The most recent study conducted by Report Ocean, titled “Global Microneedle Drug Delivery Systems Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Microneedle Drug Delivery Systems. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Microneedle Drug Delivery Systems Market to reach USD 8.0 Billion by 2027.Global Microneedle Drug Delivery Systems Market is valued approximately at USD 5.57 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.3% over the forecast period 2021-2027. Microneedles can be used for delivering a pretreatment in pore formation to the skin. The microneedles penetrate into scrape of the skin to make holes through which the drugs can transport.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The global Microneedle Drug Delivery Systems market is being driven by rising demand for a safer substitute to conventional hypodermic injections and increase in prevalence of diabetic cases across the world. Furthermore, rising technological advancement will provide a new opportunity in the forecasted period.
For instance. According to IDF diabetes atlas edition, 2019 around 463 adults were living with diabetes which will rise to 700 million adults by 2045. As a result, increase in prevalence of diabetes patients across the world will serve as a catalyst for the industry in the future. However, limited number of approved products and complications/risks associated with microneedles may impede market growth over the forecast period of 2021-2027.
Asia Pacific, North America, Europe, Latin America, and Rest of the World are the key region considered for the global Microneedle Drug Delivery Systems Market.Among these region North America is the leading region owing to factors such as strong government initiatives and support for development of healthcare sector, increase in awareness for the rare disorders and availability of good quality medical facility . Whereas Asia pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027, owing to factors such as rising geriatric population and growth in investment in healthcare sector.
Major market player included in this report are:
Raphas
Novartis International AG
Becton, Dickinson and Company
B. Braun
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Nanopass Technologies Limited
Termo
Smiths Medical
Cardinal Health
3M
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 eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available 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 Product Type:
Solid
Hollow
Dissolving
Coated
Others
By Material:
Silicon
Metal
Polymer
Others
By End use:
Dermatology
Hormone delivery
Pain management
Cancer therapy
Vaccine delivery
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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