{"product_id":"global-pen-needles-market-2023-2030","title":"Global Pen Needles Market - 2023-2030","description":"\u003cp\u003eGlobal Pen Needles Market - 2023-2030\u003cbr\u003e\nGlobal Pen Needles Market reached US$ YY billion in 2022 and is expected to reach US$ YY  million by 2030 growing at a CAGR of YY% during the forecast period 2023-2030.\u003c\/p\u003e\n\n\u003cp\u003eA pen needle comprises a hollow needle fixed in a plastic hub and connects to the injection pen. Pen needles are available in different lengths and diameters. Health professionals also use these pen needles to inject different medications.\u003c\/p\u003e\n\n\u003cp\u003ePeople with diabetes commonly use pen needles, as they require multiple insulin injections per day. Pen needles are intended to be used with a pen injector device for the subcutaneous injection of insulin. Insulin pen needles range from 4 millimeters to 12 mm in length, and 29 to 32 gauge in diameter.\u003c\/p\u003e\n\n\u003cp\u003eMarket Dynamics\u003c\/p\u003e\n\n\u003cp\u003eIncreasing product launches\u003c\/p\u003e\n\n\u003cp\u003ePen needles are frequently used by diabetics who frequently need many daily insulin injections. The increasing number of product launches for pen needles acts as a significant driver for market growth. Also, many significant companies play a major role in the advancements of the market by launching new treatment pen needles.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, in May 2022, Roche Diabetes Care launched ACCU-FINE, a quality pen needle to make the process of insulin delivery smoother and virtually painless for people with diabetes. This needle features a unique tip cut to guarantee gentle insertion and a thin wall to promote quick insulin flow.\u003c\/p\u003e\n\n\u003cp\u003eAlso, in December 2021, Owen Mumford introduced the Unifine Ultra home-use pen needle. It is a one-of-a-kind home-use pen needle that is designed to offer a solution to help improve patient compliance and enhance the injection experience.\u003c\/p\u003e\n\n\u003cp\u003eFurthermore, significant growth drivers such as the rising prevalence and incidence of diabetes, the geriatric population, and, the inclination toward minimally invasive procedures are expected to drive the market in the forecast period.\u003c\/p\u003e\n\n\u003cp\u003ePreference for alternative modes of drug delivery\u003c\/p\u003e\n\n\u003cp\u003ePen needles are an easy, hassle-free mode of drug delivery but they are also associated with needlestick injuries and infections, hyperglycemia, and pain. Insulin pen therapy is seen to cause hyperglycemia in some patients, as the dose cannot be regulated. As a result, there has been a shift in diabetes treatment, from insulin pens to insulin pumps due to their ability to perform automated insulin suspension and decrease the risk of hypoglycemia.\u003c\/p\u003e\n\n\u003cp\u003eSegment Analysis\u003c\/p\u003e\n\n\u003cp\u003eThe global pen needles market is segmented based on product type, length, application, distribution channel and region.\u003c\/p\u003e\n\n\u003cp\u003eStandard pen needles accounted for approximately 51.2% of the market share\u003c\/p\u003e\n\n\u003cp\u003ePen needles generally do not require pinching of the skin for proper administration as happens in syringes. Standard pen needles are expected to hold the largest market share over the period forecast owing to increasing new standard pen needle launches and technical advancements.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, in September 2022, Terumo Corporation introduced the FineGlide, a sterile pen needle for patients requiring regular insulin injections or other self-medication. This pen needle is designed as a 3-bevel super sharp needle with a high-grade silicone surface.\u003c\/p\u003e\n\n\u003cp\u003eAdditionally, in September 2020, HTL-STREFA introduced Droplet Micron which is a new and innovative pen needle that is a thinner and shorter pen needle and reduces the penetration force required for an injection.\u003c\/p\u003e\n\n\u003cp\u003eGeographical Analysis\u003c\/p\u003e\n\n\u003cp\u003eNorth America is expected to hold a significant position in the global pen needles market share\u003c\/p\u003e\n\n\u003cp\u003eThe global pen needles market is segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa.\u003c\/p\u003e\n\n\u003cp\u003eNorth America has maintained a significant market proportion due to factors such as the rising prevalence of diabetes, and healthcare expenditure in treating diabetes, this trend is anticipated to continue throughout the forecast period.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, according to the Centers for Disease Control and Prevention 2022, an estimated 37.3 million people have diabetes in the U.S. and 28.7 million people including 28.5 million adults are diagnosed with diabetes. Hence, the demand for pen needles is increased for insulin drug delivery to diabetes patients.\u003c\/p\u003e\n\n\u003cp\u003eAdditionally, according to a Diabetes Canada report published in 2022, it states that there are 11.7 million Canadians living with diabetes or prediabetes. Also, the treatment of diabetes patients costs the healthcare system $30 billion annually. Therefore, due to the above factors, the usage of pen needles by diabetic patients for drug delivery increases which helps to boost the region’s growth.\u003c\/p\u003e\n\n\u003cp\u003eCOVID-19 Impact Analysis\u003c\/p\u003e \n\n\u003cp\u003eThe COVID-19 pandemic has had a significant impact on the global pen needles market. The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting regular diagnoses, treatments, device launches, and consultations worldwide. With the outbreak of the pandemic, many pharmaceutical or medical device manufacturing units faced labor shortages and were unable to travel to work due to lockdown restrictions. Therefore, owing to the above factors, the pen needles market is expected to be moderately affected over the forecast period.\u003c\/p\u003e\n\n\u003cp\u003eCompetitive Landscape\u003c\/p\u003e\n\n\u003cp\u003eThe major global players in the market include Becton, Dickinson and Company, AdvaCare Pharma, Narang Medical Ltd., Nipro Corporation, Novo Nordisk A\/S, B Braun SE, Allison Medical Inc., Terumo Corporation, Owen Mumford Trividia Health Inc. among others.\u003c\/p\u003e\n\n\u003cp\u003eKey Developments\u003cbr\u003e\n• In May 2022, in order to round up its selection of diabetes care solutions, Owen Mumford Ltd. declared that its newest safety pen needle joined the market-leading Unifine brand as Unifine SafeControl.\u003cbr\u003e\n• In February 2022, Gilde Healthcare acquired Europin, a manufacturer that produces pen cannulas, lancet needles, and special-purpose needles with an emphasis on injectable systems for self-medication in the areas of diabetes and hormone therapy.\u003c\/p\u003e\n\n\u003cp\u003eWhy Purchase the Report?\u003cbr\u003e\n• To visualize the global pen needles market segmentation based on product type, length, application, distribution channel and region as well as understand key commercial assets and players.\u003cbr\u003e\n• Identify commercial opportunities by analyzing trends and co-development.\u003cbr\u003e\n• Excel data sheet with numerous data points of pen needles market-level with all segments.\u003cbr\u003e\n• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.\u003cbr\u003e\n• Product mapping available as excel consisting of key products of all the major players.\u003c\/p\u003e\n\n\u003cp\u003eThe global pen needles market report would provide approximately 69 tables, 70 figures, and 185 Pages.\u003c\/p\u003e\n\n\u003cp\u003eTarget Audience 2023\u003cbr\u003e\n• Manufacturers\/ Buyers\u003cbr\u003e\n• Industry Investors\/Investment Bankers\u003cbr\u003e\n• Research Professionals\u003cbr\u003e\n• Emerging Companies\u003c\/p\u003e","brand":"Life Science","offers":[{"title":"October, 2023 \/ 195 Pages \/ MCW16256242","offer_id":47650521710898,"sku":null,"price":5220.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/global-pen-needles-market-2023-2030","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}