Microneedle Drug Delivery Systems Market Trends

Growth Drivers

• Growth of the Healthcare Industry – Microneedle drug delivery systems offer various advantages compared to conventional hypodermic injections such as enhanced efficacy, self-administration, and quick onset of action. The increasing research and development by large firms and business organizations in microneedles to improve their stability is estimated to fuel the growth of the microneedle drug delivery systems market in the coming years. According to statistics, the United States healthcare industry was valued at around USD 800 billion in 2021.
• Rising Cases of Cancer – According to data from the Centers for Disease Control and Prevention, approximately 1,752,735 new cancer cases were diagnosed in the United States in 2019 and approximately 599,589 people died of cancer.
• Increased Research and Development Expenditure – According to the World Bank data, the worldwide research and development expenditure as a ratio to Gross Domestic Product (GDP) was around 2.33% in 2019, which increased to 2.63% in 2020.
• Increasing Rate of Obesity in Population – According to the most recent data, the obesity rate among citizens of the United States was about 40% in 2020.
• Growth in Prevalence of Neurological Disorders – According to estimates, around 21 million people suffer from neurological problems, of which about 13 million globally require surgery every year.

Challenges

• Concerns Associated with the System - Drug degradation, poor absorption, and local discomfort are some of the major concerns associated with the microneedle drug delivery systems. Further, both coated and hollow microneedles possess the risk that the drug will not properly enter the skin and will not be effective. Some of the material used to construct the microneedles cannot be absorbed by the body and any fragments of the needles may irritate.
• Dearth of Skilled Professionals
• High Cost of Research and Development in Microneedle Drug Delivery Systems