The report ‘Global Microneedle Drug Delivery Systems Market by type (solid, hollow, dissolving, coated, others), material (silicon, metal, polymer, others), application (dermatology, drug delivery, pain management, cancer therapy, vaccine delivery, others) and region (North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa) – Global Forecast to 2030’. In 2020, the global microneedle drug delivery systems market was valued at $5.37 billion. It was expected to grow with a CAGR of 6.5% to $10.14 billion in 2030.
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Key factors accelerating the market growth
The major factors that assist in the growth of the microneedle drug delivery systems market globally are the rising prevalence of obesity, research and development proficiencies and the growing investment in healthcare facilities. According to the WHO, 39% of the world was estimated to be overweight, with 13% obese in 2016.
By Type, ‘the hollow microneedle’ segment held the largest market share globally in 2020, with over 26%.
Hollow microneedles are the most preferred amongst all types of microneedles currently available in this market. This is because they can administer a larger dose to the patient, making it suitable for vaccine and hormonal therapy. Thus, hollow microneedles have the highest market share, with over 26% compared to other types.
Based on Material, the ‘metal microneedle’ segment held the largest market share globally, accounting for more than 27% of the total market share.
The Material used for the manufacture of microneedles is a crucial factor. Many manufacturers use metals to produce microneedles since metals do not break very easily. Thus, the market for metal microneedles is dominant, with it holding over 27% of the total market share.
Based on Application, the ‘vaccine delivery’ segment has the fastest growing market share, with a CAGR of 6.3% expected between 2020 and 2030
Microneedles have a variety of applications in the world. Vaccinations have been more in demand in recent years due to the increased awareness of the population. Scientists can thus develop new vaccine administration methods, with the microneedle method being one of them. This caused the vaccine delivery segment to grow the fastest amongst the microneedles’ applications, with a CAGR of 6.3%
Based on Region, North America has accounted for the most significant share in the global market, with over 40%
The governments in North America have introduced different projects and worked towards eliminating costs by developing newer techniques to improve healthcare amongst its citizens. Due to this investment, the region has captured the most significant share in the global microneedle drug delivery system market, with over 40% globally.
Key Players in the Microneedle Drug Delivery Systems Market in the World
Some of the major players in the microneedle drug delivery systems market globally are AdminMed nanoBioSciences LLC, Becton, Dickinson and Company, Zosano Pharma Corporation, Raphas Co. Ltd., Nanopass Technologies Ltd., Corium International Inc. (Gurnet Point Capital), Valeritas Inc. (Zealand Pharma), Endoderma Ltd., and Innoture Medical Technology Ltd.
Recent Developments in the Microneedle Drug Delivery Systems Market