Emerging applications of microneedle drug delivery systems are expected to fuel their demand over the next decade. According to a recent report published by Future Market Insights (FMI), the global microneedle drug delivery systems market will grow at a CAGR of 6.6% between 2020 and 2030. The market is witnessing surging demand in the field of pharmacy and cosmetics.
The rising incidence of diseases such as cancer, diabetes, migraine, and others and the need to accurately administer medications are driving the market. Additionally, the demand for minimally invasive and painless treatment methods is expected to bode well for the market.
The report uncovers hidden growth opportunities. It also highlights potential threats to the market players. Some of the key takeaways from the report are highlighted below.
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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.
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.
Who is winning?
The key market players in microneedle drug delivery systems market include the 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
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Key Segments Of Microneedle Drug Delivery Systems Industry Survey
Microneedle Drug Delivery Systems Market by Product:
- Solid Microneedles
- Silicon
- Metal
- Polymer
- Hollow Microneedles
- Dissolving Microneedles
Microneedle Drug Delivery Systems Market by End Use:
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Academic Institutions
- Research Institutes
Microneedle Drug Delivery Systems Market by Region:
- North America Microneedle Drug Delivery Systems Market
- Latin America Microneedle Drug Delivery Systems Market
- Europe Microneedle Drug Delivery Systems Market
- East Asia Microneedle Drug Delivery Systems Market
- South Asia & Pacific Microneedle Drug Delivery Systems Market
- Middle East & Africa (MEA) Microneedle Drug Delivery Systems Market
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Why Future Market Insights?
- Comprehensive analysis on evolving purchase pattern across different geographies
- Detailed insights of market segments and sub-segments for historical as well as forecast period
- A competitive analysis of prominent players and emerging players in the keyword market
- Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years
Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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