Pen Needles Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Type (Standard Pen Needles, Safety Pen Needles); Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm); Therapy (Glucagon-like Peptides, Insulin, Growth Hormones); Mode of Purchase (Retail, Non-Retail); Region and Country
Pen Needles Market was valued at ~US$ 2 billion in 2020 and is expected to grow at a CAGR of ~12% over the forecast period (2021-2027). Pen needles are used with the pen injectors for the delivery of injectable dosage forms. A pen needle consists of a hollow needle that fits in a plastic hub and is further connected to the injection pen for drug delivery. Diabetes patients mainly use pen needles because they require multiple insulin injections per day. In comparison to the traditional syringes and vials, pen needles are more convenient and highly effective. The demand for Pen needles is increasing on account of the rising prevalence of Diabetes, Obesity, coupled with the rise in the geriatric population, and rising awareness regarding minimally invasive procedures. As per the Centers for Disease Control and Prevention (2020), there were 34.2 million people affected with diabetes (10.5% of the US population) in 2020, out of which 26.9 million people were diagnosed and 7.3 million people (21.4% are undiagnosed) were undiagnosed with Diabetes.
Global Number of Diabetes (20–79?years), 2019
Insights Presented in the Report
“Amongst Type, Safety Pen Needles segment holds the major share.”
Based on Type, the market is fragmented into Standard Pen Needles and Safety Pen Needles. The Standard Pen Needles segment holds the largest share in 2020 and the Safety Pen Needles sub-segment is expected to grow at lucrative during the forecasted period. The increasing awareness regarding the risks associated with blood-borne pathogen transmission, needle safety concerns amongst patients and doctors is intensifying the segment growth. As per the WHO report, at least 50% of injections in 14 of 19 countries were unsafe. Moreover, the association of unsafe injection practices leads to the transmission of bloodborne viruses such as hepatitis B and C, Ebola, Lassa virus infections, and malaria.
“Amongst Length, 8mm segment is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Length, the market is fragmented into 4mm, 5mm, 6mm, 8mm, 10mm, and 12mm. The 8mm segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the high adoption of these needles among diabetes patients. The pen injectors have become the new standard for injectable drug delivery systems owing to their reliability, simplicity, as well as the ability to be administered directly by the patient without the aid of a physician.
“Amongst Therapy, Insulin is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Therapy, the market is fragmented into Glucagon-like Peptides, Insulin, and Growth Hormones. The Insulin segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising diabetic population. As per the IDF Diabetes Atlas Ninth edition 2019 report, approximately 463 million adults (20-79 years) were living with diabetes; by 2045 this will rise to 700 million.
“Amongst Mode of Purchase, Retail segment are anticipated to grow at the highest CAGR during the analyzed period.”
Based on Mode of Purchase, the market is fragmented into Retail and Non-Retail. The Retail segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to several discounts offered on retail purchases of pen needles, high convenience, rising awareness on pen needles, and the favorable reimbursement scenario in North America and Europe
“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Pen Needles market.”
For a better understanding of the market adoption of Pen Needles, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Pen Needles market on account of the increasing geriatric population coupled with the rising prevalence of diabetes diseases, favorable reimbursement policies, several Government initiatives to create awareness about injection techniques and high healthcare spending. As per the World Bank, the North America health expenditure (% of GDP) was 16.42 in 2018. The Center for Disease Control and Prevention (CDC) estimates that over 34 million Americans suffer from diabetes, representing over a tenth of the population as of 2020. Moreover, as per the American Diabetes Association (ADA), there are over a million new cases of diabetes across the country annually. An estimated 88 million adults have prediabetes, accounting for 34.5% of the US adult population.
Some of the major players operating in the market include Allinson Medical, Inc., Artsana S.p.a, B. Braun Melsungen AG, Becton Dickinson and Company, HTL Strefa S.A., Novo Nordisk, Owen Mumford Ltd., Terumo Corporation, Ultimed Inc., and Ypsomed Holding AG. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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1.1. Market Definitions
1.2. Objective of the Study
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Global Pen Needles Market Study
2.1. Research Methodology for the Global Pen Needles Market
2.1.1. Main Objective of the Global Pen Needles Market
GLOBAL PEN NEEDLES MARKET REVENUE (USD MN), 2019-2027F
6.1. Standard Pen Needles
6.2. Safety Pen Needles
8.1. Glucagon-like Peptides
8.3. Growth Hormones
10.1. North America Pen Needles Market
10.1.1. United States
10.1.3. Rest of North America
10.2. Europe Pen Needles Market
10.2.2. United Kingdom
10.2.5. Rest of Europe
10.3. Asia Pacific Pen Needles Market
10.3.5. Rest of Asia Pacific
10.4. Rest of the World Pen Needles Market
11.1. Demand Side Analysis
11.2. Supply Side Analysis
11.2.1. Top Product Launches
11.2.2. Top Business Partnerships
11.2.3. Top Business Expansions, Investments and Divestitures
11.2.4. Top Merger and Acquisitions
|VALUE CHAIN ANALYSIS|
GLOBAL PEN NEEDLES MARKET TRENDS & INSIGHTS
14.1. Market Drivers
14.2. Market Challenges
14.3. Impact Analysis
GLOBAL PEN NEEDLES MARKET OPPORTUNITIES
16.1. Porter’s Five Forces Analysis
16.1.1. Bargaining power of Supplier
16.1.2. Bargaining power of Buyer
16.1.3. Industry Rivalry
16.1.4. Availability of Substitute
16.1.5. Threat of new Entrants
16.2. Competitive Landscape
16.2.1. Company Shares, By Revenue
17.1. Allinson Medical, Inc.
17.2. Artsana S.p.a
17.3. B. Braun Melsungen AG
17.4. Becton Dickinson and Company
17.5. HTL Strefa S.A.
17.6. Novo Nordisk
17.7. Owen Mumford Ltd.
17.8. Terumo Corporation
17.9. Ultimed Inc.
17.10. Ypsomed Holding AG
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Pen Needles market were the three major steps undertaken to create and analyze the adoption of Pen Needles for the different applications across major Mode of Purchase such as Retail and Non-Retail. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Pen Needles sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to.
Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Pen Needles through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Pen Needles market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Type, Length, Therapy, Mode of Purchase, and Region. Further country-level analyses were conducted to evaluate the overall adoption of Pen Needles in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Pen Needles. Further, we conducted factor analysis using dependent and independent variables such as the increasing R&D expenditure in the pharmaceutical industry, and the growing number of Diabetes Incidents.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Pen Needles Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the adoption rate of Pen Needles across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Pen Needles market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Pen Needles market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type, Length, Therapy, Mode of Purchase, and Region of the Pen Needles market.
Main Objective of the Pen Needles market Study
The current & future market trends of Pen Needles were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Pen Needles in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of Type, Length, Therapy, Mode of Purchase, and Region
- Define and analysis of the regulatory framework for the Pen Needles industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Pen Needles market for the major region
- Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and Rest of the World
- Company profiles of the Pen Needles market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry