Microneedle Drug Delivery Systems Market 2022 Development Status, Competition Analysis, Type and Application 2030
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.
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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.
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.
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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
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.
Possibilities for Diverse Applications Aiding Growth
Microneedles backed by advance technological are expected to witness surge in demand. Factors such as cost effectiveness, bio availability, and quick action of these tools will also aid in the overall expansion. With healthcare sector seeking out advanced and precise methods for drug administration, demand from diverse sectors are likely to increase.
Microneedle producers will therefore witness demand in several other fields of applications such as pharmaceutical therapies, cosmetic therapies, and vaccinations. Market potential for global microneedle drug delivery systems also is growing owing to the demand from various biomedical uses such as long term treatment of disease, disease diagnosis, immune biological administration etc.Key Segments
- Solid Microneedles
- Hollow Microneedles
- Dissolving Microneedles
- Ambulatory Surgical Centers
- Specialty Clinics
- Academic Institutions
- Research institutes
- North America
- Latin America
- East Asia
- South Asia
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Key Questions Answered in the Report
What is the expected growth rate for microneedle drug delivery systems market?
Which is the largest market for microneedle drug delivery systems based on region?
Which are the top companies influencing the microneedle drug delivery systems market?
What are the major applications of microneedle drug delivery systems ?
Which is the leading end-use industry in microneedle drug delivery systems market?
What is the regional outlook of the microneedle drug delivery systems market?
Future Market Insights
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