Microneedle Drug Delivery Systems Market - Growing Need for Safe and Painless Drug delivery systems, especially in children is driving the growth of the market
Microneedle drug delivery system is a novel drug delivery system method in which the drug is delivered in the systemic circulation with the use of needles. It is a great way to deliver drugs safely, non-invasively, and painlessly in the skin. Microneedle may be an array or single and consist of hundreds or thousands of micro projections, with a diameter of hundreds of microns and length up to 2mm that are attached to the base support. Small molecule to macromolecular drugs and vaccines can be easily and precisely delivered by microneedle drug delivery systems.
Global Microneedle Drug Delivery Systems Market: Growth Factors
The global microneedle drug delivery systems market is growing at a substantial rate. The factors contributing to the growth of the market include the growing need for advanced drug delivery systems for novel drugs, the increasing need for efficient drug transfer to targeted portions, and advancement in medical technologies. Furthermore, the growing need for safe and painless drug delivery systems, especially in children is driving the growth of the market. Microneedle does not only help to inject the drug with the proper concentration in the skin but also delivers it safely without pain. Moreover, microneedle drug delivery systems offer a smart approach to deliver drugs by increasing the potential for transdermal drug delivery systems. All these and many other factors are expected to boost the growth of the global microneedle drug delivery systems market. On the other side, lack of awareness about microneedle drug delivery systems and continuing preference for conventional low-cost drug delivery systems may hinder the growth of the market over the forecast period. However, advancement in medical technology, growing adoption of newer medical technologies due to heavy investments in the healthcare sector by developing countries is expected to offer better opportunities to the global microneedle drug delivery systems market growth during the forecast period.
COVID 19 pandemic conditions have severely affected the growth of the global microneedle drug delivery systems market. COVID 19 pandemic situations do not only shift the focus of healthcare professional to control the infection but also postponed other medical procedures which were scheduled before the pandemic. This has badly affected the demand for microneedle drug delivery systems in medical procedures. Also, strict lockdowns imposed by several governments and restrictions on personnel movement resulted in a halt in the manufacturing of microneedle drug delivery systems. Major players are struggling to fulfill the demand for products globally. However, the market is expected to jump back to its pace by the mid of 2021.
The global microneedle drug delivery systems market is categorized into the application, technology, source type, end-user, and region. Based on the application, the global microneedle drug delivery systems market is bifurcated into dermatology, cardiovascular, neurology, oncology, and others. Based on the technology, the global market is classified into solid, porous, hollow, and others. The source types segment is divided into polysaccharides, metals, polymers, silicon, and others. Based on the end-user, the market is split into hospitals, diagnostic laboratories, ambulatory surgical centers, and life science & research laboratories.
Among the regions, North America is predicted to hold the largest share in the global microneedle drug delivery systems market in terms of revenue during the forecast period. Factors such as the presence of well-established healthcare infrastructure with state-of-the-art facilities, awareness related to advantages of the microneedle drug delivery systems for the treatment of diseases among the patients, and proper guidelines for early diagnosis & treatment are augmenting the growth of the market in this region. Europe on the other hand holds second-most position in the market and is estimated to contribute to a significant share in the market. Major Key players investing hugely in the development of drug delivery systems and growing medical technology are the factors that are contributing to the growth of the market in this region. The market in Asia Pacific is expected to grow at a faster rate due to the rise in healthcare expenditure, growing economies, and healthcare infrastructure.
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Global Microneedle Drug Delivery Systems Market: Competitive Players
Some of the prominent players operating in the global microneedle drug delivery systems market are Stemedica Cell Technologies, Inc., Phillips Plastic Corporation, Innoture Medical Technology Limited, Micropoint Technologies Pte Ltd, Zosano Pharma Corporation, nanoBioSciences LLC, Vetter Pharma International GmbH, 3M, MyLife Technologies, and Corium International, Inc.
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