Players in the microneedle drug delivery system market are leveraging growing demand for minimally invasive, pain-free therapeutic options for infectious and lifestyle-based ailments.
DUBAI, UAE / ACCESSWIRE / November 11, 2020 / The microneedle drug delivery system market is estimated to hit a US$ 1.2 Bn valuation between the years of assessment from 2020 to 2030. The market study published by FMI has revealed that the covid-19 pandemic is likely to prove advantageous to the microneedle drug delivery system market, owing to lucrative potential in vaccine administration in the near future. Also, continuing investments towards therapeutics for other ailments during the pandemic period will also sustain market growth.
'Concerns over health issues from conventional hypodermic injections, and the demand for safer alternatives is a key driver for demand in the microneedle drug delivery systems market. These products are likely to gain importance for drugs aimed at preventable diseases in the near future,' states the FMI analyst.
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Microneedle Drug Delivery System Market- Critical Takeaways
- Cardiovascular treatment applications hold major market share on the back of growing stroke and cardiac disease cases worldwide.
- Hospitals remain a prominent end use sector, supported by high capital, larger inventories and faster access to new microneedle technologies.
- North America is a major market for microneedle drug delivery systems owing to infrastructure for early diagnosis and higher per capita spending on health care.
Microneedle Drug Delivery System Market- Drivers
- Innovations in microfabrication processes, and a wide scope of application in medicine and biotechnology are bolstering market growth.
- The introduction of dissolvable microneedle drug delivery systems is creating lucrative opportunities for manufacturers.
Microneedle Drug Delivery System Market- Restraints
- Delivery of macromolecules with high hydrophilicity and molecular weight through microneedles is a challenge for delivery across the surface of the skin.
- Potential for microbial contamination and lack of adequate control over drug delivery are concerns for market players.
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Coronavirus Impact on Microneedle Drug Delivery System Market
The impact of the coronavirus pandemic is likely to be marginal with concerns arising largely from restrictions on the manufacturing sector, and logistics infrastructure during lockdown. Also, postponed elective medical procedures are likely to affect short term prospects of the industry.
On the other hand, pharma applications of microneedle systems have been deemed essential goods by many governments, which allow production to continue largely unimpeded during the covid-19 crisis. Also, the potential for application in vaccine administration will prove highly profitable for market players in the near future, which will bolster long term market prospects as well.
AdminMed Nano BioSciences, 3M Company, Small Lab, Becton, Dickinson and Company, SNvia Co. Ltd., Zosano Pharma Corporation, QuadMedicine, Raphas Co. Ltd., Endoderma Ltd., Nanopass Tech, Vaxxas Pvt. Ltd., and Corium International Inc among others are the top players in the microneedle drug delivery systems market.
Major players in the microneedle drug delivery system market are largely involved in product development initiatives in addition to strategic expansion through mergers and expansion.
For instance, Debiotech in collaboration with multiple vaccine companies has announced the use of its DebioJect Microneedle drug delivery system for covid-19 vaccines. Zosano Pharma has unveiled its Qtrypta zolmitriptan intracutaneous microneedle system, for migraine treatments, which is being reviewed for approval by the FDA. 3M Drug Delivery Systems has been acquired by Altaris Capital Partners and renamed as Kindeva Drug Delivery. The new entity will specialize in drug delivery for pharma and biotech applications including microneedle systems.
About the Study
The study offers readers a comprehensive assessment of the microneedle drug delivery system market. Global, regional and national-level analysis of the latest trends influencing the microneedle drug delivery system market is covered in this FMI report. The study provides insights according to product type (solid microneedles, hollow microneedles, dissolving microneedles), and end user (hospitals, ambulatory surgical centers, specialty clinics, academic institutions, and research institutes), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights
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