According to the recent research report titled ‘Global Microneedle Drug Delivery Systems Market Size study, by Product Type(Solid, Hollow, Dissolving, Coated, Others), by Material (Silicon, Metal, Polymer, Others), by Application (Dermatology, Hormone delivery, Pain management, Cancer therapy , Vaccine delivery, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global microneedle drug delivery systems market size was worth USD 5.57 billion in 2020 and is expected to multiply at a CAGR of 5.3% over 2021-2027, subsequently amassing a valuation of USD 8 billion by the end of the forecast period.
 

As per the report findings, global microneedle drug delivery systems market growth is driven by increased demand for a safer alternative to traditional hypodermic injections, as well as an increase in the number of diabetes patients worldwide. Besides, increasing technological advancements will offer lucrative prospects for business expansion.
 

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/4339690/
 

For the uninitiated, microneedles can be used to apply a pore-forming pretreatment to the skin. They pierce the skin scrapes to create holes through which the medications can transport.  
 

According to the IDF diabetes atlas edition, around 463 million individuals had diabetes in 2019, and this number expected to climb to 700 million adults by 2045, implying an enhanced demand for microneedles for insulin delivery throughout the forecast timeframe.
 

Speaking of factors restraining the industry expansion, limited number of approved products and complications/risks associated with microneedles are likely to negatively impact the vertical.
 

Coming to geographical ambit, Europe, North America, Asia Pacific, and Latin America are the major regions studied for the regional assessment of the overall market. North America is the top contributor to the overall microneedle drug delivery systems industry remuneration, owing to favorable government initiatives and support for the development of the healthcare sector, increased awareness of rare disorders, and the availability of high-quality medical facilities in the region.
 

Meanwhile, Asia Pacific market is touted to register the fastest growth rate throughout the projected period, creditable to expanding elderly population and increasing healthcare investments.
 

Moving on to the competitive landscape, 3M Company, Novartis International AG, Cardinal Health Inc., Smiths Medical Inc., Terumo Corp., NanoPass Technologies Ltd., B. Braun Group, Becton, Dickinson and Company, and Raphas Co. Ltd are the top firms impacting global microneedle drug delivery systems market dynamics.