Micro-Needle Patch Market to Reach Value of USD 1,034.5 Million in 2028 | Increasing Government Funding and Rise in the Diabetic Population All Over the World are Key Factors Driving Industry Demand, Says Emergen Research

VANCOUVER, BC, April 6, 2022 /PRNewswire/ -- The global micro-needle patch market is expected to reach a market size of USD 639.4 Million at a rapid CAGR of 6.1% in 2028, according to the latest analysis by Emergen Research. Technological advancements in micro-needle drug delivery systems contribute to growth of the market. Advantages associated with micro-needle patches such as painless drug delivery, effective cost and bio availability further drive the market growth. Increase in the cases of diabetes all over the world is also a key factor contributing to growth of the market. Various initiatives implemented by governmental and non-governmental organizations is driving the awareness and commercialization of micro-needle patches.

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Use of micro-needles for insulin delivery by using glucose responsive micro-needle patches is gaining popularity among the diabetic population all over the world. Micro-needles offer easy treatment methods for chronic ailments as compared to other conventional ways. This further drives the market growth in the positive direction. Major  companies in the market are focusing on expanding their market through distribution rights and market licensing and are creating a competitive landscape.

Major companies operating in micro-needle patch market are:

3M Company, Becton Dickinson and Company, Zosano Pharma Corporation, Raphas Co. Ltd., Nanopass Tech, Corium International, Inc., Valeritas, Inc., Nitto Denko Corporation, Microdermics, Inc., and Sanofi S.A.

Key Highlights of Report

• In December 2019, Luye Pharma Group Ltd. acquired Acino with an aim to expand their transdermal drug delivery system business.
• In July 2018, Mylan N.V. launched FDA-approved Rivastigmine Transdermal System for the treatment of Parkinson's disease, dementia, and Alzheimer's disease.
• The hospital segment accounted for largest market share in 2020. Focus on specific clinics is expected to drive growth of the segment. Increasing government expenditure in healthcare sector all over the world is also contributing to the market growth.
• The market in Asia Pacific is expected to register the fastest CAGR during the forecast period. Adoption of minimal invasive drug delivery system in the region is a key factor for growth of the market in the region. Rise in the fund allocation for the healthcare sector in the region is also boosting growth of the market.

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For this report, Emergen Research has segmented global micro-needle patch market based on type, end use, and region:

• Type Outlook (Revenue, USD Million; 2018–2028)
• Solid
• Hollow
• Dissolving
• End Use Outlook (Revenue, USD Million; 2018–2028)
• Hospitals
• Ambulatory Surgical Centers
• Cosmetic Therapy Centers
• Academic and Research Institutions

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• Regional Outlook (Revenue, USD Million; 2018–2028)
• North America

                         a. US
                         b. Canada
                         c. Mexico

• Europe

                         a. Germany|
                         b. UK
                         c. France
                         d. Italy
                         e. Spain
                         f. BENELUX
                         g. Rest of Europe

• Asia Pacific

                         a. China
                         b. India
                         c. Japan
                         d. South Korea
                         e. Rest of APAC

• Latin America

                         a. Brazil
                         b. Rest of LATAM

• Middle East & Africa

                         a. Saudi Arabia
                         b. UAE
                         c. South Africa
                         d. Turkey
                         e. Israel
                         f. Rest of MEA

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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