Microneedle Drug Delivery Systems Market expected to register the fastest growth rate during the forecast period

Posted on 2022-09-09 by researchinsights in Industrial // 0 Comments

Microneedle Drug Delivery Systems Industry Overview

The global microneedle drug delivery systems market size was valued at USD 5.57 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028.

There is a growing demand for microneedle drug delivery systems owing to the availability of safer alternatives to the conventional hypodermic injection, which is minimally invasive and enables pain-free administration. The current global scenario, where the COVID-19 vaccine is in high demand, is expected to offer growth opportunities for microneedles. In addition, the increasing cases of diabetes are expected to boost the market growth. For instance, as per the WHO, diabetes affected around 422 million individuals worldwide in 2014 from 108 million in 1980.

Microneedle drug delivery systems are more beneficial than conventional hypodermal injections because of advantages such as the quicker onset of action, increased permeability and efficacy, better patient compliance, and self-administration. Apart from improving therapeutic benefits, microneedles provide very precise and consistent results with low inter-subject variability in bioavailability.

Gather more insights about the market drivers, restrains and growth of the Global Microneedle Drug Delivery Systems Market

The use of microneedle drug delivery systems has extended its applications to many fields, such as vaccine administration, hormonal delivery, cancer therapy, pain management, and even cosmetics. Many microneedle products have entered the market in recent years. However, further research is needed to address various challenges before microneedles can be successfully introduced into the market. For instance, using 3D printed hybrid microneedle arrays, Carnegie Mellon University is developing a COVID-19 vaccine injection approach (Hybrid-MNA). Not only does the Hybrid-MNA technique allow for lesser doses, but it is also painless and has the potential for self-administration. These technologies will allow microneedles to be manufactured at a lower cost, thereby fostering the market growth.

There are chances of irritation or allergies to sensitive skin. As the needles are small and thin in comparison to the thickness of hair, microneedle tips might break, causing complications if they remain inside the skin. This necessitates the need for highly skilled and qualified medical practitioners. Furthermore, there are a limited number of products permitted by regulatory agencies across the world, which may limit the product’s consistency and efficacy.

As a result of the COVID-19 pandemic, the healthcare system has witnessed enormous challenges. All outpatient treatments were limited or canceled during the COVID-19 pandemic to lessen the risk of viral transmission as most chronic pain therapies were regarded as non-urgent. COVID-19, on the other hand, is thought to be a springboard that is anticipated to dramatically increase patient footfall post-pandemic. Since then, demand for COVID-19 vaccines is expected to increase, and the market for microneedle drug delivery systems is estimated to expand more quickly as these systems are non-invasive and painless.

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