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Microneedle Drug Delivery Systems Market Outlook 2024: Innovations and Growth Drivers
Microneedle Drug Delivery Systems Market Outlook
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According to The Business Research Company's, The microneedle drug delivery systems market size has grown rapidly in recent years. It will grow from $4.32 billion in 2023 to $5.13 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to pain-free drug delivery, enhanced patient compliance, chronic disease management, cosmetic and aesthetic applications, vaccine administration.
The microneedle drug delivery systems market size is expected to see rapid growth in the next few years. It will grow to $9.82 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to cosmetic and aesthetic applications, emerging therapies, pediatric and geriatric use, global health initiatives, point-of-care testing. Major trends in the forecast period include smart microneedles, advancements in material science, advancements in wearable technology, biodegradable materials, continuous glucose monitoring.
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Market Drivers and Trends:
The increase in research and demand for the vaccination process are predicted to drive the microneedle drug delivery systems market growth. 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. According to a Bloomberg report, more than 3.98 billion doses of vaccine have been administered across 180 countries until July 2021. Increased demand from government and health research and development bodies for microneedle drug delivery technology propels the market for the growth of microneedle drug delivery systems market going forward.
Major companies operating in microneedle drug delivery systems are focusing on innovating products, such as the MicronJet 600, to provide reliable services to customers. MicronJet 600 is used as a microneedle drug delivery system for vaccines, drugs, peptides, and dermal fillers. For instance, in November 2021, NanoPass Technologies Ltd., a US-based company that develops painless intradermal delivery solutions for vaccines and drugs, launched MicronJet 600. The MicronJet 600 is a microneedle-based device for intradermal drug delivery. It is the first and only true (
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