Pen Needles Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

Pen Needles Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Standard Pen Needles and Safety Pen Needles), Therapy (Insulin Therapy, GLP-1 Therapy, and Growth Hormone Therapy), Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), and Geography

  • Report Code : TIPHE100000824
  • Category : Medical Device
  • No. of Pages : 150
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Pen Needles Market Key Findings, Size, and Share by 2031

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The pen needles market size is projected to reach US$ 5.40 billion by 2031 from US$ 2.33 billion in 2023. The market is expected to register a CAGR of 11.1% during 2023–2031. Rising awareness about the self-administration of insulin therapy is are likely to remain key trends in the market.

Pen Needles Market Analysis

The rising prevalence of diabetes around the world is a major reason driving the growth of the pen needle market. Rising expenditure on healthcare infrastructure development, rising adoption of insulin injection pens over traditional syringes, as well as rising government initiatives to enhance the life sciences industry, are also driving the pen needles market. Other indirect contributors of pen needle market growth include an increasing geriatric population and personal disposable income.  Development of cost-efficient pen needles are expected to provide growth opportunities to emerging and local players in the global pen needles market.

Pen Needles Market Overview

Some of the factors driving the growth of this market include an increase in the diabetes population and increased awareness of the use of insulin pens. According to the Lancet, 529 million people globally had diabetes in 2021, with the vast majority living in low- and middle-income nations. The frequency and incidence of diabetes have increased during the last decade. Moreover, the World Health Organisation (WHO) has set a global aim of halting the rise in diabetes and obesity by 2025.

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Pen Needles Market: Strategic Insights

Market Size Value inUS$ 1,603.8 Million in 2017
Market Size Value byUS$ 2,280.6 Million by 2025
Growth rateCAGR of 4.6% from 2018-2025
Forecast Period2018-2025
Base Year2017
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Pen Needles Market Drivers and Opportunities

Rising Adoption of Insulin Injection Pens Over Traditional Syringes and Vials to Favor Market

In recent years, there has been a considerable developments in the field of medical drug delivery devices. Insulin administration is a common procedure in diabetic population. pen needles that have emerged as a solution to combat all the existing issues of the needles and vials for drug delivery offer several advantages that has led to rapid shift of patients’ preference towards their use. The injection pens that facilitates easy attachment and retraction of pen needles does not need a skill set and require fewer steps than that of syringes and vials. Moreover, the availability of pen needles in different lengths as well as gauge sizes provide variety of options to the users to find the best suitable option according to their needs. Thus, the inclination of patients towards pen needles used in injection pens over syringes is expected to be a driving factor to foster the growth of pen needles market.

Increasing Launch of GLP-1 Analogues

Glucagon like Peptide-1 also known as GLP-1 is a hormone produced in the gut that is released in response to the food consumed by an individual. The peptide reduces the appetite of an individual and helps to secrete insulin in the body among obese patients. In recent years, external injection of GLP-1 has been witnessing a significant traction due to increase in the number of doctor prescription for these hormones. The rising number of novel GLP-1 analogue launches is thus expected to indirectly provide opportunities for the manufacturers to develop therapy specific pen needles with incorporation of features such as bore size, length and material that is not reactive with the biologic.

Pen Needles Market Report Segmentation Analysis

Key segments that contributed to the derivation of the pen needles market analysis are type, therapy, and length.

  • Based on type, the pen needles market is bifurcated into standard pen needles and safety pen needles. The standard pen needles segment held a larger market share in 2023.
  • By cause, the market is segmented into insulin therapy, GLP-1 therapy, and growth hormone therapy. The insulin therapy segment held the largest share of the market in 2023.
  • In terms of category, the market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. The 4mm segment held the largest share of the market in 2023.

Pen Needles Market Share Analysis by Geography

The geographic scope of the pen needles market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the market. Increasing geriatric population, rising prevalence of diabetes, favourable reimbursement for diabetes care consumables and supplies, increasing healthcare expenditure, advancement in the technological developments, and the major presence of the key players in this market is going to propel the market growth.

Pen Needles Market Report Scope

Pen Needles Market News and Recent Developments

The pen needles market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the pen needles market are listed below:

  • The U.S. Food and Drug Administration (FDA) approved Mounjaro (tirzepatide) injection, Eli Lilly and Company's new once-weekly GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes. (Source: Eli Lilly and Company, Press Release, May 2022)

Pen Needles Market Report Coverage and Deliverables

The “Pen Needles Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

  • Pen needles market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Pen needles market trends as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Pen needles market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the pen needles market
  • Detailed company profiles
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Therapy, Length, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Frequently Asked Questions

Which region dominated the pen needles market in 2023?

North America dominated the market in 2023.

What are the driving factors impacting the pen needles market?

The rise in number of patients suffering from diabetes and rising adoption of insulin injection pens over traditional syringes and vials are the factors bolstering the market.

What are the future trends of the pen needles market?

Rising awareness about the self-administration of insulin therapy is likely to act as future trends in the market.

Which are the leading players operating in the pen needles market?

BD, NOVO NORDISK A/S, YPSOMED AG, B. Braun Melsungen AG, Owen Mumford Ltd, HTL-Strefa S.A., Ultimed Inc, Terumo Corporation, Allison Medical Inc, and Artsana S.p.A. are the leading players operating in the pen needles market.

What would be the estimated value of the pen needles market by 2031?

The estimated value of the market by 2031 will be US$ 5.40 billion.

What is the expected CAGR of the pen needles market?

The market is estimated to grow at a CAGR of 11.1% during 2023–2031.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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