The Transdermal Drug Delivery Market to grow at a CAGR of 9.5% during the forecast period 2017–2023 to aggregate $14.48 billion by 2023
Factors, such increasing prevalence of chronic diseases, rising geriatric population, and the increasing demand for transdermal drug delivery, are expected to drive the market growth during the forecast period.
BANGALORE, India – December 20, 2017
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Transdermal Drug Delivery Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023” (December 2017).
According to Infoholic Research, an increase in the healthcare spending, and increasing clinical trials and product launches are proving the opportunity for the market growth. Significant investments in R&D in this market is seen to develop novel technologies. As a support, many companies are receiving the funding to develop advanced technology products from diagnostics associations and other venture capitalists. However, disadvantages of transfer of through skin, side-effects of transdermal drug delivery system, and high cost of the patches are hampering the market growth. The transdermal drug delivery finds its applications in hormonal diseases, pain management, CNS disorders, cardiovascular diseases, and others. Other indications are for cold, nutrition, skin care, aroma, and patches that measure the amount of sunrays exposure. Currently, the market is dominated by the pain management transdermal drug delivery market. According to Infoholic Research, the “Global Transdermal Drug Delivery” market is expected to grow at a CAGR of 9.5% during the forecast period 2017–2023 to touch an aggregate of $60.71 million by 2023.
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The Transdermal Drug Delivery Market is analyzed based on four segments – Product Type, Technology, Drug Type, and Regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In the North American region, the US is set to be the leading country. Europe is set to be the second leading region and holds more than 26.3% of the market share in 2016. In Asia Pacific, India, Japan, and China is one of the most attractive countries for the players and holds huge business opportunities. The RoW is set to be an emerging market in the next 5–6 years.
The product types covered in the report are Patches and Gels. Transdermal patches are likely to continue to dominate the market by 2023. Stringent regulatory approval and high cost of the transdermal drug delivery systems represent the major challenge to the growth of the transdermal drug delivery market. The market is expected to be on a positive year on year growth rate as the increase in chronic disease prevalence and expanded application areas of the technology are expected to improve during the forecast period.
Based on the technology types, the market is segmented into Passive and Active Transdermal Technology. At present, the market is dominated by passive technology. However, the advent of novel technology for enhancing the permeation of drugs through skin is driving the market growth. Hence, the highest growth rate is expected to be witnessed in the active transdermal drug delivery technology.
“The transdermal drug delivery market is highly lucrative. Many players are developing advanced technology products and if involved in expanding the application areas of these drug delivery systems. In 2017, Nemaura Pharma, a UK-based company has developed Memspatch, to increase the penetration rate of gel by three-times faster than the ones that are already available in the market. Apart from this the major players in the market are collaborating with other major players in the market. For instance, in January 2017, 3M Drug Delivery Systems entered into collaboration with Panacea Pharmaceuticals, Inc. to deliver a new therapeutic cancer vaccine directly to the dermis through the 3M Hollow Microstructure Transdermal System (hMTS).” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides complete details about the various types of transdermal drug delivery technologies overview
- Provides complete details about the analysis of top 12 players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies