The pen needles market is estimated to account for US$ 2,280.6 Mn by the end of 2025, escalating at a CAGR of 4.6% during the forecast period from 2018 to 2025, rising from US$ 1,603.8 Mn in 2017. The rise in the number patients suffering from diabetes as well as increasing obese population that is at high risk of diabetes are expected to fuel the growth of global pen needles market. For instance, according to the International Diabetes Federation (IDF), approximately 642 million people globally are estimated to have diabetes by 2040. However, the availability of alternative procedures for drug delivery and liquid administration are expected to confine the market growth. Adoption of safety needles over standard pen needles is expected to be one of the prevailing trend in the global pen needles market.
The global market for pen needles on the basis of therapy is segmented into insulin therapy, GLP-1 and growth hormone. The insulin therapy is expected to be the largest as well as fastest growing segment in the market. Insulin is the most widely recommended and common biologic required by an individual suffering from diabetes. In addition, increasing adoption of self-administration of insulin among diabetic patients is also expected to showcase lucrative growth rates for insulin therapy segment over other segments in the forecast years.
On the basis of length, the global pen needles market is segmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. The 4mm segment is expected to contribute a dominant share in the global pen needles market. This attributes to the effective delivery offered by 4mm needles over other lengths. Moreover, these needles are ideal to be used by individuals of all age groups as well as skin thickness and BMI ratios. Several other benefits offered by 4mm pen needles includes higher level of comfort, easy penetration of insulin and easy availability which is likely to propel the demand for 4mm over the forecast period.
The market for pen needles was estimated through extensive primary and secondary sources that included a vast array of government authorized websites such as World Health Organization (WHO), Centers for Disease Control & Prevention (CDC), Food & Drug Administration (FDA), United Nations (UN), International Diabetes Federation (IDF), American Diabetes Association (ADA), National Institute of Health (NIH), Japan Association for Diabetes Education and Care and others. The primary respondents included chair-holders and representatives of the demand and supply side for urinary catheter industries as well as medical professionals at various hospitals, clinics, and research centers.