Patient preference for pain-free medication is driving demand for Transdermal Drug Delivery System, global market exhibiting CAGR of 6.3% from 2023 to 2032 | insightSLICE
The global Transdermal Drug Delivery System market size was estimated to be US$ 5.5 billion in 2021 and is expected grow at a CAGR of 6.3% between 2023 to 2032.
Transdermal drug delivery is a form of drug delivery in which medications are administered through the skin in order to achieve dynamic dispersion throughout the body.
Transdermal drug delivery systems function as a form of controlled release mechanism, delivering drugs via the skin at a predetermined and regulated rate. Transdermal medication delivery methods are utilized to treat a wide range of disorders, including cardiovascular and neurological issues.
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Among the treatment enabled by transdermal skin patches include the administration of nicotine (for smoking cessation), nitroglycerine (for angina), scopolamine (for motion sickness), and lidocaine (for shingles pain).
These medications provide a number of advantages, including a longer therapeutic effect, fewer side effects, higher bioavailability, enhanced patient participation, and uncomplicated drug therapy cessation. The transdermal drug delivery system’s three principal drug entry pathways are appendageal, transcellular, and intercellular.
The key players of the Global Transdermal Drug Delivery System Market are:
The global market for transdermal drug delivery systems is very competitive, with numerous large players present in all regions. Many of these companies are anticipated to control a large percentage of the entire market in the future.
To improve their market position and profit margins, prominent market players may enter into partnership agreements with smaller competitors. Leading market players may also invest in the mobile and online health category, positioning it to become the fastest-growing market in the next years.
R&D projects may become a critical revenue-generating business strategy for major companies in the transdermal drug delivery system market in the next years.
3M, Mylan, AdhexPharma, DuPont, Endo International, Lubrizol Corporation, Novartis AG, Purdue Pharma L.P., and others are among the leading participants in the transdermal drug delivery system marketplace.
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Driving factors for the growth of Global Transdermal Drug Delivery System Market
The increasing number of elderly individuals worldwide, as well as the rise in chronic illnesses such as musculoskeletal diseases and aging-related conditions, are driving up the market for skin-based therapeutic solutions.
Furthermore, transdermal medication delivery systems offer numerous benefits such as increased safety, convenience, and lower inter-patient dosage variance. All of these reasons are propelling the global transdermal drug delivery systems market forward.
One of the key growth factors for global transdermal drug delivery system products is the rise in demand for medicine self-administration for patients with chronic illnesses.
As the mobile/online health industry develops, additional needs for transdermal drug delivery devices are expected. As patients become more aware of their options, the advantages of such systems may promote sales growth for transdermal drug delivery systems.
Global Transdermal Drug Delivery System Market Key Segments:
- Pain Management
- Cardiovascular Diseases
- Central Nervous System Disorders
By End User
- Home Care
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
The leading market segments of Global Transdermal Drug Delivery System Market
Rising Patients’ acceptance for pain-free drug administration combined with technology advances supports the demand for transdermal drug delivery system
An increased patient inclination for pain-free drug administration is also expected to lead to greater acceptance of adhesive skin patches, fueling the expansion of the transdermal drug delivery systems market. During the anticipated term, this functionality will also provide revenue-generating potential for prominent industry participants.
Advances in standard pharmaceutical delivery methods, with a growing emphasis on skin-based drug delivery, are expected to boost demand and boost the transdermal drug delivery market’s overall growth.
Other aspects, such as improvements in the personalized patient care industry with the development of new materials and increased functionality, will benefit patients and contribute to the transdermal medication delivery category becoming one of the top revenue earners in the future.
Hospitals are principal buyers of the products under transdermal drug delivery system
The hospital sector is expected to give the highest revenue to the worldwide transdermal drug delivery systems market during the forecast period due to the rising demand for transdermal drug delivery systems to treat patients suffering from various disorders.
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Regional performance of Transdermal Drug Delivery System Market
Until now, North America has dominated the transdermal drug delivery system devices market, and this dominance is likely to continue throughout the projection period.
The rising prevalence of illnesses such as chronic pain, cancer, and cardiovascular disease, as well as market participants’ research activities to bring additional solutions to the region, are important reasons associated with the leadership position.
Asia Pacific is expected to be the top revenue-generating region in the worldwide market due to rising chronic disease prevalence and disease awareness in both developed and emerging economies such as China and India.
Europe is likely to have high growth in the worldwide transdermal drug delivery systems market during the forecast years due to developed healthcare infrastructure facilities in countries such as the United Kingdom and Germany.
Increased healthcare spending, expanding medical awareness, and increasing expenditures by various regional companies in the development of new patches are some of the factors driving the continent’s growth in the transdermal drug delivery systems market.
Due to a lack of well-established companies in Latin America, the Middle East, and African regions, they are expected to have slower growth compared to other parts of the global transdermal drug delivery systems market during the projection period.
Growth limiting factors
Despite all of the above potential opportunities, the high cost of transdermal patches in comparison to other conventional treatment choices, as well as low penetration in emerging nations, may limit the market growth of the transdermal drug delivery method.
The chronic pain segment is predicted to have the largest market share in transdermal drug delivery system products during the projection period. The rising use of opioid drug strips in pain treatment, particularly among cancer patients, is one of the key drivers driving the segment’s rise in the global market.
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