U.S. Pen Needles Market Size to Hit USD 2.59 Billion By 2033

According to recent study by nova one advisor, the U.S. Pen Needles market size was exhibited at USD 992.80 million in 2023 and is projected to hit around USD 2,598.57 million by 2033, growing at a CAGR of 10.1% during the forecast period 2024 to 2033.

The growth of the U.S. pen needles market can be attributed to several key factors. Firstly, the rising prevalence of diabetes, coupled with an increasing aging population, has fueled the demand for insulin delivery devices such as pen needles. Secondly, technological advancements in pen needle design, including the development of shorter and finer needles, have enhanced patient comfort and adherence to insulin therapy, driving market growth. Additionally, initiatives aimed at promoting diabetes management and awareness, along with favorable reimbursement policies, have contributed to the expansion of the market. Furthermore, the convenience and ease of use offered by pen needles compared to traditional syringes have led to widespread adoption among diabetic patients, further bolstering market growth. Overall, these factors combined create a conducive environment for the continuous expansion of the U.S. pen needles market.

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Why Is Pen Needles Important?

Pen needles are crucial components in the management of diabetes, particularly for individuals who require insulin therapy. They play a pivotal role in administering insulin injections effectively and safely. Here's why pen needles are important:

• ?Precision and Accuracy: Pen needles ensure precise and accurate delivery of insulin doses, crucial for maintaining optimal blood glucose levels. This precision helps to prevent complications associated with erratic blood sugar levels, such as hyperglycemia and hypoglycemia.
• Convenience and Ease of Use: Compared to traditional syringes, pen needles offer greater convenience and ease of use. They are designed for self-administration, allowing diabetic patients to administer insulin injections at home or on the go without relying on healthcare professionals. This convenience promotes adherence to insulin therapy and empowers patients to manage their condition effectively.
• Patient Comfort: Modern pen needle designs prioritize patient comfort by incorporating features such as ultra-thin needles and innovative injection mechanisms. These advancements minimize pain and discomfort during insulin injections, enhancing the overall treatment experience for diabetic individuals.
• Reduced Risk of Needlestick Injuries: Pen needles feature safety mechanisms that reduce the risk of accidental needlestick injuries, protecting both patients and healthcare providers from exposure to bloodborne pathogens. This safety feature is particularly important in healthcare settings where multiple injections are administered daily.
• Customization and Adaptability: Pen needles are available in various lengths, gauges, and needle tip configurations, allowing for customization based on individual patient needs and preferences. This adaptability ensures optimal insulin delivery while catering to factors such as skin sensitivity and body composition.
• Promotion of Diabetes Management: By facilitating regular insulin administration, pen needles play a vital role in the effective management of diabetes. Proper insulin therapy helps to control blood sugar levels, prevent complications, and improve overall health outcomes for diabetic patients.

Key Takeaways:

• Insulin dominated the market with the highest revenue market share in 2023 of 84.11% and is also expected to grow at the fastest CAGR over the forecast period.
• Glucagon-like-Peptide-1 (GLP-1) is expected to witness lucrative growth during the forecast period.
• Standard pen needles dominated the market with the largest revenue share in 2023.
• Safety pen needles are expected to grow at the fastest CAGR of 11.9% during the forecast period.
• 5mm dominated the market and accounted for the largest revenue market share of over 20.19% in 2023.
• 4mm is anticipated to witness the fastest CAGR during the forecast period.

Why Use Pen Needles ?

Pen needles are commonly used in conjunction with insulin pens for administering insulin injections in people with diabetes. Here are several reasons why pen needles are preferred for insulin delivery:

• Convenience: Pen needles are compact and portable, making them convenient for people who need to administer insulin injections multiple times a day, whether at home or on the go.
• Ease of Use: Pen needles are designed for easy handling, making them suitable for self-injection by individuals with limited dexterity or mobility issues.
• Accurate Dosage: Pen needles come in various lengths and gauges, allowing for precise insulin dosage delivery based on individual needs.
• Reduced Pain: Many pen needles are engineered to minimize pain during injection through features like ultra-thin needles and advanced needle coatings.
• Reduced Risk of Needle Stick Injuries: Pen needles are typically designed for single-use only, reducing the risk of needle stick injuries and cross-contamination.
• Minimized Air Bubbles: Insulin pens often have mechanisms to minimize air bubbles, ensuring accurate insulin delivery and reducing the risk of dosage errors.
• Less Stigma: Insulin pens with pen needles are less conspicuous compared to traditional vial and syringe methods, reducing stigma and increasing acceptance among individuals with diabetes.

U.S. Pen Needles Market?Recent Developments

• In September 2022, Terumo India, a subsidiary of Terumo Corporation, has publicized the introduction of FineGlide, a Sterile Pen Needle. This product is intended for patients who need to administer insulin injections or other self-medication regularly.
• In May 2022, Novo Nordisk A/S discontinued the production of NovoTwist 32G 5 mm needles. However, Novo Nordisk provides a variety of other needle choices, such as the NovoFine Plus, which is their smallest and slimmest needle, engineered to enhance the comfort of injections.
• In February 2021, UltiMed Inc. announced their release of Ulticare safety pens that comes in two sizes, 5mm 30G and 8mm 30G. This technology hides the needle both before and after its use, aiding in the prevention of unintentional needle stick injuries. This innovation was made for safer injection and better customer experience.

Key U.S. Pen Needles Company Insights

Leading companies in the U.S. pen needles market are employing various strategic measures such as partnerships, expansion of products and services, mergers and acquisitions, and R&D investments to gain a competitive edge through advanced applications. The market is dominated by key players like Novo Nordisk A/S, Becton, Dickinson and Company, TERUMO CORPORATION, Owen Mumford Ltd., Ypsomed, B. Braun Melsungen AG, HTL-STREFA, UltiMed, Inc., Allison Medical, Inc., and Artsana S.p.a. These major firms are undertaking initiatives like mergers and acquisitions, new product developments, and geographical expansions to meet the growing patient needs. For instance, in February 2023, Montmed Inc. announced the issuance of a second U.S. patent for the Sitesmart Pen Needles.

U.S. Pen Needles Market Top Key Companies:

• Novo Nordisk A/S
• Becton
• Dickinson and Company
• Terumo Corp.
• Owen Mumford Ltd.
• Ypsomed
• B. Braun Melsungen AG
• HTL-STREFA
• UltiMed, Inc.
• Allison Medical, Inc.
• Artsana S.p.A.

U.S. Pen Needles Market Report Segmentation

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. Pen Needles market.

By Product?

• Standard Pen Needles
• Safety Pen Needles

By Needle Length?

• 4 mm
• 5 mm
• 6 mm
• 8 mm
• 10 mm
• 12 mm

By Therapy?

• Insulin
• Glucagon-like-Peptide-1 (GLP-1)
• Growth Hormone

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