The demand for advanced technology microneedles is expected to be very high. Cost-effectiveness, bioavailability, and the quick action of these technologies will all help the overall expansion. Demand from numerous sectors is projected to expand as the healthcare sector seeks advanced and accurate means for drug administration.
NEWARK, Del: 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 2022 and 2030. The market is witnessing surging demand in the field of pharmacy and cosmetics and surpassing US$ 1.2 Billion by 2030 from US$ 722.2 Million in 2022.
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 2022-2030 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.
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“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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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
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.
Key Segments of Microneedle Drug Delivery Systems Industry Survey
Microneedle Drug Delivery Systems Market by Product:
- Solid Microneedles
- Hollow Microneedles
- Dissolving Microneedles
Microneedle Drug Delivery Systems Market by End Use:
- Ambulatory Surgical Centers
- Specialty Clinics
- Academic Institutions
- Research Institutes
Full Report @ https://www.futuremarketinsights.com/reports/microneedle-drug-delivery-systems-market
Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
1.6. Transdermal Drug Delivery System Market
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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