Global Microneedle Drug Delivery Systems Market Report 2023: Sector is Expected to Reach $9.46 Billion by 2030 at a CAGR of 7.4% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Microneedle Drug Delivery Systems Market Size, Share & Trends Analysis Report By Type (Solid, Hollow), By Material (Silicon, Metal), By Application (Dermatology, Drug Delivery), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global microneedle drug delivery systems market size is expected to reach USD 9.46 billion by 2030, registering a CAGR of 7.4% from 2023 to 2030.

Growing demand for safer alternatives to conventional hypodermic injection and increasing awareness about minimally invasive and pain-free administration of drugs is expected to boost the market growth for microneedle drug delivery systems. Furthermore, increasing cases of diabetes are also expected to boost the market growth.

For instance, as per the estimates of the World Health Organization (WHO) in 2021, approximately 463 million adults were living with diabetes, worldwide, representing 9.3% of the global population.

Microneedles offer several advantages over traditional drug delivery methods, such as oral or transdermal routes. Studies have shown that drug delivery by microneedles can improve drug absorption, bioavailability and efficacy, especially for drugs with poor water solubility or low permeability. For instance, a study published in "Journal of Controlled Release" showed that transdermal delivery of insulin using microneedles was more effective than subcutaneous injection.

The COVID-19 pandemic had a significant impact on drug delivery by microneedles. The major impact of the pandemic on the market was the increased demand for vaccine delivery. Microneedles have been explored as a potential delivery method for the COVID-19 vaccines due to their ease of use, low cost, and potential to induce a strong immune response. The pandemic has accelerated development of the microneedle-based vaccine delivery systems, with several companies and academic institutions working on COVID-19 vaccine patches.

However. The pandemic has also disrupted global supply chains, which has affected the production and distribution of microneedle-based drug delivery systems. Some manufacturers have faced challenges in obtaining raw materials and components, which has resulted in supply shortages and increased prices.

Microneedle Drug Delivery Systems Market Report Highlights

• The hollow microneedle segment accounted for the largest revenue share in 2022, since they are considered ideal for the use of vaccine and hormonal therapy patients
• Dissolving microneedle segment is expected to grow at the fastest rate during the forecast period, as it only requires one step. The microneedle needs not be removed after insertion
• The metal material segment accounted for the highest revenue share in 2022; stainless steel and titanium are the most frequently employed metals
• By application, drug delivery segment dominated the market in 2022
• The vaccine segment is expected to experience the fastest growth rate during the forecast period due to the increased awareness of vaccination among populations
• Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period due to the presence of untapped opportunities in the emerging economies of China and India

Key Attributes:

Report Attribute	Details
No. of Pages	120
Forecast Period	2022 - 2030
Estimated Market Value (USD) in 2022	$5.38 Billion
Forecasted Market Value (USD) by 2030	$9.46 Billion
Compound Annual Growth Rate	7.4%
Regions Covered	Global

Market Dynamics

Drivers

• The increasing demand for safer substitute to conventional hypodermic injections
• Increase in diabetic cases across the globe
• Technological advancements

Restraints

• Limited number of approved products
• Complications/risks associated with microneedles

Companies Mentioned

• Raphas
• Novartis International AG
• Becton, Dickinson and Company
• B. Braun
• Nanopass Technologies Limited
• Termo
• Smiths Medical
• Cardinal Health
• 3M

For more information about this report visit https://www.researchandmarkets.com/r/6hkqhj

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