Pen Needles Market Expected to Reach $4.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pen Needles Market," The pen needles market was valued at $1.7 billion in 2022, and is estimated to reach $4.5 billion by 2032, growing at a CAGR of 10.3% from 2023 to 2032. 

The pen needles market trends includes an increase in prevalence of diabetes worldwide and rise in demand for insulin pens. Surge in adoption of self-injection devices and shift in preference toward minimally invasive procedures further contribute toward the growth of the market size.

In addition, advancements in needle technology, such as ultra-thin and pain-free needles, are driving the demand for pen needles and hence contributing to the pen needles market share. The availability of a wide range of pen needle sizes and brands as well as the convenience and accessibility offered by online providers boost the growth of this market. With increasing awareness about the benefits of using pen needles for insulin injection and other medical procedures, the pen needle market is expected to continue to experience steady growth in the coming years.

Depending on type, the pen needles industry is segmented into standard pen needles and safety pen needles. The standard pen needles segment exhibited the highest growth in terms of revenue in 2022, which is attributed to the relatively low cost of standard pen needles compared to safety pen needles. Moreover, standard pen needles are simpler in design and do not have additional safety features of safety pen needles, which can make them less expensive to produce. 

On the other hand, the safety pen needles segment is anticipated to witness notable growth during the pen needles market forecast period. This is attributed to the fact that safety pen needles offer several advantages over standard pen needles, including a reduced risk of needlestick injuries and contamination as well as improved patient safety and comfort. In addition, as awareness of the risks associated with needlestick injuries and contamination increases, healthcare providers and patients may increasingly demand safety pen needles, which is anticipated to boost the segment growth during the forecast period.

Depending on needle length, the market is segregated into short length pen needles, medium length pen needles, and long length pen needles. The medium length pen needles segment showed highest contribution to the pen needles market size in terms of revenue in 2022. This is attributed to the fact that medium length pen needles, ranging from 6mm to 8mm, are commonly used for insulin injections and can be suitable for patients with varying body types and injection sites.

On the other hand, the short length pen needles segment is anticipated to grow at a fastest rate during the forecast period attributed to rise in awareness about the advantages offered by these pen needles. Short length pen needles, typically ranging from 4mm to 5mm, have been shown to provide several benefits compared to longer needles. One of the main advantages is that they can help reduce the risk of intramuscular injection and reduce pain, bleeding, and inconsistent insulin absorption and thereby contributing to the growth of the pen needles market size.

By the pen needles market analysis based on distribution channel, the market is segmented into hospital pharmacies, drug stores & retail pharmacies, and online providers. The drug stores & retail pharmacies segment exhibited highest growth in terms of revenue in 2022, due to advantages offered by drug stores & retail pharmacies over other distribution channels. Drug stores & retail pharmacies are often conveniently located and easily accessible, making it easy to purchase pen needles when needed. Patients can simply walk in and purchase the needles without the need for a prescription.

On the other hand, the online providers segment is anticipated to grow at the fastest rate during the forecast period. This is attributed to the fact that online providers offer a high level of convenience for patients, who can order pen needles from the comfort of their own home or workplace, without the need to physically visit a retail store. In addition, it often has a wider selection of pen needle brands and sizes available for purchase and can be especially beneficial for patients who require a specific brand or size that may not be readily available in their local area.

Region wise, North America garnered the highest pen needles market share in 2022 due to surge in demand for pen needles owing to rise in adoption of injector pens for management of various chronic conditions such as diabetes and growth hormone deficiency. However, Asia-Pacific is expected to witness the highest growth in the pen needles industry during the forecast period. This is attributed to the presence of a high population base and increase in geriatric population along with rise in prevalence of chronic diseases requiring frequent injections in population of this region.

KEY FINDINGS OF THE STUDY

• Based on type, the standard pen needles segment was the highest contributor to the market in 2022.
• Based on needle length, the medium length pen needles segment dominated the market in 2022, and the short length pen needles segment is anticipated to grow at the fastest rate during the forecast period.
• Based on distribution channel, the drug stores & retail pharmacies segment dominated the market in 2022 and the online providers segment anticipated to grow at the highest CAGR during the forecast period.
• Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.