Pen Needles Market: Growth, Size, Share, and Trends

OPPORTUNITY: Emerging economies to offer high-growth potential

Emerging markets such as China, India, Mexico, and Brazil are fast-growing markets. The growing prevalence and incidence of diabetes in larger populations of India and China are lucrative markets for pen needles. In addition, the growing healthcare expenditure in these countries poses a great opportunity for the pen needles market.

In addition, infrastructural developments in healthcare facilities, increasing healthcare expenditure, and the low-cost manufacturing advantage offered by emerging countries in the Asia Pacific are expected to encourage market players to invest in this region in the coming years.

These developing countries have a large population with a huge patient pool for diabetes and cancer, which require treatment. For example, in 2021, the International Diabetes Foundation reported several cases of diabetes that exceeded 101 million in India, whereas this was around 77 million in 2019; by 2045, this will increase to more than 134 million. Furthermore, and another 136 million Indians are in the pre-diabetes stages.

The growing per capita income and healthcare expenditure in developing countries across the Asia Pacific and Latin America has increased patient access to advanced healthcare treatments. According to the International Monetary Fund (IMF), China has shown a considerable increase in its GDP per capita. The GDP per capita has increased up to USD 12.81 thousand by 2022, from the figure of 2019 of USD 10.10 thousand. Disposable income in India would reach USD 2.38 billion by 2022 as compared to 2020 from USD 1.91 billion, as shown by International Monetary Fund.

With visible growth prospects, many global pen needles manufacturers are investing in the emerging markets of the Asia Pacific and Latin American regions. The low-cost manufacturing in these emerging markets also provides an added advantage for players to establish manufacturing facilities and improve profits.

CHALLENGES: Reuse of pen needles

In various regions worldwide, needle reuse has been common practice, and the rate of pen needles reuse differs geographically from as low as 30% to an astonishing 95% of patients who reuse their needles. It was reported that 98.35% of patients reused insulin pen needles in China, according to a study in Value Health Journal.

The most common reasons for this are unaffordability, lack of or no reimbursements in many developing countries, and convenience. The reuse of pen needles is a leading factor challenging market growth, as this curtails the demand for new needles. Furthermore, a study conducted by the Moscow Regional Research Clinical Institute found that bacteria were present on pen needles post-use and that bacterial growth on needles increased with further reuse. Reusing a pen needle can lead to multiple complications such as poor glycemic control, infection, and lipohypertrophy, indicating safety concerns tied to needle reuse.