In a remarkable evolution, the Global Dissolving Microneedles Industry, valued at US$ 37.28 million in 2021, is set to achieve unprecedented growth, projected to reach US$ 40.22 million in 2022. The surge is underpinned by the escalating use of dissolving microneedles in applications such as wrinkle and acne treatment, heralding a promising era for the industry.
Dissolving microneedles, a cutting-edge technology, have gained significant traction in the skincare realm, offering innovative solutions for various dermatological concerns. The industry’s trajectory reflects a robust anticipation of substantial growth, with a projected compound annual growth rate (CAGR) of 9.5% from 2022 to 2032.
Recent trends point to wrinkle treatments maintaining their position as the most profitable application area for these microneedles, commanding a substantial share of 84.5% in 2021.
Clinical trials for dissolving microneedles concentrate on their therapeutic application for cosmetics, anti-infectives (mostly vaccines), cancer, and skin diseases. Thus, a strong product pipeline of dissolving microneedles for numerous applications is anticipated to drive market growth for dissolving microneedles.
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Furthermore, the emergence of dissolving microneedles as a better alternative to hypodermic needles for vaccination as well as for cosmetic application is boosting the demand for dissolving microneedles. Instead of using a hypodermic needle, administering vaccines with a small patch coated in several soluble microscopic needles may result in safer, more effective vaccinations that anybody may administer.
Needles used for hypodermic injections are regarded as biomedical waste and have to be disposed off in designated containers. The needles in the patch disappear into the body as soon as it is placed into the skin, leaving only the backing, which dissolves in water.
The reusing of needles, which occurs in areas with inadequate medical facilities, would be halted by the dissolving microneedle patches. The cost of the dissolving microneedle patches would be the same as that of traditional needles and syringes.
Additionally, dissolving microneedles can offer strong market potential with on-the-go and easy-to-use/administer dosage form in a minimally invasive manner. Also, there are a significant number of patients that are needle phobic, which makes the administration of vaccines difficult. Hence, there is significant demand for minimally invasive drug delivery systems like transdermal delivery of drugs.
Key Takeaways from Market Study
- By application, the wrinkle treatment segment holds approximately 5% market value share in 2021 and it is likely to grow at the highest CAGR over the forecast period.
- Based on distribution channel, online stores are projected to capture around 4% of the global market value by 2032.
- With rapidly expanding healthcare industry, Europe held a value share of around 7% of the Global Dissolving Microneedles Industry in 2021.
- The dissolving microneedles market in South Korea is poised to grow at 7%during the forecast period.
- Germany’s dissolving microneedles market is projected to display a growth rate of 1% between 2022 and 2032.
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“Rising number of needle-phobic population, increasing demand for dissolving microneedles for diagnosis and monitoring, and strong product pipeline for diverse applications are set to propel the demand of dissolving microneedles across the globe,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Market Competition
Major market players are constantly focusing on adopting strategies such as acquisitions, partnerships, capacity expansion, and strengthening their product portfolios and distribution networks to expand their global footprint as well as to improve their market share. For instance,
- In February 2019, CosMED Pharmaceutical doubled its microneedle production capacity to increase cosmetics product manufacturing.
- In August 2020, Nissha Co., Ltd. acquired ISO 22716 certification for its global headquarters for manufacturing and quality management of cosmetics products.
- In October 2021, Vaxess Technologies announced the grand opening of a GMP manufacturing facility. Vaxess is focused on developing a pipeline of MIMIX therapies.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the dissolving microneedles market in its latest study, presenting a historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.The Global Dissolving Microneedles Industry is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The Global Dissolving Microneedles Industry is segmented into three parts based on the application (wrinkle treatment and acne treatment), and distribution channels (retail stores, supermarkets & hypermarkets, online stores and aesthetic/cosmetic clinics), across seven key regions of the world.
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Global Dissolving Microneedles Industry Key Players :
- CosMED Pharmaceutical Co.Ltd.
- Micron Biomedical, Inc.
- Raphas Co., Ltd
- Nissha Co., Ltd
- Micropoint Technologies
- Small Lab
- Vice Reversa
- NINGBO CHIMED TECHNOLOGY CO., LTD
- Vaxess Technologies, Inc.
- QuadMedicine
Key Market Segments Covered In Dissolving Microneedles Industry Research
By Application:
- Wrinkle Treatment
- Acne Treatment
By Distribution Channel:
- Retail Stores
- Supermarkets & Hypermarkets
- Online Stores
- Aesthetic/cosmetic clinics
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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