Market Overview
Scientists have created novel methods for administering vaccines as a result of the public’s growing awareness of immunisation. One example of such a method is the Microneedle medication delivery system. The use of microneedles to administer the vaccine is another option being considered by researchers developing a potential vaccine for the new coronavirus, which is anticipated to drive the market’s growth.
The size of the world market for microneedle drug delivery systems was estimated at USD 5.57 billion in 2020 and is anticipated to increase at a CAGR of 5.3% from 2021 to 2028. Due to safer substitutes for the traditional intramuscular injection, which is minimally invasive and allows for painless administration, there is an increasing need for microneedle drug delivery systems. The strong demand for the COVID-19 vaccination in the current global environment is anticipated to provide growth prospects for microneedles. Additionally, the rise in diabetes cases is anticipated to fuel market expansion. For instance, according to the WHO, the number of people with diabetes increased from 108 million in 1980 to 422 million in 2014.
Driving Factors
Additionally, the consistency and effectiveness of the product may be constrained by the small number of products that have been approved by regulatory organisations worldwide. Because of benefits such a speedier onset of action, improved permeability and efficacy, higher patient compliance, and self-administration, microneedle drug delivery devices are more advantageous than traditional hypodermal injections. Microneedles offer exceptionally accurate and consistent findings with little inter-subject variability in bioavailability, in addition to boosting therapeutic advantages.
Applications for microneedle drug delivery systems have been expanded to include administering vaccines, hormone distribution, cancer treatment, pain management, and even cosmetics. In recent years, a lot of microneedle products have hit the market. Before microneedles may be commercially marketed, more research is necessary to solve a number of issues. For instance, Carnegie Mellon University is creating a COVID-19 vaccination administration method employing 3D printed hybrid microneedle arrays (Hybrid-MNA). The Hybrid-MNA approach provides the possibility for self-administration, is painless, and permits the use of lower doses. These innovations will make it possible to produce microneedles more affordably, which will help the market expand.
Restraining Factors
Sensitive skin has a probability of experiencing allergies or irritation. Microneedle tips may shatter since they are smaller and thinner than human hair, which could lead to difficulties if they remain in the skin. This makes highly certified and skilled medical professionals necessary.
Opportunities
Additionally, an increase in public-private funding for targeted research initiatives, growing knowledge about the harmful effects of obesity on the body, an increase in the prevalence of acute and chronic diseases, an increase in the global geriatric population, and an increase in product innovations and development as a result of technological advancements will all create lucrative opportunities for market participants during the forecast period of 2022 to 2029. In the future, the market’s growth rate will be further accelerated by the availability of safer alternatives to the traditional hypodermic injection, rising demand for minimally invasive drug delivery systems, rising internet penetration rate, rising number of cardiovascular diseases, and rising per capita spending on health care.
Challenges
Increased interest in alternative drug delivery methods like transdermal and intradermal drug delivery systems, limited infrastructure, unequal distribution of medical services, high costs associated with research and development, and a lack of awareness in developing nations are all predicted to restrain market growth. Additionally, during the forecast period of 2022–2029, the market is expected to face challenges from low insurance coverage, lax regulatory compliance, a shortage of appropriate infrastructure in low- and middle-income countries, and a lack of favourable reimbursement scenarios and technology penetration in developing economies.
Segmentation Overview
The technology, source type, application, and end user segments are used to divide the market for microneedle drug delivery systems. You can examine the industries’ slow-growing segments using the growth of these segments, and you can give users a useful market overview and industry insights to aid in their strategic decision-making for identifying key market applications.
- Technology
- Hollow
- Porous
- Solid
- Others
The market for microneedle drug delivery systems is divided into hollow, porous, solid, and other categories based on technology.
The hollow microneedle market accounted for more than 26.0% of total revenue. Insulin for diabetic individuals is frequently administered using hollow microneedles that are regularly used to administer hormones and vaccinations. These microneedles are perfect for usage with patients receiving hormone therapy and vaccines because they can provide a higher dose of the medication because more medication can fit inside the empty space inside the needle. 374 million individuals worldwide, according to the International Diabetes Federation, are at risk of developing type 2 diabetes. Therefore, it is anticipated that rising diabetes rates will fuel market expansion.
- Source Type
- Silicon
- Metals
- Polymers
- Polysaccharides
- Others
The microneedle drug delivery systems market is divided into silicon, metals, polymers, polysaccharides, and others based on source type.
The segment for metal materials had a profit share of more than 27.0%. The most widely used metals are titanium and stainless steel. Palladium, nickel, and alloys of palladium and cobalt are further metals used. Both their mechanical and biocompatibility properties are strong. Metals are more ideal for making microneedles than silicon because they are sturdy enough to not break. The first metal utilised in the production of microneedles was stainless steel. Therefore, it is projected that the aforementioned variables will accelerate segment growth.
- Application
- Cardiovascular
- Oncology
- Dermatology
- Neurology
- Others
The market for microneedle drug delivery devices is divided into categories for cardiology, cancer, dermatology, neurology, and other applications.
The medicine delivery segment had the highest revenue share of over 35.0%. Peptides make up the hormone insulin, which they call. For patients with high blood sugar levels, the medication is advised. Numerous experiments on the administration of insulin were carried out by various scientists, including Martanto et al. and Henry et al. They found that the insulin delivered via microneedle drug delivery was appropriate, produced the right biological effects, and maintained blood glucose levels. In addition, the segment is anticipated to be driven by the rising prevalence of diabetes worldwide.
- End Users
- Diagnostic Laboratories
- Life Sciences and Research Laboratories
- Hospitals
- Ambulatory Surgical Centers
- Others
The market for microneedle drug delivery systems has also been divided into diagnostic labs, life sciences and research labs, hospitals, ambulatory surgical centres, and others based on the end users.
Geographical Analysis
The microneedle drug delivery systems market report covers the following nations: the United States, Canada, and Mexico in North America; Germany, France, the United Kingdom, the Netherlands, Switzerland, Belgium, Russia, Italy, Spain, and Turkey; the rest of Europe in Europe; China, Japan, India, South Korea; Singapore; Malaysia; Australia; Thailand; Indonesia; Philippines; the rest of Asia-Pacific (APAC); Saudi Arabia; the United Arab Emirates; South Africa; Egypt; Israel; and the rest of the Middle East and Africa.
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Thailand
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
Because of the region’s strong healthcare infrastructure, widespread medication use, rising rates of chronic diseases like obesity, high cholesterol, diabetes, and heart attacks, as well as an increase in research activities, North America currently holds a monopoly on the global market for microneedle drug delivery systems.
During the anticipated period of 2022 to 2029, Asia-Pacific is anticipated to experience significant growth owing to a rise in government initiatives to raise awareness, an increase in medical tourism, an increase in research activities in the region, the availability of sizable untapped markets, a large population pool, an increase in the number of health-conscious residents in the region, an increase in cases of cardiovascular diseases, and an increase in the demand for high-quality healthcare in the region.
The nation part of the research also lists specific market-impacting variables and domestic market regulation changes that have an affect on the market’s present and future tendencies. Data points including technical trends, porter’s five forces analysis, case studies, and upstream and downstream value chain analyses are just a few of the indicators utilised to anticipate the market environment for certain nations. When giving prediction analysis of the country data, it also takes into account the presence and accessibility of international brands as well as the difficulties they encounter due to strong or weak competition from local and domestic brands, the influence of domestic tariffs, and trade routes.
Competitive Analysis
The market is extremely competitive, with numerous producers controlling a sizable portion of it. In order to retain and expand their worldwide reach, market participants use a variety of key business tactics, including product launches, approvals, strategic acquisitions, and innovations. For instance, Nanopass Technologies declared in June 2021 that the FDA and CE had approved its MicronJet, a microneedle-based device for intradermal drug delivery. The tool is made to administer any drug or medication that has been given the all-clear for intradermal injection.
Some of the major manufacturers operating in the microneedle drug delivery systems market are:
- Abbott (US)
- Siemens Healthineers AG (Germany)
- Quidel Corporation (US)
- F. Hoffman-La Roche Ltd. (Switzerland)
- Danaher. (US)
- BD (US)
- Chembio Diagnostics (US)
- EKF Diagnostics (UK)
- Trinity Biotech plc (Ireland)
- Instrumentation Laboratory (US)
- Nova Biomedical (US)
- PTS Diagnostics (US)
- Sekisui Diagnostics (US)
- Thermo Fisher Scientific (US)
- bioMérieux S.A. (France)
- DiaSorin S.p.A (Italy)
- AccuBioTech Co., Ltd. (China)
- Meridian Bioscience (US)
- Biocartis Bioscience (Europe)
- GeneSTAT Molecular Diagnostics, LLC (US)
- Terumo Corporation (Japan)
Grifols, S.A (Spain)