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Rising Research and Vaccine Demand Fueling Microneedle Drug Delivery Systems Market Growth || 3M, Zosano Pharma, Becton-Dickinson Technologies
Microneedle Drug Delivery Systems Market
The Business Research Company's Microneedle Drug Delivery Systems Global Market Report 2023 identifies the increase in research and demand for the vaccination process is the major driver for the microneedle drug delivery systems market's growth in the forecast period. Researchers view microneedle as an alternative way to inject vaccines where the receiver of the vaccine is expected to not feel any sensation of pain. Microneedle patches vaccine was developed initially for flu and measles; however, the technology is now being used increasingly for delivery of COVID-19 vaccine as well. For instance, in 2020, The University of Connecticut, Vaxess, and Verndari are using microneedles to deliver viral proteins into the skin, where they induce an immune response.
The global microneedle drug delivery systems market size grew from $3.62 billion in 2022 to $4.07 billion in 2023 at a compound annual growth rate (CAGR) of 12.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the microneedle drug delivery systems is expected to grow to $7.84 billion in 2027 at a CAGR of 17.8%.
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Major competitors in the microneedle drug delivery systems market are 3M, Zosano Pharma, Becton-Dickinson Technologies, Nanopass Technologies, Corium, Valeritas, Microdermics, TheraJect Inc., LTS Lohmann Therapie-Systeme AG.
A key trend in the Microneedle Drug Delivery Systems market includes biodegradable microneedles drug delivery patches are increasingly used. The use of biodegradable microneedles patches helps in easy and fast delivery of genes through targeting the skin as a site for local delivery. Gene delivery and treatment with these patches are easily accessible and contain fluid and lymph vessels that help the genetic material to act effectively. For instance, in 2020, a group from Terasaki Institute for Biomedical Innovation has recently worked on optimizing the release and performance of the biodegradable patches.
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The microneedle drug delivery systems market is segmented -
1) By Technology: Hollow, Porous, Solid, Other Technologies
2) By Application: Drug Delivery, Vaccine Delivery, Other Applications
3) By End-User: Diagnostics Laboratories, Life Sciences, Research Laboratories, Hospitals, Ambulatory Surgical Centers, Other End-Users
4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the microneedle drug delivery systems market.
The Business Research Company's "Global Microneedle Drug Delivery Systems Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Microneedle Drug Delivery Systems Market Include:
1. Executive Summary
2. Microneedle Drug Delivery Systems Market Characteristic
3. Microneedle Drug Delivery Systems Market Trends And Strategies
4. Microneedle Drug Delivery Systems Market - Macro Economic Scenario
5. Microneedle Drug Delivery Systems Market Size And Growth
……………
27. Microneedle Drug Delivery Systems Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Microneedle Drug Delivery Systems Market
29. Microneedle Drug Delivery Systems Market Future Outlook And Potential Analysis
30. Appendix
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