Global Micro Needle Patch Market is valued at approximately USD 725.17 million in 2022 and is anticipated to grow with a healthy growth rate of more than 6.1% over the forecast period 2023-2030. Micro needle patches are micron-scaled medical devices or a type of transdermal drug delivery system that are specially designed to administer vaccines, drugs, and other therapeutic agents. This method of drug delivery emphasizes administering the drug from a skin sticker patch by crossing through the skin layers to the circulation system. The Micro Needle Patch Market is expanding owing to factors such as the rising inclination towards painless drug delivery, increasing geriatric population, rising government support, growing focus on reducing the risk of needlestick injuries, expansion of the pharmaceutical industry, and growing consumer awareness.
In addition, the increasing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular disease is playing a major role in bolstering the market demand owing to the high demand for self-administered medication services among patients. These conditions usually necessitate regular medication; accordingly, micro needle patches offer a convenient and painless way to deliver drugs. These patches are easy to enhance patient compliance and reduce the need for healthcare professionals to administer medication. The World Health Organization (WHO) report in April 2021 stated that chronic diseases are expected to kill 41 million people per year, which is equivalent to 71% of all deaths globally. Also, as per International Diabetic Federation (IDF), in 2021, approximately 537 million adults (20-79 years) are living with diabetes, which is projected to rise to 643 million by 2030 and 783 million by 2045. Thus, these aforementioned factors are propelling the growth of the Micro Needle Patch Market during the estimated period. Moreover, the rising technological advancements in micro-needle drug delivery systems, as well as the growing investment related to research & development present various lucrative opportunities over the forecasting years. However, the high capital investment and the complications associated with microneedles are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Micro Needle Patch Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the high demand for painless drug delivery, advancements in technologies, and rise in the fund allocation for the healthcare sector. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. The increasing cases of chronic disease, limited healthcare facilities in several underdeveloped or developing region, along with the rising focus on self-administered medication services are significantly propelling the market demand across the region.
Major market players included in this report are:
Becton Dickinson and Company
Zosano Pharma Corporation
Raphas Co. Ltd.
Corium International, Inc.
Nitto Denko Corporation
Recent Developments in the Market:
Ø In December 2021, Wrinkles Schminkles announced the introduction of self-dissolving microneedle patches with 1800 microneedles, which utilize novel technology to directly deliver active ingredients deep into the skin. The patch flattens out wrinkles or tiny lines by self-dissolving and releasing the active ingredients into the dermal layers of the skin.
Global Micro Needle Patch Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, End Use, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End Use:
Ambulatory Surgical Centers
Cosmetic Therapy Centers
Academic and Research Institutions
Middle East & Africa
Rest of Middle East & Africa