May 19, 2020 8:00 PM ET iCrowd Newswire May 19, 2020
The transdermal drug delivery system market was valued at US$ 6,063.85 million in 2019 and is projected to reach US$ 8,415.04 million 2027; it is expected to grow at a CAGR of 4.3% from 2020 to 2027.
Transdermal Drug Delivery System (TDDS) is described as a self-contained or discrete dosage form known as patches or semisolid forms that are applied to the intact skin. There are different types of semisolid forms, such as, creams, ointments, gels, and sprays. Dosage forms are designed to deliver a therapeutically effective amount of drug across a patients skin. Thetransdermal drug delivery system marketis expected to witness a huge growth due to increasing prevalence of chronic diseases, growing demand for non-invasive drug delivery devices, and high demand for self-administration of drugs. However, high cost involved in development of drug delivery systems along with drug failure and recalls of transdermal drug delivery systems are likely to restraint the growth of the market during the forecast years.
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Top Leading companies operating in this research areNovartis Ag, Johnson & Johnson Services, Inc., Glaxosmithkline Plc., Bayer Ag, Mylan N.V., Boehringer Ingelheim International Gmbh, Hisamitsu Pharmaceutical Co.,Inc., Luye Pharma Group, Purdue Pharma L.P., and Lavipharm.
Based on the type, the global transdermal drug delivery system market is segmented into transdermal patches and transdermal semisolids. The transdermal patch segment is further sub segmented into drug-in-adhesive patches, matrix patches, reservoir membrane patches, and micro needle patches. The transdermal semisolids segment is further sub segmented into gels, ointments, and sprays. The transdermal patches segment held the largest share of the market in 2019 and the same segment is estimated to register the highest CAGR in the market during the forecast period owing to the advantages such as better patient compliance, faster onset of action, and improved permeability and efficacy. Moreover, increasing research and development activities in order to validate the feasibility of transdermal patches for treatment of new diseases is likely to boost the new product introduction, which will further driving the growth of the market by 2027. For instance, in October 2019, Noven Pharmaceuticals, Inc., a subsidiary of Hisamitsu Pharmaceutical Co., Inc., got FDA approval for SECUADO (asenapine) Transdermal System. The newly launched and approved system is intended to treat schizophrenia.
Application-Based Insights
Based on application, the transdermal drug delivery system market is segmented into pain management, central nervous system disorders, hormonal applications, cardiovascular diseases, and other applications. The hormonal applications segment is further sub segmented into transdermal estrogen therapy and testosterone replacement. In 2019, the pain management segment accounted for the largest share of the global transdermal drug delivery system market owing to increasing number of transdermal drug delivery systems for the pain management. Also, pain management segment is estimated to register the highest CAGR in the market during the forecast period.
End User-Based Insights
Based on end user, the transdermal drug delivery system market is further segmented into hospitals and clinics, home care settings, and others. The hospitals and clinics segment held the largest share of the market in 2019, owing to increasing emphasis on adoption of transdermal drug delivery systems in clinics. Hospitals serve a significant role by providing extensive range of medical services to the patient population suffering from wide variety of diseases. This increased the adoption of drug delivery systems in hospitals and clinics.
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Strategic Insights
Product launches and expansion strategy is commonly adopted by companies to expand their footprint worldwide and meet the growing demand. This strategy is most commonly adopted by the market players in order to expand its product portfolio.
The market players operating in the transdermal drug delivery system market adopted the strategy of product innovation to cater to changing customer demand across the world, which also permits the players to maintain their brand name globally.
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Transdermal Drug Delivery System Market Global Innovations, Competitive Analysis, New Business Developments and Top Companies Forecast to 2027 -...
