Wilmington, Delaware, United States, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global North America safety pen needles market is projected to flourish at a CAGR of 6.4% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 1.17 billion is anticipated for the market in 2031. As of 2023, the market for North America safety pen needles is expected to close at US$ 709.1 million.
Increasing prevalence of diabetes in North America, as millions of individuals are diagnosed with the condition. The need for insulin administration among diabetes patients drives the demand for safety pen needles.
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Competitive Landscape
The global North America safety pen needle market is consolidated, with the presence of a small number of large players in the international markets and a few small players in regional markets. Prominent players operating in the global North American safety pen needle market include
- Becton, Dickinson, and Company
- Montmed Inc.
- UltiMed, Inc.
- Arkray USA, Inc.
- McKesson Medical-Surgical Inc.
- Links Medical Products Inc.
- Allison Medical Inc.
Key Developments in the North America Safety Pen Needles Market
- UltiMed is known for its UltiCare safety pen needles, which are designed to provide a secure injection experience for patients. They have been focusing on product enhancements and expanding their market presence.
- BD is a major player in the safety pen needle market, known for its BD Ultra-Fine™ pen needles. Recent developments may include the introduction of new safety features to enhance needlestick injury prevention and patient comfort. BD may have been actively collaborating with diabetes organizations and healthcare providers to promote the adoption of safety pen needles.
Increasing awareness among healthcare practitioners about the importance of safe injection practices to prevent needlestick injuries, cross-contamination, and infection transmission, drives the North America safety pen needles market.
According to the Centers for Disease Control and Prevention (CDC), in 2022, 11.3% of the U.S. population was suffering from diabetes, which accounted for around 37.3 million people, including 28.5 million people who were diagnosed and 8.5 million people who remained undiagnosed.
The introduction of technologically advanced pen needle devices is anticipated to augment the market in demand during the forecast period. Pharmaceutical companies manufacturing insulin products often collaborate with safety pen needle manufacturers to provide integrated solutions. These partnerships encourage the adoption of safety pen needles in North America.
Key Takeaways from the Market Study
- As of 2022, the North America safety pen needles market was valued at US$ 666.4 million
- By therapy, the insulin segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on needle length, the 5 mm segment dominated the market in the region, due to an increase in the adoption of 5 mm safety pen needles among diabetes patients.
- Based on end-use, the long-term care facility segment is expected to generate high revenue during the forecast period.
North American Safety Pen Needles Market: Key Trends and Opportunistic Frontiers
- The increasing aging population in North America and increased risk of chronic conditions like diabetes, which often require insulin therapy. As the population continues to age, the demand for safety pen needles is expected to grow.
- Ongoing technological advancements in safety pen needle design have improved ease of use, comfort, and safety for patients. Features such as automatic needle retraction and shielded needles reduce the risk of needlestick injuries.
- Manufacturers and healthcare organizations have launched patient education programs to raise awareness about diabetes management and the importance of safe injection practices, including the use of safety pen needles.
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Country-wise Outlook of North America Safety Pen Needles Market
- The United States is the largest market for safety pen needles in North America owing to the high prevalence of diabetes, a large aging population, and a well-established healthcare infrastructure. The presence of key players in the country such as Becton Dickinson and Company, Montmed Inc., UltiMed, Inc., and Arkray USA, Inc., boost the market demand.
- Canada is expected to offer significant opportunities in the safety pen needle market driven by a growing diabetes population and an increasing emphasis on patient safety. Regulatory agencies in Canada, such as Health Canada, closely monitor and approve medical devices, including safety pen needles, contributing to the market's stability.
North America Safety Pen Needles Market – Key Segments
Safety Pen Needles Market
By Needle Length
- 4 mm
- 5 mm
- 6 mm
- 8 mm
By Therapy
- Insulin
- Glucagon-like Peptide 1 (GLP-1)
- Growth Hormone
By End-user
- Long-term Care Facilities
- Acute Care Facilities
- Home Care Settings
Region
- North America
Countries Covered
- United States
- Canada
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