In recent years, the incidence of diabetes, cardiovascular disorders, osteoporosis, and its associated diseases has significantly increased around the world. As a result, there is a growing need for the daily or weekly administration of drugs to treat such chronic conditions. Pen injectors, a new development in the field of injectable drug delivery, have become popular due to their ease of use, flexibility, convenience, and reliability. These devices allow patients to self-administer drugs without the need for a healthcare practitioner. This factor has played a pivotal role in increasing the sales of pen needles, which are a removable attachment for pen injectors and are often used for insulin delivery. During the forecast period, this healthcare landscape is poised to offer lucrative growth opportunities to key vendors in the global pen needles market, creating novel prospects for open innovation and MA.
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Growing Incidence of Diabetes to Notably Accelerate Pen Needles Market
The rapidly rising incidence of diabetes among the world’s younger as well as older individuals has opened new business outcomes for the pen needles market. A sedentary lifestyle, unhealthy dietary habits, and certain genetic factors are contributing to the early onset of diabetes among people. The occurrence of diabetes type 1 and 2 are a major concern among adults and millennials. According to the International Diabetes Federation, by 2030 it is estimated that 640 million people will have diabetes, and this number is projected to rise to 783 million by 2045. As the prevalence of diabetes increases, there will be a greater demand for efficient drug delivery systems which are poised to aid in the expansion of the global pen needles market.
Safety Pen Needles Attract Higher Demand in Pen Needles Market as They Enhance Patient Safety
Standard pen needles have been widely used for several years due to their daily use for administering large doses of medication to people with diabetes. They are also preferred by individuals with dexterity issues. These factors are expected to significantly contribute to the growth of the pen needles market. However, the development of safety pen needles, which reduce the risk of needlestick injuries and enhance patient safety and drug delivery, is set to provide tremendous growth opportunities to the pen needles market. Moreover, with the development of advanced technologies in the field of drug delivery, the demand for and use of safety pen needles is expected to increase in the coming years.
High Prevalence of Diabetes, and Robust Healthcare Ecosystem Unlock Fresh Growth Prospects in North America
The consumption of pen needles is expected to increase at a steady rate in developed countries in North America. The demand for pen needles is expected to be driven by the high prevalence of diabetes in the United States, and Canada. In these regions, the presence of a sophisticated healthcare infrastructure is also expected to bode well for their pen needles market. Moreover, the Asia Pacific’s pen needles market is predicted to flourish due to its favourable business environment, large patient pool, and profitable business activities among pharmaceutical and medical device manufacturers.
Prominent Market Players
Some of the major companies in the pen needles market are UltiMed Inc., B. Braun Melsungen AG, Novo Nordisk A/S, Becton Dickinson and Company, Ypsomed Holding AG, Artsana S.p.A, Nipro Corporation, Hindustan Syringes and Medical Devices, Owen Mumfrod, and Terumo Corporation.
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