SAN FRANCISCO, Oct. 26, 2021 /PRNewswire/ -- The global microneedle drug delivery systems market size is expected to reach USD 8.10 billion by 2028, according to a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 5.3% from 2021 to 2028. The growing demand for safer alternatives to the conventional hypodermic injection and increasing awareness regarding minimally invasive and pain-free administration of drugs are expected to boost the market growth. Furthermore, the increasing cases of diabetes are expected to boost the market growth. For instance, according to the International Diabetes Federation (IDF), the number of diabetics has already reached 463 million and is predicted to rise in the next 10 years.
Key Insights & Findings:
- The hollow type segment accounted for the largest revenue share in 2020 as they are considered ideal for the use of vaccine and hormonal therapy patients
- The dissolving type segment is expected to grow at the fastest rate during the forecast period as it only requires one step and the microneedle needs not to be removed after insertion
- The metal material segment accounted for the largest revenue share in 2020. Stainless steel and titanium are the most frequently employed metals
- By application, the drug delivery segment dominated the market in 2020. The vaccine delivery segment is expected to register the fastest growth rate during the forecast period due to the increased awareness regarding vaccination among the population
- Asia Pacific is anticipated to expand at the fastest CAGR over the forecast period due to the presence of untapped opportunities in the emerging economies, such as China and India.
Read 120 page market research report, " Microneedle Drug Delivery Systems Market Size, Share & Trends Analysis Report By Type (Hollow, Dissolving, Solid, Coated), By Material (Metal, Silicon, Polymer), By Application, By Region, And Segment Forecasts, 2021 - 2028 ", by Grand View Research
Drug delivery via microneedles is one of the most efficient procedures compared to traditional hypodermic injections. Microneedles are a self-administering platform for transdermal medication delivery that has a high drug bioavailability. The microneedle design and drug formulation can control the dose, delivery rate, and efficacy of the medications. Microneedle also helps reduce or eliminate biohazardous sharps waste. In the coming years, microneedles are expected to have a greater impact on clinical care.
Microneedles are still under development and use a variety of drugs in clinical trials. The majority of studies have shown that this technique produces positive effects. This approach has the potential to be used for therapeutic purposes in a variety of fields. For instance, Carnegie Mellon University is developing a COVID-19 vaccination injection method employing 3D printed hybrid microneedle arrays (Hybrid-MNA). The Hybrid-MNA approach not only allows for lower doses but is also painless and has the potential to be self-administered. These technologies are predicted to enable the production of microneedles at a cheaper cost. Microneedles have a wide range of applications, including vaccine administration, hormonal delivery, cancer therapy, pain management, and cosmetics.
Grand View Research has segmented the global microneedle drug delivery systems market based on type, material, application, and region:
- Microneedle Drug Delivery Systems Type Outlook (Revenue, USD Million, 2016 - 2028)
- Microneedle Drug Delivery Systems Material Outlook (Revenue, USD Million, 2016 - 2028)
- Microneedle Drug Delivery Systems Application Outlook (Revenue, USD Million, 2016 - 2028)
- Drug Delivery
- Pain Management
- Cancer Therapy
- Vaccine Delivery
- Microneedle Drug Delivery Systems Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
List of Key Players of Microneedle Drug Delivery Systems Market
- Novartis International AG
- Becton Dickinson and Company
- B. Braun
- Nanopass Technologies Limited
- Smiths Medical
- Cardinal Health
Check out more studies related to drug and vaccine delivery systems, conducted by Grand View Research:
- Vaccine Delivery Devices Market - The global vaccine delivery devices market size was valued at USD 3.33 billion in 2016 and is projected to grow at a CAGR of 7.3% during the forecast period. Increasing research and investment for the development of vaccines is also one of the key drivers.
- Novel Drug Delivery Systems In Cancer Therapy Market - The global novel drug delivery systems in cancer therapy market size was valued at USD 4.31 billion in 2016 and is projected to grow at a CAGR of 22.9% during the forecast period. Use of nanoparticles to treat cancers is expected to boost market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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