Pen Needles Market Market Growth 2024 To 2032:
The growth of the global pen needles market is driven by multiple factors, including an increase in the prevalence of chronic conditions, a surge in awareness and adoption of injector pens, and advantages offered by pen needles over traditional syringes. The rising prevalence of chronic diseases, such as diabetes, necessitates frequent and precise administration of medications, which has led to an increased demand for pen needles. Moreover, the growing awareness and adoption of injector pens as a preferred method for self-administration of medications have propelled the market forward, as these devices offer ease of use, accurate dosing, and reduced needlestick injuries. Pen Insulin Needle
The pen needles market was valued at $1.7 billion in 2022, and is estimated to reach $4.5 billion by 2032, growing at a CAGR of 10.3% from 2023 to 2032.
Impact of COVID-19 on Pen Needles Market:
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Advancements in needle technology, such as ultra-thin and pain-free needles, are driving the demand for pen needles and hence contributing to the pen needles market share. The availability of a wide range of pen needle sizes and brands as well as the convenience and accessibility offered by online providers boost the growth of this market. With increasing awareness about the benefits of using pen needles for insulin injection and other medical procedures, the pen needle market is expected to continue to experience steady growth in the coming years.
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The standard pen needles segment held the highest market share in 2022, accounting for more than three-fifths of the global pen needles market revenue and is estimated to maintain its leadership status throughout the forecast period. On the other hand, safety pen needles segment is projected to manifest the highest CAGR of 11.6% from 2023 to 2032, owing to the rising cases of needle stick injuries around the globe.
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