Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) — The “Global Microneedle Flu Vaccine Market” report has been added to ResearchAndMarkets.com’s offering.
The global microneedle flu vaccine market size was estimated to be USD 1.55 billion in 2023 and is expected to reach USD 3.04 billion by 2034 with a CAGR of 6.31% during the forecast period 2024-2034
Increased prevalence of influenza and viral infections, painless and convenient vaccination, improved vaccine delivery and immune response, technological advancements and research efforts, growing awareness and positive perception, and government initiatives and funding will drive the market growth.
The constant threat of influenza and other viral illnesses and the advent of new strains highlight the need for effective and accessible vaccination regimens.
Microneedle vaccinations are a viable alternative to standard injections, potentially increasing immunization rates and reducing disease burden. For instance, Becton, Dickinson, and Company (BD) collaborated with CSL in August 2023 to develop and market a microneedle patch for a quadrivalent influenza vaccination, combining expertise for greater reach.
By Product Type, the hollow microneedle segment accounted for the highest revenue-grossing segment in the global microneedle flu vaccine market in 2023 owing to the increased recognition of its superior patient acceptance, facilitated by a less intrusive and virtually pain-free vaccination experience.
The hollow microneedle’s success in addressing needle-phobia concerns and promoting widespread vaccine adoption, combined with its potential for simplified administration and cost-effectiveness, played pivotal roles in establishing it as the leading revenue contributor in the global microneedle flu vaccine market. For instance, 3M Company received FDA authorization for VaxiPatch, a microneedle patch for influenza vaccine, in October 2023, marking a critical milestone for market introduction.
Additionally, the Solid Microneedles segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing demand for efficient and simplified vaccine delivery systems, the versatility of solid microneedles in delivering a wide range of vaccines, and their potential for enhanced stability, making them well-suited for various vaccine formulations.
By vaccine type, the quadrivalent flu vaccine segment accounted for the highest revenue-grossing segment in the global microneedle flu vaccine market in 2023 owing to the increased effectiveness in providing broader protection against multiple influenza strains, aligning with the evolving nature of influenza viruses. The quadrivalent flu vaccine’s ability to cover two influenza A and two influenza B strains contributed to its dominant position in the market, appealing to healthcare professionals and individuals seeking comprehensive flu protection. For instance, Pharmajet received CE Mark approval for their PharmaJet system for influenza vaccine delivery in July 2023, paving the way for its usage in Europe.
Additionally, the trivalent flu vaccine segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing recognition of its efficacy against a diverse range of influenza viruses and its affordability, making it an attractive option for healthcare providers and regions with budget constraints.
By distribution channel, the hospitals and clinics segment accounted for the highest revenue-grossing segment in the global microneedle flu vaccine market in 2023 owing to the increased adoption of microneedle flu vaccines as a preferred mode of immunization by healthcare institutions seeking to optimize vaccination processes.
The hospitals and clinics segment’s leading revenue position in the global microneedle flu vaccine market in 2023 is attributed to the convenience and efficiency offered by microneedle technology in these settings, enabling healthcare professionals to administer vaccines with precision and ease. For instance, Micron Biomedical initiated a relationship with WHO in December 2023 to investigate microneedle technology for vaccine administration in resource-limited situations.
Additionally, the pharmacies segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing consumer preference for convenient and accessible vaccination options, coupled with the expansion of vaccination services in retail pharmacy settings. The pharmacies segment is anticipated to experience rapid growth during the forecast period due to the rising trend of community-based vaccination initiatives, where pharmacies play a key role in providing easily accessible microneedle flu vaccines.
North American region is anticipated for the highest revenue share during the forecast period owing to the robust adoption of microneedle flu vaccines driven by advanced healthcare infrastructure, widespread awareness campaigns, and a proactive approach toward innovative vaccination technologies. The North American region is poised to capture the highest revenue share during the forecast period, as the emphasis on improving vaccination coverage, coupled with favorable regulatory support and high healthcare spending, creates a conducive environment for the widespread acceptance and implementation of microneedle flu vaccines.
Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to increased awareness of the importance of vaccination, rising healthcare infrastructure development, and the growing demand for innovative and patient-friendly vaccination technologies. For instance, in September 2023, the Vaccine and Gene Therapy Institute of Florida published data in a renowned medical publication indicating improved immune response of their microneedle-based influenza vaccine in animal models.
|No. of Pages
|2023 – 2034
|Estimated Market Value (USD) in 2023
|Forecasted Market Value (USD) by 2034
|Compound Annual Growth Rate
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product Type, Vaccine Type, and Distribution Channel
- Market Forecast for 5 Regions and 17+ Countries
- 3M Company
- Dickinson and Company
- Micron Biomedical
- NanoPass Technologies
- Zosano Pharma
- Vaccine and Gene Therapy Institute of Florida (VGTI Florida)
- Corium International Inc.
- Inovio Pharmaceuticals
- Georgia Tech Center for Drug Design
- and Delivery (CD4D2)
- FluGen Inc.
- D’Antonio Consultants International Llc
- Regeneron Pharmaceuticals
- Brisbane Materials Technology (BMT) Inc.
Segmentation: Microneedle Flu Vaccine Market Report 2023 – 2034
Microneedle Flu Vaccine Market Analysis & Forecast by Product Type 2023 – 2034 (Revenue USD Bn)
- Solid Microneedles
- Hollow Microneedle
Microneedle Flu Vaccine Market Analysis & Forecast by Vaccine Type 2023 – 2034 (Revenue USD Bn)
- Trivalent Flu Vaccine
- Quadrivalent Flu Vaccine
Microneedle Flu Vaccine Market Analysis & Forecast by Distribution Channel 2023 – 2034 (Revenue USD Bn)
- Hospitals and Clinics
- Online Retailers
Microneedle Flu Vaccine Market Analysis & Forecast by Region 2023 – 2034 (Revenue USD Bn)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/vea7wt
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- Global Microneedle Flu Vaccine Market