The needle drug delivery systems market sales is expected to expand globally between 2023 and 2033 at a compound annual growth rate (CAGR) of 6.6%, according to the most recent market research from FMI. By 2023, the market is anticipated to have grown to a valuation of US$ 768.9 million. By 2033, the valuation is expected to reach US$ 1459.1 million.
The rising incidence of diseases such as cancer, diabetes, migraine, and others and the need to accurately administer medications are driving the market. Additionally, the demand for minimally invasive and painless treatment methods is expected to bode well for the market.
The report uncovers hidden growth opportunities. It also highlights potential threats to the market players. Some of the key takeaways from the report are highlighted below.
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Key Takeaways:
- Solid microneedles are expected to lead the market during forecast period of 2020-2030 among product type
- Hospitals are the leading end users of microneedle drug delivery systems, with specialty clinics gaining popularity.
- Specialty clinics are expected to grow at an accelerated rate as one of the key end users of microneedle drug delivery systems
- North America is the largest market for microneedle drug delivery systems. Along with Europe, it is expected to cover more than 70% of the market by end of 2030.
- East Asia is expected to be the fastest-growing regional market during the next decade.
“Companies operating in the market are leaving no stone unturned to introduce innovations. Some have even tied up with leading solutions provider to commercialize their innovations once approved. This is expected to pave way for the market’s growth in the near future” said a lead Analyst at FMI.
Covid 19 Restricting Pace of Growth
The onset of pandemic has disturbed the entire business ecosystem. With productions coming to a halt and supply chains disrupted due to lack of transport, manufacturers of microneedle drug delivery systems are impacted in a big way.
Also, because of several restrictions by governments like social distancing, doctors and practitioners are choosing to avoid any surgical treatments which are not absolutely and immediately necessary.
Furthermore, cosmetic field which is another major user of microneedle drug delivery systems is also impacted as almost all treatments under their umbrella are considered to be not urgent.
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Key Players:
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 and AdminMed Nano BioSciences LLC
Consolidating their positions through mergers, acquisitions and new product launches, global microneedle drug delivery systems market players rely heavily on new product innovation and differentiation for gaining an edge over their competitors.
The market is poised to grow during the forecast period owing to the increasing cases of diseases and needle phobia among patients. However, changing regulatory dynamics are expected to affect the growth of microneedle drug delivery systems market in the future.
For instance, Zosano Pharma’s clinical trial of zolmitriptan with microneedle drug delivery system was stopped by U. S. Food and Drug Administration because inconsistencies were found in the drug delivery.
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Key Segments
Product Type
- Solid Microneedles
- Silicon
- Metal
- Polymer
- Hollow Microneedles
- Dissolving Microneedles
End User
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Academic Institutions
- Research institutes
Author By:
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 areas such as 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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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