Microneedle Drug Delivery Systems Market Size is Projected to Reach a Valuation of US$ 1459.1 Million by 2033 – Market Research by Future Market Insights, Inc.
According to a study by Future Market Insights, the global microneedle drug delivery systems market is expected to experience a negative BPS growth of 50 in the H1-2022 outlook, compared to the projected period of H1-2021. Additionally, a decline of 36 basis points share (BPS) in growth is anticipated in H1-2022 over the H1-2021 duration.
NEWARK, Del, March 13, 2023 (GLOBE NEWSWIRE) — As per the latest market research conducted by FMI, the global microneedle drug delivery systems market is expected to record a CAGR of 6.6% from 2023 to 2033. In 2023, the market size is projected to reach a valuation of US$ 768.9 million. By 2033, the valuation is anticipated to reach US$ 1459.1 million.
The advantages of microneedle drug delivery systems over traditional hypodermal injections include a rapid start of the effect, improved permeability and efficacy, higher patient compliance, and self-administration. Microneedles not only improve therapeutic advantages but also deliver extremely accurate and consistent outcomes with little inter-subject variability in bioavailability.
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Opportunities of the Market:
- Rising Expenses in the Healthcare Sector: The future market potential is likely to be improved by the rising expenses of research and development for medical instruments and devices, particularly in developed and developing nations.
- Advanced Technology: The future market expansion can be supported by the use of improved and more modern technology.
- Development in the Public & Private Sector: A significant possibility to boost the growth of the market as a whole can be established in the future when it comes to the public and private sectors’ cooperation in targeted research in emerging nations and the availability of highly advanced technology.
- Rising Investment: An important factor that can support the market’s growth is the rising investment in healthcare facilities and advancements in healthcare infrastructure around the world.
Key Information from the World Health Organization:
The market for microneedle drug delivery systems is expanding significantly due to the rise in overweight and obese people around the world. In 2017, 38% of people worldwide were overweight, and 14% of people were obese, according to the WHO.
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Applications for microneedle drug delivery systems have been developed to include administering vaccines, hormone therapy, cancer therapy, pain management, and even cosmetics. In recent years, a lot of microneedle products have entered the marketplace. Before microneedles can be commercially marketed, more research is necessary to solve a range of problems.
Key Takeaways:
- The microneedle drug delivery systems market is predicted to record a CAGR of 6.6% through 2033.
- The microneedle drug delivery systems market is expected to surpass US$ 1459.1 million by 2033.
- The microneedle drug delivery systems market recorded a CAGR of 6.0% from 2018 to 2022.
- The microneedle drug delivery systems market is anticipated to reach a valuation of US$ US$ 768.9 million in 2023.
Competitive Background:
The key players operating in the microneedle drug delivery systems market are investing in mergers and acquisitions in order to gain a significant market share. The manufacturers are also investing in research and development, and are introducing innovative methods to boost production capacity. Product development and market expansion are significant aspects of the microneedle drug delivery systems market. As a result, market participants are likely to have a better overall revenue share in the global microneedle drug delivery systems market.
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Significant Key Players in the Microneedle Drug Delivery Systems Market Include:
- 3M Company
- Becton
- Dickinson and Company
- Zosano Pharma Corporation
- Raphas Co. Ltd.
- Nanopass Tech
- Corium International Inc.
- Valeritas Inc.
- Nitto Denko Corporation
- Microdermics Inc.
- TheraJect Inc.
- Vaxxas Pty Ltd.
- Endoderma Ltd.
- QuadMedicine
- SNvia Co. Ltd.
- Small Lab
- AdminMed nanoBioSciences LLC
Key Segments of Microneedle Drug Delivery Systems Industry Survey
by Product:
- Solid Microneedles
- Silicon
- Metal
- Polymer
- Hollow Microneedles
- Dissolving Microneedles
by End User:
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Academic Institutions
- Research Institutes
by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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