., Ltd., Cardinal Health, Inc., F. Hoffmann-La Roche Ltd., Gan & Lee Pharmaceuticals Co., Ltd., GlucoRx Ltd., Hindustan Syringes & Medical Devices Ltd., IME-DC GmbH, Jiangsu Micsafe Medical Technology Co., Ltd., Jinan Babio Biotechnology Co., Ltd., Lepu Medical Technology (Beijing) Co., Ltd., Medexel Co., Ltd., Medical Technology and Devices S.p.A., MEDISEC Healthcare, Montméd Inc., Narang Medical Limited, Neon Diagnostics Ltd., Nipro Corporation, Novo Nordisk A/S, Owen Mumford Limited, Promisemed Medical Devices Inc., Shanghai Berpu Medical Co., Ltd, Shanghai Kindly Enterprise Development Group, Sol-Millennium, Spirit Healthcare Pty Ltd., Terumo Corporation, Trividia Health, Inc., UltiMed, Inc., Van Heek Medical, Vitrex Medical A/S, Vogt Medical Vertrieb GmbH, Ypsomed Holding AG, and Zibo Sunrise Medical Co., Ltd..

Inquire Before Buying @ https://www.360iresearch.com/library/intelligence/pen-needles?utm_source=einpresswire&utm_medium=referral&utm_campaign=inquire

Market Segmentation & Coverage:

This research report categorizes the Pen Needles Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Product, market is studied across Safety Pen Needles and Standard Pen Needles. The Standard Pen Needles commanded largest market share of 59.43% in 2022, followed by Safety Pen Needles.

Based on Length, market is studied across 10mm, 12mm, 4mm, 5mm, 6mm, and 8mm. The 12mm commanded largest market share of 22.33% in 2022, followed by 4mm.

Based on Application, market is studied across GLP-1 Therapy, Growth Hormone Therapy, Hair Treatment, Insulin Therapy, and Skin Treatment. The Insulin Therapy commanded largest market share of 42.32% in 2022, followed by Growth Hormone Therapy.

Based on Mode of Purchase, market is studied across OTC and Prescription. The Prescription commanded largest market share of 74.54% in 2022, followed by OTC.

Based on Sales Channel, market is studied across Offline and Online. The Offline commanded largest market share of 65.88% in 2022, followed by Online.

Based on End-Use, market is studied across Homecare and Hospitals & Clinics. The Hospitals & Clinics commanded largest market share of 57.32% in 2022, followed by Homecare.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 43.52% in 2022, followed by Europe, Middle East & Africa.

Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Pen Needles Market, by Product
7. Pen Needles Market, by Length
8. Pen Needles Market, by Application
9. Pen Needles Market, by Mode of Purchase
10. Pen Needles Market, by Sales Channel
11. Pen Needles Market, by End-Use
12. Americas Pen Needles Market
13. Asia-Pacific Pen Needles Market
14. Europe, Middle East & Africa Pen Needles Market
15. Competitive Landscape
16. Competitive Portfolio
17. Appendix

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Pen Needles Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Pen Needles Market?
3. What is the competitive strategic window for opportunities in the Pen Needles Market?
4. What are the technology trends and regulatory frameworks in the Pen Needles Market?
5. What is the market share of the leading vendors in the Pen Needles Market?
6. What modes and strategic moves are considered suitable for entering the Pen Needles Market?

Read More @ https://www.360iresearch.com/library/intelligence/pen-needles?utm_source=einpresswire&utm_medium=referral&utm_campaign=analyst

Mr. Ketan Rohom
360iResearch
+1 530-264-8485
ketan@360iresearch.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.