Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), and B. Braun Melsungen AG (Germany) are the Leading Players in the Pen Needles Market
The pen needles market is expected to reach USD 2.2 Billion by 2026 from an estimated USD 1.3 Billion in 2021, at a CAGR of 11.2%. Growth in the market is largely driven by the growing prevalence of chronic diseases and the favorable reimbursement scenario in selected countries. On the other hand, the preference for alternative modes of drug delivery, poor reimbursement in developing countries, and needle anxiety are expected to restrain the overall market growth. Misuse of insulin pens and reuse of pen needles are the challenges faced by the market. The growing preference for biosimilar drugs and emerging markets are areas of opportunity in the market.
Becton, Dickinson and Company (US) is the leader in the global pen needles market. It held first position in the pen needles market in 2020. The company offers a wide range of products, including standard and safety pen needles: BD Ultra-Fine Nano, BD PentaPoint products, and BD AutoShield Duo Pen Needles. BD also collaborates with universities, medical centers, and other entities to conduct R&D programs to support its efforts in specialized fields. The company’s R&D expenditure during 2020, 2019, and 2018 was estimated at USD 1,096.00 million, USD 1,062 million, and USD 1,004 million, respectively. BD markets its products through independent distribution channels and directly to end users through independent sales representatives. To maintain its position, the company has focused on geographical expansions and product launches. In 2019, BD launched its BD Nano second-generation pen in the market.
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Novo Nordisk A/S (Denmark) holds the second position in 2020. The company’s Diabetes Care segment, which offers safety pen needles (NovoFine Autocover) and standard pen needles (NovoFine Plus and NovoTwist), is its largest and fastest-growing business. As a significant volume of Novo Nordisk’s insulins is used in injectable devices, the company is witnessing a surge in the sale of its insulin pens and supplies, including pen needles. The company has distribution and production facilities in more than 75 countries and markets its products in more than 180 countries. In addition, Novo Nordisk has strategically placed its facilities in five countries across four continents. To build a sustainable market position, the company offers a dedicated program named “Defeat Diabetes,” with new long-term ambitions in areas critical to helping improve individual and public health.
Ypsomed Holding AG (Switzerland) held the third position in the global pen needles market. The company is a provider of insulin pumps and customized injection systems for biotechnology and pharmaceutical companies focused on diabetes, growth disturbances, infertility, and other therapeutic areas. Ypsomed is one of the world’s largest manufacturers of pen needles. The pen needles offered by the company are available in different lengths and fit in all injection pens. These pen needles have a special silicone coating for painless injection and are packed in different colors, which provide easy recognition of different length sizes. Its products range from conventional and inexpensive pen needles to pen needles equipped with highly advanced technologies. The company’s pen needles portfolio includes the mylife Penfine Classic needle and mylife Clickfine Autoprotect needle. Pen needles are the company’s only products sold indirectly through sales partners in various countries. The company focuses on launching new products to meet the customer needs for an easier injection experience. The company operates in Switzerland, France, Germany, the Netherlands, the US, the UK, and India. It focuses on emerging markets, particularly China, India, and South Africa.
Related Reports:
Pen Needles Market by Type (Standard Pen Needles, Safety Pen Needles), Length (4mm, 5mm, 6mm, 8mm, 10mm, 12mm), Therapy (Insulin, GLP 1, Growth Hormone), and Mode of Purchase (Retail, Non-Retail) - Global Forecast to 2026
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