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HEALTHCARE & PHARMACEUTICAL

Microneedle Drug Delivery Systems Market Analysis by Type (Solid, Hollow, Dissolving, Coated and Others); by Material (Silicon, Metal, Polymer and Others); by Application (Dermatology, Drug Delivery, Pain Management, Cancer Therapy, Vaccine Delivery and Others); and by End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Academic Institutions and Research Institutes) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • ICU Medical Inc., today announced that the company has successfully acquired Smiths Medical from Smiths Group plc. The acquisition aims to strengthen the existing ICU business and create a leading infusion therapy company. The combination of the two companies is expected to generate an estimated pro forma combined revenue of approximately USD 2.5 billion by the end of 2022.
  • Becton, Dickinson and Company, a global market leader in medical technology, today announced that the company will build a new drug delivery manufacturing facility in Zaragoza, Spain, with the aim of manufacturing drug delivery devices for the European market.

Global Microneedle Drug Delivery Systems Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Microneedle-Drug-Delivery-Systems-Market-Size

The global microneedle drug delivery systems market is estimated to garner a revenue of ~USD 1,300 million by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 700 million in the year 2021. The market is estimated to grow on the back of increasing prevalence of diabetes and other infectious diseases globally. According to statistics, in 2021, around 530 million adults aged 20-79 have been diagnosed with diabetes globally, a figure projected to rise to 640 million by 2030 and 780 million by the end of 2040.

Microneedle-Drug-Delivery-Systems-MarketGet more information on this report: Request Sample PDF

The global microneedle drug delivery systems market is also estimated to witness growth on account of rising number of minimally invasive cosmetic surgery procedures worldwide. As microneedles reduce the risk of infection and aid in the direct transport of cosmetic molecules into the skin, further enhancing the effectiveness of cosmeceutical products.  According to statistics, in United States, around 13 million cosmetic minimally invasive procedures were performed in 2020. Furthermore, microneedle drug delivery systems offer various advantages compared to conventional hypodermic injections such as enhanced efficacy, self-administration and quick onset of action. Hence such factors are anticipated to propel the growth of the market in the coming years.

Global Microneedle Drug Delivery Systems Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Cases of Cancer – According to data from the Centers for Disease Control and Prevention, approximately 1,752,735 new cancer cases were diagnosed in the United States in 2019 and approximately 599,589 people died of cancer.
  • Increased Research and Development Expenditure – According to the World Bank data, the worldwide research and development expenditure as a ratio of Gross Domestic Product (GDP) was around 2.33% in 2019, which increased to 2.63% in 2020.
  • Growth of Healthcare Industry – According to statistics, the United States healthcare industry was valued at around USD 800 billion in 2021.
  • Increasing Rate of Obesity among Population – According to the most recent data, the obesity rate among citizens of the United States was about 40% in 2020.
  • Growth in Prevalence of Neurological Disorders – According to estimates, around 21 million people suffer from neurological problems, of which about 13 million require surgery every year.

Challenges

  • Dearth of Skilled Professionals
  • High Cost of Research and Development in Microneedle Drug Delivery Systems
  • Associated Issues such as Drug Degradation, Poor Absorption and Local Discomfort

The global microneedle drug delivery systems market is segmented and analyzed for demand and supply by material into silicon, metal, polymer and others. Out of these segments, the metal segment is anticipated to garner the largest market share over the forecast period, owing to the rising adoption of metal microneedles array in cosmetic treatments to treat acne, stretch marks, hair loss and more. According to statistics, about 15 million cosmetic procedures were performed in 2020, of which 12 million cosmetic procedures are performed on women.  In addition, the increasing research and development by large firms and business organizations in metal microneedles to improve stability and stability is another factor estimated to fuel the segment's growth in the coming years.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Microneedle Drug Delivery Systems Market Regional Synopsis

Regionally, the global microneedle drug delivery systems market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the rising investment in research and development of healthcare industry and increasing healthcare spendings & expenditure. According to the data, the health expenditure of the United States was around USD 3.7 trillion in 2020, which is projected to reach ~USD 6 trillion by the end of 2028. Moreover, rising incidence of chronic diseases is another factor estimated to contribute to the growth of global microneedle drug delivery system market during the forecast period.

Further, the market in Asia Pacific is estimated to gain the significant growth in the coming years, owing to the rising government initiatives in order to promote the awareness among public and growth of medical tourism. According to statistics, in 2019, about 695,000 foreign tourists came to India for medical treatment. Moreover, increasing level of population, rising demand for quality healthcare and rising cases of cardiovascular disease are also estimated to propel the growth of global microneedle drug delivery systems market in the region during the forecast period.

Microneedle-Drug-Delivery-Systems-Market-Scope

The global microneedle drug delivery systems market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global microneedle drug delivery systems market includes the following segments:

By Type

  • Solid
  • Hollow
  • Dissolving
  • Coated
  • Others

By Material

  • Silicon
  • Metal
  • Polymer
  • Others

By Application

  • Dermatology
  • Drug Delivery
  • Pain Management
  • Cancer Therapy
  • Vaccine Delivery
  • Others

By End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialty Clinics
  • Academic Institutions
  • Research Institutes
 

Top Featured Companies Dominating the Global Microneedle Drug Delivery Systems Market

  • Raphas Co., Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Becton, Dickinson and Company
  • B. Braun Medical Inc.
  • NanoPass Technologies Ltd
  • Thermo Fisher Scientific
  • ICU Medical, Inc.
  • Cardinal Health, Inc.
  • 3M
  • TheraJect, Inc.
  • Siemens Healthcare GmbH

 

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