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) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 1,322.1 million in 2020 and is expected to exhibit a CAGR of 6.1 % during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Key companies are focusing on different strategies such as collaborations and agreements to maintain a competitive edge in the market. For instance, in December 2019, 3M Company, Inc, entered into an agreement to sell its drug delivery business to Altaris Capital Partners, LLC. Under this agreement 3M Company will receive US$ 650 million from Altaris Capital Partners, LLC. The agreement will aid in developing the drug delivery business and manufacture pharmaceutical products using unique inhalation, transdermal, micro-needle, and conventional drug delivery technologies.
Global Microneedle Flu Vaccine Market – Impact of Coronavirus (COVID-19)
- The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the raw material supply for research and development of micro-needle flu vaccine. Moreover, the COVID-19 pandemic has affected the global micro-needle flu vaccine market in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and 3) by its financial impact on firms and financial markets. Supply chain and manufacturing activities in India, China, and the U.S. are disrupted due to nationwide lockdowns. Whereas, countries such as Saudi Arabia, UAE, Egypt, and others are facing problems due to transportation of drugs from one place to another.
- Furthermore, research institutes are focusing on research and development on developing micro-needle coronavirus vaccine for the treatment of COVID-19 infections. For instance, in April 2020, researchers at the University of Pittsburgh are working on to develop micro-needle vaccine targeting the spike protein of SARS-CoV-2 of coronavirus. The study is funded by NIH’s National Institute of Allergy and Infectious Diseases (NIAID), National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS), and National Cancer Institute (NCI).
Browse 35 Market Data Tables and 32Figures spread through 193 Pages and in-depth TOC on “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) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa”
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The market is expected to witness significant growth during the forecast period, as market players are focusing on inorganic strategies such as mergers and acquisitions to strengthen their position in global microneedle market. For instance, in 2017 Vetter Pharma International USA, Inc and Microdermics Inc entered into a strategic merger to develop a novel micro-needle drug delivery system for influenza and other viral diseases.
Key Takeaways of the Global Microneedle Flu Vaccine Market:
- The global microneedle flu vaccine market is expected to exhibit a CAGR of 6.1% during the forecast period, as key companies are focusing on inorganic strategies in the market. For instance, In August 2018, BioNTech and Pfizer announced a partnership for developing vaccines for prevention of influenza based on messenger RNA. Under the partnership, BioNTech was responsible for conducting the first clinical trial of the vaccine, followed by Pfizer’s clinical development and commercialization.
- Among product type, Solid microneedles segment is estimated to hold major market share in 2020, owing to owing to key players such as 3M offer solid microneedle technology, which relies on tiny needles mounted on wearable patches to deliver vaccines
- Among vaccine type, Quadrivalent Flu vaccine segment is estimated to account for major market share in 2020, owing to growing demand for Fluzone High-Dose quadrivalent vaccine for treatment of influenza.
- Among flu type, Influenza A segment is estimated to account for major market share in 2020, owing to rising prevalence and severity of H3N2 infection
- Key players operating in the global microneedle flu vaccine market include Sanofi S.A., GC Pharma, Debiotech S.A, 3M Company, NanoPass Technologies Limited, Corium International, Inc, Becton, Dickinson and Company, FluGen, Inc, CosMED Pharmaceuticals Co., Ltd, Microdermics and OraSure Technologies, Inc.