Microneedle Drug Delivery Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Microneedle Drug Delivery Systems Market: Overview
The microneedle drug delivery systems market has been predicted to grow at a noticeable pace during the forecast period. This market growth has been on the back of rising demand for the microneedle drug delivery system. This demand can be attributed to the availability of safer alternatives to the traditional hypodermic scenario that has been minimally invasive and also enables pain-free administration. Thus, owing to these factors, the market has been predicted to grow at a noticeable speed in the years to come.
There has been a noticeable high demand for the COVID-19 vaccines. This factor has been anticipated to bring lucrative opportunities in the microneedle drug delivery systems market. Furthermore, there has been an increase in the geriatric population across the world. These are prone to various healthcare issues due to their weaker immune system. Diabetes has been among one of these healthcare issues in these elderly people. So, the rising count of diabetes cases is estimated to bring innumerable growth opportunities to the market.
Microneedle Drug Delivery Systems Market: Key Trends
The microneedle drug delivery systems have been more beneficial compared to traditional hypodermal injections. This importance is because of different advantages, for example, self-administration, better patient compliance, and increased efficacy and permeability. In addition to this, microneedles also provide very consistent and precise results with the low inter-subject variability in bioavailability.
The application of the microneedle drug delivery systems is growing in many fields, for example, cosmetics, pain management, cancer therapy, hormonal delivery, and vaccine administration. In recent years, there are various novel products have entered the market. In addition to this, innumerable R & D activities are also being conducted to address the challenges of the microneedle drug delivery systems.
Sometimes, the use of microneedles can lead to allergies and irritation to sensitive skin. The needles are not only small but also thin compared to the hair thickness. So, there are chances that the tips of these microneedles can break. It can also cause complications if these broken pieces remain inside the skin. So, there has been an increasing requirement for qualified and highly skilled medical practitioners. Owing to these initiatives and efforts, the microneedle drug delivery systems market has been predicted to grow at a significant speed.
Microneedle Drug Delivery Systems Market: Competitive Dynamics and Key Developments
The key players dealing in the microneedle drug delivery systems market are using various development strategies in order to bolster the growth opportunities in the forthcoming years. Some of these market strategies include acquisitions, mergers, innovations, partnerships, new product launches, geographical expansion, product approvals, and strategic collaborations that have been applied by prominent companies to create expansion avenues in the market.
For instance, MicronJet, the microneedle-based technology for the delivery of international drug from Nanopass Technologies has received CE marking and FDA clearance in June 2021. This device has been designed for the intradermal injections of medication or substance that has received approval for its administration method.
Some key players in the microneedle drug delivery systems market are:
Microneedle Drug Delivery Systems Market: Regional Assessment
The microneedle drug delivery systems market is currently spread around various geographical locations including the Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Out of these areas, the North America region has been projected to hold a dominating position in the market. This growth has been on the back of increasing investment by the U.S. government in the healthcare facilities in the region. In addition to this, increasing importance to patient safety and outcomes are also some important factors that are fueling growth avenues in the regional market.
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