The North America Pen Needles Market would witness market growth of 8.0% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 23,907.7 thousand Units, showcasing a growth of 8.0% (2019-2022).
Safety concerns are a significant restraint of the market. One of the main concerns is the risk of accidental needlestick injuries, which can occur when the needle is not properly disposed of or when it accidentally punctures the skin of a healthcare worker or another person. This can lead to the transfer of bloodborne pathogens like hepatitis B, hepatitis C, and HIV. Thus, proper disposal of used pen needles is essential to minimize the risk of accidental needlestick injuries and prevent the spread of infectious diseases.
As more individuals are diagnosed with diabetes, there is a growing demand for insulin pens and the associated pen needles. It offers a more convenient and discreet insulin administration than traditional vial and syringe methods. Safety features like needle shields to prevent needlestick injuries have also contributed to the market's growth. Regulatory bodies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), have established guidelines and requirements for the safety and efficacy of pen needles, increasing the quality of these devices. Growing awareness of the importance of diabetes management and the availability of user-friendly insulin delivery devices, like insulin pens, have led to increased adoption.
According to the National Library of Medicine, in 2020, more than 30 million people in the United States lived with diabetes. Over 15% of people living with diabetes use insulin therapy. The growing adoption of insulin therapy in the United States is a crucial driver for the pen needles market, as more individuals require insulin for diabetes management. This trend has led to innovation in pen needle design, ensuring better patient comfort and safety during injections. As diabetes management continues to be a priority in the U.S. healthcare system, the demand for pen needles is expected to remain strong. Due to the elements mentioned above the market will grow significantly in this region.
The US market dominated the North America Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $700.4 million by 2030. The Canada market is exhibiting a CAGR of 10.4% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 9.4% during (2023 - 2030).
Based on Type, the market is segmented into Standard Pen Needles, and Safety Pen Needles. Based on Setting, the market is segmented into Homecare, Hospitals & Clinics, and Others. Based on Application, the market is segmented into Insulin, Glucagon-like-Peptide-1 (GLP-1), Growth Hormone, Osteoporosis, and Others. Based on Length, the market is segmented into 8mm, 6mm, 5mm, 10mm, 12mm, and 4mm. Based on Mode of Purchase, the market is segmented into Over the Counter, Prescription-based, Online Purchase, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Pen Needles Market is Predict to reach $3.1 Billion by 2030, at a CAGR of 9.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Embecta Corp., Novo Nordisk A/S, Ypsomed AG, B. Braun Melsungen AG, Terumo Corporation, Nipro Corporation, Owen Mumford Limited, Arkray, Inc., UltiMed, Inc. and Allison Medical, Inc.
By Type (Volume, Thousand Units, USD Billion/Million, 2019-2030)
By Setting (Volume, Thousand Units, USD Billion/Million, 2019-2030)
By Application (Volume, Thousand Units, USD Billion/Million, 2019-2030)
By Length
By Mode of Purchase (Volume, Thousand Units, USD Billion/Million, 2019-2030)
By Country (Volume, Thousand Units, USD Billion/Million, 2019-2030)
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