Market Outline: Transdermal Skin Patches Market
Transdermal skin patches are the adhesive patches which contain medicaments, placed on the skin and delivers the specific dosage of medication into the blood stream through the skin. Transdermal skin patches bypass the enorohepatic circulation, thus provide more reliable desired action.
Global transdermal skin patches market was valued at US $ XX Mn and expected to grow at 5.24% Compound Annual Growth Rate (CAGR) over the 2018 to 2024
Market Dynamics: Transdermal Skin Patches Market
Global transdermal skin patches market is primarily driven by the advantages of transdermal skin patches over the oral administration of the medicaments such as ease of administration, enhanced bioavailability, onset of action and prolonged activity of the drug. In addition, adaptation of the transdermal skin patches for the pain relief and new product launches and R&D expected to boost the transdermal skin patches market over the forecast period. Moreover, transdermal skin patches help in effective administration of the drugs which have the narrow therapeutic range. In addition, elimination of the first pass metabolism effected and ease of use effect the prescription of the transdermal skin patches for the drugs having narrow therapeutic window. However, skin permeability of the range of drugs limits the growth of market. Only handful of drugs are suitable for the transdermal drug delivery. Furthermore, disadvantages such as chances of developing contact dermatitis may hamper the market growth over the forecast period.
Transdermal skin patches market is segmented based on the technology,application, and distribution channel
Based on the product, the market is segmented into the following:
- Drug in Adhesive
Based on the application, the market is segmented into the following:
- Hormone Replacement
- Pain Relief
- Motion Sickness
- Nicotine Cessation
- Neurological Disorder
- Cardiovascular Disorders
Based on distribution channel, the market is segmented into the following:
- Hospital Pharmacies
- Retail Pharmacies
Adoption of the transdermal skin patches to the wide range of application areas such as cardiovascular diseases, hormone replacement and pain management expected to boost the global transdermal skin patches market significantly during forecast period. Market is very competitive in nature market players are focusing on various strategies such as mergers and acquisitions to increase their market share. Furthermore, there are significant number of drugs are under the clinical trials likely to positively impact the market growth.
Geographically, global transdermal skin patches market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America market is expected to have significant growth in the market owing to the uprising of the technologies to advancement the transdermal skin patches and presence of the key market players in the region. Europe market projected to grow at notable rates owing the adoption of cutting edge technologies and state of art infrastructure and acceptance of the new technological innovations. Asia Pacific market expected to have the significant growth rate during the forecast period due to the developing healthcare infrastructure and expansion of multinational companies into the emerging Asian countries such as India and China.
- Teva Pharmaceutical Industries Ltd. (Israel)
- Mylan Pharmaceuticals Inc. (U.S.)
- 3M Company (U.S.)
- Accrux Ltd. (Australia)
- Access Pharmaceuticals Inc. (U.S.)
Notable Market Developments
- In Febrauary 2015, China National Bluestar (Group) Co, Ltd. has launched Silbone soft silicone adhesive for skin application including transdermal patches.