NEWARK, Del, Aug. 22, 2022 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest industry analysis, the global dissolving microneedles market is estimated to reach US$ 40.22 Mn in 2022 and is further expected to grow at a CAGR of close to 9.5% over the forecast period, totaling around US$ 99.24 Mn by 2032.
Microneedles have been and continue to be a focus of research for a variety of medicinal purposes. Research on dissolving microneedles is expanding quickly, both in academic institutions and in many therapeutic clinical applications. Till December 2021, ten clinical trials employing dissolving microneedles were conducted.
Clinical trials for dissolving microneedles concentrate on their therapeutic application for cosmetics, anti-infectives (mostly vaccines), cancer, and skin diseases. Thus, strong product pipeline of dissolving microneedles for numerous applications is anticipated to drive market growth for dissolving microneedles.
Furthermore, the emergence of dissolving microneedles as a better alternative to hypodermic needles for vaccination as well as for cosmetic application is boosting the demand for dissolving microneedles.
Instead of using a hypodermic needle, administering vaccines with a small patch coated in several soluble microscopic needles may result in safer, more effective vaccinations that anybody may administer.
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Needles used for hypodermic injections are regarded as biomedical waste and have to be disposed off in designated containers. The needles in the patch disappear into the body as soon as it is placed into the skin, leaving only the backing, which dissolves in water.
The reusing of needles, which occurs in areas with inadequate medical facilities, would be halted by the dissolving microneedle patches. The cost of the dissolving microneedle patches would be the same as that of traditional needles and syringes.
Additionally, dissolving microneedles can offer strong market potential with on-the-go and easy-to-use/administer dosage form in a minimally invasive manner. Also, there are a significant number of patients that are needle phobic, which makes the administration of vaccines difficult. Hence, there is significant demand for minimally invasive drug delivery systems like transdermal delivery of drugs.
Key Takeaways from Market Study
- By application, the wrinkle treatment segment holds approximately 84.5% market value share in 2021 and it is likely to grow at the highest CAGR over the forecast period.
- Based on distribution channel, online stores are projected to capture around 44.4% of the global market value by 2032.
- With rapidly expanding healthcare industry, Europe held a value share of around 30.7% of the global dissolving microneedles market in 2021.
- The dissolving microneedles market in South Korea is poised to grow at 6.7% during the forecast period.
- Germany’s dissolving microneedles market is projected to display a growth rate of 14.1% between 2022 and 2032.
“Rising number of needle-phobic population, increasing demand for dissolving microneedles for diagnosis and monitoring, and strong product pipeline for diverse applications are set to propel the demand of dissolving microneedles across the globe,” says an analyst of future market insights.
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Market Competition
Major market players are constantly focusing on adopting strategies such as acquisitions, partnerships, capacity expansion, and strengthening their product portfolios and distribution networks to expand their global footprint as well as to improve their market share. For instance,
- In February 2019, CosMED Pharmaceutical doubled its microneedle production capacity to increase cosmetics product manufacturing.
- In August 2020, Nissha Co., Ltd. acquired ISO 22716 certification for its global headquarters for manufacturing and quality management of cosmetics products.
- In October 2021, Vaxess Technologies announced the grand opening of a GMP manufacturing facility. Vaxess is focused on developing a pipeline of MIMIX therapies.
Key Market Segments Covered In Dissolving Microneedles Industry Research
By Application:
- Wrinkle Treatment
- Acne Treatment
By Distribution Channel:
- Retail Stores
- Supermarkets & Hypermarkets
- Online Stores
- Aesthetic/cosmetic clinics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the dissolving microneedles market in its latest study, presenting a historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.The global dissolving microneedles market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The dissolving microneedles market is segmented into three parts based on the application (wrinkle treatment and acne treatment), and distribution channels (retail stores, supermarkets & hypermarkets, online stores and aesthetic/cosmetic clinics), across seven key regions of the world.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-Side Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Key Strategies adopted by manufacturers
4.3. Regulatory Scenario
4.4. Pipeline Assessment
4.5. Export performance of Korean Companies
4.6. Supply Chain Analysis
4.7. PESTLE Analysis
4.8. Porter’s Analysis
5. COVID-19 Crisis Analysis
5.1. COVID-19 and Impact Analysis
5.1.1. By Application
5.1.2. By Distribution Channel
5.1.3. By Country
5.2. 2021 Market Scenario
Read More TOC
About Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business.
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