New York, March 20, 2023 (GLOBE NEWSWIRE) -- The Microneedle Drug Delivery Systems Market revenues were estimated at US$ 6.4 Billion in 2023 and is anticipated to grow at a CAGR of 5.4% from 2023-2033, according to a recently published Persistence Market Research report. By the end of 2032, the market is expected to reach US$ 10.9 Billion.
The rising interest in nonoral routes of drug administration, such as transdermal and intradermal drug delivery systems, early-phase disease diagnosis and treatment, and a rapidly expanding population is driving the growth in the demand for microneedle drug delivery systems during the forecasted period.
The primary benefit of Microneedle Drug Delivery Systems is that they provide safer alternatives to conventional hypodermic injections. The popularity of microneedle drug delivery systems is also projected to increase owing to growing safety concerns.
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If a new microneedle patch is used, it makes it easier to vaccinate patients against diseases. Consequently, the demand for immunization for diseases like measles has made the procedure for using the microneedle drug delivery system increasingly popular. Additionally, those who lack medical training are able to apply the microneedle patch safely and effectively.
Competitive Landscape
The key players operating in the microneedle drug delivery systems market include Raphas Co. Ltd., Becton Dickinson and Company, NanoPass Technologies Limited, 3M, Zosano Pharma Corporation, Corium International Inc., Valeritas Inc., Nitto Denko Corporation, Microdermics Inc., TheraJect Inc., Vaxxas Pty Ltd., Endoderma Ltd., QuadMedicine, SNvia Co. Ltd., and Small Lab.
Some of the recent developments of key Microneedles Drug Delivery Systems providers are as follows:
- In June 2021, Nanopass Technologies stated that its microneedle-based technology for intradermal drug delivery named MicronJet, has received FDA clearance and CE marking.
- In June 2021, TSRL and PharmaTher partnered to develop microneedle patches. The partnership will enable them to collect and pool resources and intelligence for developing intradermal delivery devices to be used in therapeutic areas of field and focus.
- In June 2021, The Austrian Institute of Technology partnered with In-Vision and DirectSens, for launching the NUMBAT research project. It will be done to leverage high-resolution DLP 3D printing to develop several polymeric microneedles for minimally invasive and less painful glucose monitoring.
- In June 2021, Aesthetics Biomedical received FDA clearance for its Vivace RF Micro-needling device. It can be used in 1MHz as well as 2MHz frequency. It was designed to provide patients with brighter radiant skin.
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Microneedle Drug Delivery Systems Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals insights on Microneedle Drug Delivery Systems Market
- by Type (Solid, Hollow, Dissolving, Coated, Other Types),
- by Material (Silicon, Metal, Polymer, Other Materials),
- by Application (Dermatology, Drug Delivery, Pain Management, Cancer Therapy, Vaccine Delivery, Other Applications),
- across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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