In February 2023, Montmed, Inc. (Canada) announced issuance of a second US Patent for Sitesmart Pen Needles.
Northbrook, IL 60062 -- (SBWIRE) -- 12/04/2023 -- Pen Needles Market in terms of revenue was estimated to be worth $1.6 Billion in 2023 and is poised to reach $2.5 Billion by 2028, growing at a CAGR of 9.1% from 2023 to 2028 according to a new report by MarketsandMarkets™.
The increasing healthcare expenditure on diabetes care, and mandates pertaining to safety pen needles are some factors that provide lucrative opportunities for key players in the market. However, reuse and misuse of pen injectors, and factors such as needles anxiety and preference of alternative modes of drug delivery, such as infusion pumps, are expected to restrain the market and pose significant challenges for market players.
The pen needles industry is poised for substantial growth in the near future as advancements in diabetes management and injectable therapies continue to drive innovation. With a rising global prevalence of diabetes and an increasing emphasis on patient convenience and safety, pen needles are expected to evolve with more user-friendly designs, enhanced precision, and compatibility with a wider range of drug formulations. The integration of smart technology, such as Bluetooth connectivity and dose tracking, will likely become more common, allowing patients and healthcare providers to monitor and optimize treatment regimens. Moreover, the industry is anticipated to witness increased competition and investment, resulting in cost-effective and sustainable solutions for individuals with diabetes, ultimately improving their quality of life and treatment outcomes.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75948613
Browse in-depth TOC on "Pen Needles Market"
150 - Tables
80 - Figures
250 - Pages
"Discounts offered on the online purchases of pen needles to drive the growth of this segment"
Online purchase is the fastest growing segment of the pen needles market, by mode of purchase. The convenience of online purchases, and time-efficient drive the growth of this segment. Additionally, patients who need pen needles on a regular basis can even get subscriptions for a monthly supply, which further makes it more convenient.
The over-the counter purchase segment accounted for the largest share of the pen needles market by mode of purchase, in 2022. This is due to the large number of patients buying pen needles from local pharmacies without the need of a prescription. Additionally, distributors and suppliers provide discounts to hospitals and clinics on bulk purchases, which further contributes to the large share of this segment.
"Asia Pacific likely to emerge as the fastest-growing pen needles market, globally"
The pen needles market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa. Asia Pacific attributes to the highest growth rate amongst the other regions. The emerging Asian countries, such as China, India, and Japan, are offering significant growth opportunities for market players. The expansion of healthcare infrastructure and increase in disposable incomes, increase incidences of diabetes are factors which are likely to support the growth of pen needles market in the region.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=75948613
Pen Needles Market Dynamics:
1. Growing adoption of self-administration
1. Preference for alternative modes of drug delivery
1. Emerging markets
1. Reuse of pen needles
Key Market Players of Pen Needles Industry:
The key players in the pen needles market B. Braun Melsungen AG (Germany), Embecta Corp. (US), and Novo Nordik A/S (Germany). These companies adopted strategies such as collaborations, partnerships, and investments to strengthen their presence in the market.
- In February 2023, Montmed, Inc. (Canada) announced issuance of a second US Patent for Sitesmart Pen Needles.
- In April 2022, Embecta Corp. (US) completed the spin-off from Becton, Dickinson and Company (US) and started operating globally as a standalone pure-play diabetes care company.
- In February 2021, UltiMed, Inc. (US) launched UltiCare safety pen needles in two sizes, 5mm 30G and 8mm 30 G.
- In January 2021, NHS (UK) chose Owen Mumford (UK) as the sole supplier of safety pen needles. With this partnership, Owen's pen needles will be used in all NHS Wales hospitals.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=75948613
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062