Global Microneedle Flu Vaccine Market, by Product Type (Solid Microneedle, Hollow Microneedle, Coated Microneedle, Dissolving Microneedle), by Vaccine Type (Trivalent Flu Vaccine, Quadrivalent Flu Vaccine), by Flu Type (Influenza A( H1N1, H3N1), Influenza B), by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,547.5 Million in 2023 and is expected to exhibit a CAGR of 6.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key players in the market are focusing on the adoption of inorganic growth strategies, such as partnerships and collaborations in order to strengthen their market presence in the global microneedle flu vaccine market, which is expected to drive the market growth over the forecast period. For instance, in February 2021, PharmaTher Holdings Ltd, a specialty life sciences company focused on the research and development of pharmaceuticals, announced its partnership with Terasaki Institute for Biomedical Innovation, which aims to invent and foster practical solutions that restore or enhance the health of individuals, to adapt a microneedle drug delivery patch for the micro-dosing of psychedelics
Global Microneedle Flu Vaccine Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regards to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global microneedle flu vaccine market, owing to its potential benefits of dissolvable microneedle dots for COVID-19 patients. For instance, in April 2021, an article published by National Centre for Biotechnology Information (NCBI), stated that COVID-19 patients may benefit from the potential benefits of dissolvable microneedle dots. Thus, there was an increase in the production of microneedles for the treatment of COVID-19.
Global Microneedle Flu Vaccine Market: Key Developments
In May 2022, EMERGEX VACCINES, a clinical-stage biotechnology company, and Zosano Pharma Corporation, a clinical-stage biopharmaceutical company, announced their alliance for EMERGEX VACCINES COVID-19 vaccine candidate to successfully be coated onto Zosano Pharma Corporation’s proprietary microneedle patch system.
In August 2022, Vaxess Technologies Inc., a life science company developing novel vaccine formulations and delivery technologies, announced the Phase 1 trial for the H1 influenza vaccine patch, outlining its mission to increase access to vaccines via the shelf-stable, sustained-release patch.
In July 2021, SeriTech Company Limited, a developer of technologies and products that benefit from the natural properties found in silk, including a fast detaching, dissolving microneedle patch for the delivery of vaccines and pharmaceuticals, announced the launch of its new product IPSYLON, a fast detaching, dissolving microneedle patch.
In September 2020, Esperovax, a biotechnology company was awarded US$ 607,000 in funding from the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services, for further studies into the feasibility of oral vaccine production and delivery.
The increased product launch, alliances, clinical trials, and funding by regulatory authorities are expected to create new opportunities in the global microneedle flu vaccine market.
Browse 35 Market Data Tables and 32 Figures spread through 193 Pages and in-depth TOC on “Global Microneedle Flu Vaccine Market”- Forecast to 2030 by Product Type (Solid Microneedle, Hollow Microneedle, Coated Microneedle, Dissolving Microneedle), by Vaccine Type (Trivalent Flu Vaccine, Quadrivalent Flu Vaccine), by Flu Type (Influenza A (H1N1, H3N1), Influenza B), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/microneedle-flu-vaccine-market-2286
Key Takeaways of the Global Microneedle Flu Vaccine Market:
- The global microneedle flu vaccine market is expected to exhibit a CAGR of 3% during the forecast period. Increasing adoption of inorganic growth strategies, such as acquisitions by key players in the market to expand product portfolio, is expected to drive segment growth over the forecast period. For instance, in October 2022, EMERGEX VACCINES, a clinical-stage biotechnology company addressing major global infectious diseases through the development of fully synthetic CD8+ T cell Adaptive Vaccines, announced that it has acquired the assets of Zosano Pharma Corporation, a clinical-stage biopharmaceutical company
- Among product type, dissolving microneedle segment is estimated to hold a dominant position in the global microneedle flu vaccine market over the forecast period, owing to increasing adoption of inorganic growth strategies, such as collaborations by the key players in the market to expand the product portfolio. For instance, in February 2022, Raphas Co., Ltd., a company specializing in microneedle patches, announced a research collaboration with Johnson & Johnson Innovation, LLC, a manufacturer of healthcare products and provides related services for the consumer, pharmaceutical, and medical devices markets, for the exclusive development and application of the microneedle particles under Raphas Co., Ltd.’s patented Droplet Extension (DEN) technology in skin care products.
- Among region, North America is expected to be the dominant region in the global microneedle flu vaccine market, owing to increasing adoption of inorganic growth strategies, such as mergers by the key players in the market to expand the product portfolio and strengthen their market presence, which is expected to drive the segment growth over the forecast period. For instance, in June 2020, Microdermics, Inc., a medical device company, came into a strategic merger with Novateur Ventures, an established global life sciences advisory company, to provide strategic advisory support and to lead the transaction process for commercializing novel micro-needle flu vaccine and biosensing platform.
- Major players operating in the global microneedle flu vaccine market include Sanofi, GC Pharma, Harro Höfliger, CosMED Pharmaceutical Co.Ltd., Micron Biomedical, Inc., LTS Lohmann Therapie-Systeme AG, Micralyne, Inc., Sorrento Therapeutics, Inc., TSRL, Inc., QUADMEDICINE, Raphas Co., Ltd., Cutanos GmbH, 3M, NanoPass, Corium, Inc., BD, FluGen, Inc., MICRODERMICS INC
