The global market for microneedle drug delivery systems market is set to witness substantial growth over the next decade, driven by advancements in healthcare technologies and increasing demand for minimally invasive drug delivery methods. According to the latest market research conducted by Future Market Insights (FMI), the market is projected to achieve a robust compound annual growth rate (CAGR) of 6.6%, with a valuation of USD 768.9 million in 2023 expected to reach USD 1459.1 million by 2033.
Microneedle drug delivery systems offer a non-invasive or minimally invasive approach to administer medications and vaccines, utilizing microscopic needles to penetrate the skin’s outer layers painlessly. This technology is gaining traction in various medical applications, including diabetes management, vaccine delivery, and cosmetic treatments, due to its enhanced efficacy, patient compliance, and reduced side effects compared to traditional delivery methods.
Microneedle technology is becoming more and more popular due to its many benefits, which include less invasiveness, less pain, and better patient compliance. This technology is an essential feature of contemporary medical therapies since it makes administering insulin, vaccinations, and other medicinal chemicals easier.
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Key Takeaways from the Report
- Solid microneedles are expected to lead the market during forecast period of 2020-2030 among product type
- Hospitals are the leading end users of microneedle drug delivery systems, with specialty clinics gaining popularity.
- Specialty clinics are expected to grow at an accelerated rate as one of the key end users of microneedle drug delivery systems
- North America is the largest market for microneedle drug delivery systems. Along with Europe, it is expected to cover more than 70% of the market by end of 2030.
- East Asia is expected to be the fastest-growing regional market during the next decade.
“Companies operating in the market are leaving no stone unturned to introduce innovations. Some have even tied up with leading solutions provider to commercialize their innovations once approved. This is expected to pave way for the market’s growth in the near future” said a lead Analyst at FMI.
Covid 19 Restricting Pace of Growth
The onset of pandemic has disturbed the entire business ecosystem. With productions coming to a halt and supply chains disrupted due to lack of transport, manufacturers of microneedle drug delivery systems are impacted in a big way.
Also, because of several restrictions by governments like social distancing, doctors and practitioners are choosing to avoid any surgical treatments which are not absolutely and immediately necessary.
Furthermore, cosmetic field which is another major user of microneedle drug delivery systems is also impacted as almost all treatments under their umbrella are considered to be not urgent.
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Key Players:
3M Company, Becton, Dickinson and Company, Zosano Pharma Corporation, Raphas co. ltd., Nanopass Tech, Corium International, Inc., Valeritas, Inc., Nitto Denko Corporation, Microdermics, Inc., TheraJect Inc., Vaxxas Pty Ltd., Endoderma Ltd., QuadMedicine, SNvia Co., Ltd., Small Lab and AdminMed Nano BioSciences LLC
Consolidating their positions through mergers, acquisitions and new product launches, global microneedle drug delivery systems market players rely heavily on new product innovation and differentiation for gaining an edge over their competitors.
The market is poised to grow during the forecast period owing to the increasing cases of diseases and needle phobia among patients. However, changing regulatory dynamics are expected to affect the growth of microneedle drug delivery systems market in the future.
For instance, Zosano Pharma’s clinical trial of zolmitriptan with microneedle drug delivery system was stopped by U. S. Food and Drug Administration because inconsistencies were found in the drug delivery.
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Future Market Insights (FMI) brings the comprehensive research report on forecast revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The global microneedle drug delivery systems market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on microneedle drug delivery systems market on the basis of product type such as solid microneedles, hollow microneedles and dissolving microneedles. Based on end-user such as hospitals, ambulatory centers, specialty clinics, academic institutes and research institutes across seven major regions
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Key Segments
Product Type
- Solid Microneedles
- Silicon
- Metal
- Polymer
- Hollow Microneedles
- Dissolving Microneedles
End User
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Academic Institutions
- Research institutes
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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