The Microneedle Patches Market is anticipated to exceed US$1.7 billion by 2033, Persistence Market Research

Rising Cases of Needlestick Injuries Driving Microneedle Patches Market Growth: Persistence Market Research

/EIN News/ — New York, June 14, 2023 (GLOBE NEWSWIRE) — Rising cases of needlestick injuries along with increasing demand for minimally invasive procedures have led the global microneedle patches market to reach US$ 792.9 million in 2022. The market for microneedle patches is set to reach US$ 1.7 billion by the end of 2033. The market is forecasted to expand at a CAGR of 7.1% over the study period (2023 to 2033).

Patient-controlled delivery systems are one of the medication delivery technology advancements that are promising and expanding rapidly. Increasing prevalence of chronic conditions including diabetes, cancer, and rheumatoid arthritis necessitates development of self-administered treatments.

Although self-administration of medications may seem convenient, it can be complicated by several factors, including dosage management and needlestick injuries. However, advancements in technology have addressed these issues and have popularized the use of microneedles for patient-controlled drug administration. Patients and doctors prefer microneedle patches such as solid microneedle patches and hollow microneedle patches. This is due to associated advantages such as faster healing at the injection site, ease of large molecule administration, and rapid & painless drug delivery.

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Industry leaders are focusing on the development and approval of advanced microneedle drug delivery systems to treat various disorders. The current microneedle drug delivery system development pipeline supports an outlook for continued healthy growth. The number of patents filed in this field is increasing significantly each year.

• In 2016, AdminMed nanoBiosciences LLC received its European Union patent for its microneedle array patch.

Advancements in microneedle technology address the issues of needle reuse and unintended needlestick injuries, effectively minimizing these problems. The market for microneedle patches is being primarily influenced by significant technological advancements.

Key Takeaways from Market Study

• The global microneedle patches market is predicted to reach US$ 1.7 billion by 2033-end.
• Solid microneedle patches held 56.3% share of the global market in 2022.
• By end user, specialty clinics accounted for 33.3% of the global market share in 2022.
• North America dominated the global market with the United States reaching a market value of US$ 318.6 million in 2022.

“The market for microneedle patches is experiencing noteworthy growth due to the advantages they offer in delivering drugs in a painless, rapid, and convenient manner,” says an analyst at Persistence Market Research.

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Market Competition

In response to growing competition and rising consumer expectations, manufacturers of microneedle patches are undertaking initiatives including expanding their research and increasing development expenditures via collaborations and acquisitions.

• In April 2020, Zealand Pharma completed the acquisition of Valeritas Inc. for US$ 23 million.
• In 2017, the Infectious Disease Research Institute (IDRI) and Nanopass announced a collaboration to develop and commercialize the Zika Virus vaccine using the intradermal drug delivery technique.

What Does the Report Cover?

Persistence Market Research offers a unique perspective and actionable insights on the microneedle patches market in its latest study, presenting a historical demand assessment for 2015 to 2022 and projections for 2023 to 2033.

The research study is based on product (solid microneedle patches {silicon, metal, polymer}, hollow microneedle patches, dissolving microneedle patches, coated microneedle patches), and end user (hospitals, ambulatory surgical centers, specialty clinics, academic institutions, research institutes), across seven key regions of the world.

For additional insights on how the growth of the microneedle patches market will unfold over the decade, write to the analyst at [email protected]

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