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HEALTHCARE & PHARMACEUTICAL

Microneedle Drug Delivery Systems Market Analysis by Type (Solid, Hollow, Dissolving, Coated); by Material (Silicon, Metal, Polymer); by Application (Dermatology, Drug Delivery, Pain Management, Cancer Therapy, Vaccine Delivery); and by End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Academic Institutions, and Research Institutes) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

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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. - announced that the company has successfully acquired Smiths Medical from Smiths Group plc.

  • Becton, Dickinson, and Company - 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 Trend Highlights Over 2023 - 2035

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 700 Million

Forecast Year Market Size (2035)

~ USD 1300 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

The global microneedle drug delivery systems market is estimated to garner a revenue of ~USD 1300 million by the end of 2035 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 700 million in the year 2022. The market is estimated to grow on the back of the increasing prevalence of diabetes and many 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 market overviewGet more information on this report:Download Sample PDF

The global microneedle drug delivery systems market is also estimated to witness growth on account of the rising number of minimally invasive cosmetic surgery procedures worldwide. 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

  • Growth of the Healthcare Industry – microneedle drug delivery systems offer various advantages compared to conventional hypodermic injections such as enhanced efficacy, self-administration, and quick onset of action. The increasing research and development by large firms and business organizations in microneedles to improve their stability is estimated to fuel the growth of the microneedle drug delivery systems market in the coming years. According to statistics, the United States healthcare industry was valued at around USD 800 billion in 2021.

  • Rising Cases of CancerAccording 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 ExpenditureAccording to the World Bank data, the worldwide research and development expenditure as a ratio to Gross Domestic Product (GDP) was around 2.33% in 2019, which increased to 2.63% in 2020.

  • Increasing Rate of Obesity in PopulationAccording to the most recent data, the obesity rate among citizens of the United States was about 40% in 2020.

  • Growth in Prevalence of Neurological DisordersAccording to estimates, around 21 million people suffer from neurological problems, of which about 13 million require surgery every year.

Challenges

  • Concerns Associated with the System - such as drug degradation, poor absorption, and local discomfort. Both, coated and hollow microneedles possess the risk that the drug will not properly enter the skin and will not be effective. Some of the material used to construct the microneedles cannot be absorbed by the body and any fragments of the needles may cause irritation.

  • Dearth of Skilled Professionals

  • High Cost of Research and Development in Microneedle Drug Delivery Systems

The global microneedle drug delivery systems market is segmented and analyzed for demand and supply by material into silicon, metal, and polymer. Out of these segments, the metal segment is anticipated to garner the largest market share over the forecast period, owing to the rising number of cosmetic procedures performed with the 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.

Global Microneedle Drug Delivery Systems Market Regional Synopsis

The North America microneedle drug delivery systems market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. This can be accredited to the rising investment in research and development of the healthcare industry and increasing healthcare spending & 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.

Further, the market in Asia Pacific is estimated to gain significant growth in the coming years, owing to the rising government initiatives to promote medical tourism with rising demand for quality healthcare facilities. According to statistics, in 2019, about 695,000 foreign tourists came to India for medical treatment.

Market Segmentation

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

           By Type

  • Solid
  • Hollow
  • Dissolving
  • Coated

           By Material

  • Silicon
  • Metal
  • Polymer

           By Application

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

         By End-User

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

Top Featured Companies Dominating the Global Microneedle Drug Delivery Systems Market

  • ICU Medical, Inc.

    • 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
  • Cardinal Health, Inc.
  • 3M
  • TheraJect, Inc.
  • Siemens Healthcare GmbH
  • Raphas Co., Ltd.

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