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SAN FRANCISCO , Aug. 9, 2022 /PRNewswire/ -- The global pen needles market size is expected to reach USD 7.7 billion by 2030, expanding at a CAGR of 12.1%, according to a new report by Grand View Research, Inc. Rising prevalence of diabetes is the primary reason for the significant growth of the industry.
Key Industry Insights & Findings from the report:
Read 105-page full market research report for more Insights, "Pen Needles Market Size, Share & Trends Analysis Report By Product (Standard, Safety Pen Needles), By Needle Length (4mm, 8mm), By Therapy (Insulin, GLP-1), By Region (APAC, Europe ), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Pen Needles Market Growth & Trends
According to the International Diabetes Federation (IDF), nearly 537 million people were suffering from diabetes in 2021 across the globe. Such a high prevalence of diabetes has led to the rising demand for pen needles. Patients suffering from diabetes commonly use injectable pen devices, which help in easy drug delivery. In addition, obesity is a significant cause of diabetes. Obese people often suffer from type 2 diabetes, which makes them one of the highest revenue contributors to the target market.
Thus, people with type 2 diabetes are the common target population for companies manufacturing pen needles. Rising technological advancements are also expected to drive industry growth. Pen needles allow comfort and an easy mode of insulin delivery. These devices are technologically advanced and provide a superior alternative drug delivery method in comparison to syringes and vials. For instance, Becton, Dickinson, and Company launched BD Ultra-Fine Nano 4mm Pen Needles with EasyFlow Technology, which will enable diabetic patients to easily adhere to insulin therapy regimens. Europe dominated the global industry in 2021 followed by North America owing to the high prevalence of diabetes in the region. On the other hand, Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period owing to the rising awareness levels among the diabetic population regarding easy drug delivery.
Grand View Research has segmented the global pen needles market on the basis of product, needle length, therapy, and region:
Pen Needles Market - Product Outlook (Revenue, USD Million, 2018 - 2030)
Pen Needles Market - Length Outlook (Revenue, USD Million, 2018 - 2030)
Pen Needles Market - Therapy Outlook (Revenue, USD Million, 2018 - 2030)
Pen Needles Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of Key Players in the Pen Needles Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Medical Devices Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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