New York, Jan. 11, 2024 (GLOBE NEWSWIRE) -- A recent market analysis by Persistence Market Research unveils robust growth in the global Microneedle Drug Delivery Systems Market. The market achieved sales of US$ 6.1 Billion in 2022, and it is anticipated to reach US$ 10.9 Billion by 2033 with a projected CAGR of 5.4% from 2023 to 2033. The Hollow Microneedle Drug Delivery Systems segment is expected to lead in revenue generation, anticipating a CAGR of 6% during the same period.
Revenue Trend from 2018 to 2022 Compared to Future Demand Outlook (2023 to 2033)
Historically, the market value for Microneedle Drug Delivery Systems experienced a notable 4.9% CAGR from 2018 to 2022, as per Persistence Market Research. Microneedles, measuring in millionths of a meter, offer advantages over traditional needles for delivering biological agents. Their applications span dermatology, neurology, cardiology, oncology, and various industries such as pharmaceutical, biotechnology, and medical.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 6.4 Million | |
| Estimated Revenue 2033 | US$ 10.9 Million | |
| Growth Rate - CAGR | 5.5% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Type, By Material, By Application, By Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Factors Driving the Microneedle Drug Delivery Systems Market
Microneedle Drug Delivery Systems present a safer alternative to conventional injections, contributing to their growing popularity amid safety concerns. The demand for immunization, particularly against diseases like measles, has driven interest in microneedle drug delivery systems. These systems facilitate easier and safer vaccine administration, even by individuals without medical training.
High adoption rates, addressing safety issues, extensive research, and growing demand for safer injection alternatives contribute to market growth. A microneedle patch developed by the Centers for Disease Control and Prevention aids in reducing measles and other vaccine-preventable infections. Measles, a highly contagious virus, sees increased vaccination coverage, and microneedle patches offer a user-friendly and efficient solution.
Advancements in microneedle patches, expanding transdermal drug delivery applications for hormone replacement, pain management, and congestive heart failure, are further propelling market growth. However, challenges such as drug degradation, local discomfort, poor absorption, and absorption variability may impact the microneedle drug delivery system market's trajectory.
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Microneedle Drug Delivery Systems Market Trends
This section outlines the key trends influencing the Microneedle Drug Delivery Systems Market, as per our research experts:
The microneedle drug delivery market is projected to witness substantial growth in the vaccine delivery segment. This is driven by factors such as the increasing incidence of influenza and viral infections. Key players are focusing on microneedle vaccine research and development to meet this rising demand. For instance, India reported 12,563 cases of seasonal influenza (H1N1) by October 31, 2022, compared to 778 cases in all of 2021, emphasizing the need for effective microneedle vaccines. The high risk of complications in certain demographics, like children under 2 and adults over 65, further fuels demand.
Microneedle vaccinations offer a potent immune response against various infections, efficiently delivering vaccines to the skin layers containing essential immune cells. The use of sustained-release polymers or microneedles integrated with particles may eliminate the need for multiple vaccinations. This favourable scenario is expected to propel the growth of the vaccine delivery segment. Additionally, strategic initiatives such as mergers, collaborations, and an increasing number of vaccine launches contribute to the segment's growth. For example, Vaxess Technologies and Microdermics, Inc. have undertaken significant steps in microneedle flu vaccine development. The combination of factors like the rising infectious disease cases, the growing role of microneedles in vaccine production, and increased company activities and vaccine launches is poised to drive the segment's expansion throughout the forecast period.
Competitive Analysis
Key players 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.
Recent developments from key providers in Microneedles Drug Delivery Systems include:
- In June 2021, Nanopass Technologies received FDA clearance and CE marking for its MicronJet, a microneedle-based technology for intradermal drug delivery.
- TSRL and PharmaTher partnered in June 2021 to develop microneedle patches for intradermal delivery devices in various therapeutic areas.
- In June 2021, The Austrian Institute of Technology, In-Vision, and DirectSens collaborated for the NUMBAT research project, utilizing high-resolution DLP 3D printing to create polymeric microneedles for less painful glucose monitoring.
- Aesthetics Biomedical obtained FDA clearance in June 2021 for its Vivace RF Micro-needling device, designed for brighter and radiant skin, working at both 1MHz and 2MHz frequencies.
Market Segmentation:
Product Type Insights
The segment of hollow microneedles secured the highest revenue share, exceeding 26% in 2022. These microneedles are prevalent for delivering vaccines and hormones, like insulin for diabetic patients. They can administer larger drug doses, making them ideal for vaccine and hormonal therapy. Additionally, hollow microneedles offer painless drug or vaccine delivery by not activating pain-related nerve endings.
The dissolving microneedle segment is projected to grow rapidly. This method is less painful than syringes, requiring only one step without needle removal, potentially improving patients' quality of life. The use of biodegradable materials in dissolving microneedles eliminates sharp waste, positively impacting market growth.
Materials Insights
The metal material segment claimed over 28% of the revenue share in 2022, with stainless steel and titanium being the primary choices. These metals offer robustness and biocompatibility, critical for microneedle manufacturing. Stainless steel, the initial metal used, has significantly contributed to segment growth.
Silicone material is anticipated to register the fastest CAGR. Its flexibility allows the production of needles in various sizes and shapes. FDA approval for silicone microneedles, such as those by NanoPass Technologies Ltd, is expected to boost market growth.
Applications Insights
The drug delivery segment held the largest revenue share at 34.9% in 2022. Increasing prevalence of chronic diseases like cancer, diabetes, and cardiovascular issues, along with advancements in drug development, are driving the need for precise and efficient drug delivery methods.
Regional Market Insights:
North America dominated the market, commanding a 43% revenue share in 2022. The region's well-established pharmaceutical industry and favorable regulatory environment contribute to market growth. The U.S. FDA and Health Canada support microneedle technology development, fostering innovation.
Asia Pacific is estimated to witness the fastest CAGR of 8.2%. Increased healthcare expenditure and government support, such as India's Digital Health Mission, drive research and development activities, leading to market growth.
Key Questions Answered in the Report:
- What factors contribute to the market's growth trends?
- What is the current market size, and how is it expected to change in the coming years?
- What key elements are shaping the market?
- How is the Industrial Lighting market segmented, considering types, fuels, applications, or other relevant factors?
- Who are the main participants in the market for Microneedle Drug Delivery Systems?
- What strategies are these players using to gain a competitive advantage?
- What factors are fuelling the expansion of the Microneedle Drug Delivery Systems market?
- Which regions are expected to witness significant growth, and what are the reasons behind it?
- What recent technological advancements are influencing the Microneedle Drug Delivery Systems industry?
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