PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1397301
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1397301
According to a newly-released analysis report by Fairfield Market Research, the global Microneedle Drug Delivery Systems Market reached a valuation of US$ 6.6 Billion in 2024. The market is anticipated to soar to a valuation of US$ 10.5 Billion by 2031. Hollow Microneedle Drug Delivery Systems are expected to be the leading revenue-generating segment, with an estimated CAGR of 6% during the forecast period.
Microneedles, measuring in millionths of a meter, offer significant advantages over conventional needles and syringes for the delivery of biological agents. These tiny needles find applications in various fields, including dermatology, neurology, cardiology, oncology, and across the pharmaceutical, biotechnology, and medical industries.
Several factors are propelling the growth of the Microneedle Drug Delivery Systems Market, including:
Despite its growth potential, the Microneedle Drug Delivery Systems Market may face challenges such as drug degradation, local discomfort, poor absorption, and absorption variability.
The United States holds a prominent position in the Microneedle Drug Delivery Systems Market due to its extensive applications across various fields, including vaccine administration, hormonal delivery, cancer therapy, pain management, and cosmetics. The impact of the COVID-19 pandemic accelerated the adoption of non-invasive and painless microneedle drug delivery devices, further driving market growth.
Key players operating in the Microneedle Drug Delivery Systems Market include: Raphas Co. Ltd., Becton Dickinson and Company, NanoPass Technologies Limited, 3M, Zosano Pharma Corporation, Corium International Inc., Valeritas Inc., Nitto Denko Corporation, Microdermics Inc., TheraJect Inc., Vaxxas Pty Ltd., Endoderma Ltd., QuadMedicine, SNvia Co. Ltd., and Small Lab.