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Global Pen Needles Market to Reach US$3.3 Billion by the Year 2026

Injection pen and pen needles have evolved as an alternative to the conventional methods such as the vial method or syringe method for delivering drugs into an individual`s body. Widely used by patients and healthcare providers to administer drugs for various diseases, pen needles have gained traction owing to the favorable reimbursement structure of several countries and advances in therapy. The pen needle market across the world is anticipated to register healthy growth in the years to come, owing to a rise in the number of individuals suffering from various diseases, specially diabetes and others. Preference to minimally invasive processes, expansion in the population of geriatric individuals, and growing awareness among diabetes patients about hassle-free drug delivery are expected to offer newer business opportunities in the market. The launch of various novel products such as short-length and ultra-thin needles that offer enhanced drug delivery systems, and favorable policies drafted by the government are likely to steer market growth in the coming few years. Chronic ailments such as diabetes, multiple sclerosis, osteoporosis, and cardiovascular diseases have been on the rise over the last few years. Treating these kinds of chronic ailments demands weekly or even daily administration of drugs mainly through pen injectors. Pen injectors are witnessing an upsurge in the demand owing to their reliability, ability for being self-administered sans the need for any physician, and easy-to-use attributes.

Amid the COVID-19 crisis, the global market for Pen Needles estimated at US$2.4 Billion in the year 2022, is projected to reach a revised size of US$3.3 Billion by 2026, growing at a CAGR of 8.7% over the analysis period. Standard, one of the segments analyzed in the report, is projected to grow at a 6.9% CAGR to reach US$2.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Safety segment is readjusted to a revised 11.4% CAGR for the next 7-year period. This segment currently accounts for a 35.8% share of the global Pen Needles market. The standard pen needles segment is dominant due to its extensive usage by diabetic individuals. Global market for safety needles is influenced by the strong emphasis on user safety and growing demand for cost effective solutions. The market is essentially driven by snowballing healthcare industry concerns over needle stick injuries and worker safety.

The U.S. Market is Estimated at $769 Million in 2022, While China is Forecast to Reach $255.8 Million by 2026

The Pen Needles market in the U.S. is estimated at US$769 Million in the year 2022. The country currently accounts for a 32.52% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$255.8 Million in the year 2026 trailing a CAGR of 9.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.4% and 7.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.9% CAGR while Rest of European market (as defined in the study) will reach US$270.6 Million by the end of the analysis period. While developed regions especially the US and Europe remain the dominant forces in the global pen needles market, developing market such as Asia-Pacific emerge as key growth drivers given the rapidly evolving healthcare sector in various countries across the region. Europe is projected to account for a larger share in the worldwide pen needles market, owing to an increase in R&D activities on diabetes care, advancements in technology, and rise in the diabetic population. The market for pen needles in Asia-Pacific region on the other hand is expected to grow rapidly. Growing awareness about the prevalence of medical care as well as treatment, increase in R&D activities, and expanding health care segment are some of the factors fostering growth in the region.