The global transdermal skin patches market is estimated to be valued at US$ 7,695.0 Mn In 2021 and is expected to exhibit a CAGR of 5.0% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Transdermal skin patches are adhesive patches that deliver drugs through the skin and into the bloodstream. They are a convenient and non-invasive method of drug delivery, providing advantages such as controlled release, prolonged drug action, and decreased side effects. These patches are widely used for the treatment of various conditions such as pain management, hormonal therapy, cardiovascular diseases, and smoking cessation. The increasing demand for a convenient drug delivery method and the growing prevalence of chronic diseases are driving the growth of the transdermal skin patches market.
Market Key Trends: One key trend in the Transdermal Skin Patches Market is the development of advanced drug delivery systems. Pharmaceutical companies are investing in research and development to improve the efficiency and effectiveness of transdermal patches. For example, Purdue Pharma Manufacturing LP has developed Butrans, a transdermal patch for chronic pain management that provides continuous release of medication for up to seven days. These advancements in drug delivery technology are expected to drive market growth.
PEST Analysis:
– Political: Governments play a crucial role in determining regulations related to the production, marketing, and sale of transdermal skin patches. The approval process for these patches may vary across different regions, affecting market growth.
– Economic: The economic landscape of a region, including factors such as disposable income and healthcare expenditure, influences the demand for transdermal skin patches.
– Social: Increasing awareness about the advantages of transdermal drug delivery systems and the need for convenient treatment options among patients are contributing to market growth.
– Technological: Advancements in drug delivery technologies, such as microneedle patches and iontophoretic patches, are enhancing the efficacy and convenience of transdermal skin patches.
Key Takeaways:
– The global Transdermal Skin Patches Market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing demand for a convenient drug delivery method. The advantages of transdermal patches, such as controlled release and decreased side effects, are driving their adoption.
– North America is expected to dominate the transdermal skin patches market, owing to the presence of key market players, high healthcare expenditure, and a growing geriatric population.
– Key players operating in the global transdermal skin patches market include Henan Lingrui Pharmaceutical Ltd, Purdue Pharma Manufacturing LP, Luye Pharma Group, 3M Company, Mylan (Viatris), Teva Pharmaceutical Industries Ltd, Samyang Biopharmaceuticals Corp. (Samyang Holdings), Novartis, and Teikoku Pharma USA Inc. (Teikoku Seiyaku Co. Ltd). These companies are focusing on product development and strategic collaborations to strengthen their market presence.
In conclusion, the global transdermal skin patches market is poised for significant growth in the coming years. The increasing demand for a convenient drug delivery method, coupled with advancements in drug delivery technology, is expected to drive market growth. Strategic collaborations and product development initiatives by key players will further contribute to the expansion of the market.
