The transdermal skin patches market is a rapidly growing mode of drug delivery. Transdermal skin patches offer significant advantages over traditional drug delivery mechanisms by providing controlled drug release, avoiding first pass metabolism, and increasing patient compliance through once-a-day application. These patches are used to deliver medications through the skin for local treatment of pain or widespread conditions like cardiovascular, CNS, and hormonal therapies.
The Global transdermal skin patches market is estimated to be valued at US$ 8.79 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the transdermal skin patches are Novartis AG, Purdue Pharma L.P.,
Viatris, Inc., Teikoku Pharma USA, Inc., Johnson and JohnsonServices, Inc., Teva
Pharmaceutical Industries Ltd., LUYE PHARMA AG, Samyang Holdings Corporation,
Vektor Pharma, Hisamitsu Pharmaceutical Co.,Inc., UCB S.A., Hikma Pharmaceuticals PLC,
Corium, Inc., Nitto Denko Corporation, Gedeon Richter Plc., Agile Therapeutics, Amneal Pharmaceuticals LLC., Cipla, and AdhexPharma. Key players are focusing on new product launches and gaining regulatory approvals to expand their market share.
The growing demand for self-administered and painless drug delivery drives the Transdermal Skin Patches Market share sustained and controlled drug release without causing gastric irritation, thus improving patient compliance.Various advantages over oral drug delivery methods have increased the demand for transdermal skin patches.
Major players are focusing on expanding their global footprint especially in high growth regions like Asia Pacific and Latin America. Partnerships with local players help penetrate new markets and gain a larger share of the transdermal drug delivery market.
Market key trends
Emergence of smart transdermal patches integrated with sensors, microelectronics and wireless technologies is a key trend in this industry. These smart patches can detect physiological parameters, monitor drug delivery and adherence, and transmit data to healthcare providers. This allows for personalized therapy and remote monitoring of chronic conditions. Smart patches are expected to transform drug delivery and self-care over the forecast period.
Porter's Analysis
Threat of new entrants: Low barrier to entry with limited capital requirement but established players dominating the market through their brand value and distribution network making it difficult for new players to gain market share.
Bargaining power of buyers: Moderate bargaining power of large buyers due to availability of alternative treatment options but specialized products create switching costs.
Bargaining power of suppliers: Low bargaining power of suppliers due to the availability of substitute raw materials and established supply chain of leading players.
Threat of new substitutes: Threat of new substitutes is moderate as alternative delivery mechanisms gain popularity but transdermal patches offer convenience.
Competitive rivalry: High competitive rivalry among leading players to gain higher market share through new product launches, marketing strategies and partnerships.
Geographical Regions
Transdermal Skin Patches Market Regions Analysis reveals that North America accounts for the largest share of the global transdermal skin patches market owing to the increasing prevalence of chronic diseases, growing geriatric population, and developed healthcare infrastructure in the region.
The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising healthcare expenditure, large patient population, increasing awareness about transdermal drug delivery and penetration of leading market players in emerging markets of China and India.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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