The Global Transdermal Patch Market was $6.80 Billion USD in 2021 and is growing at a CAGR of 3.54% year on year, it will reach $8.70 Billion USD in 2029.
— Revas
LOS ANGELES, CALIFORNIA, USA, March 6, 2023 /EINPresswire.com/ —
Transdermal Patch Market Overview
A patch that is applied to the skin is called a transdermal patch. A medicine or another medicinal ingredient is contained in a thin, sticky coating that makes up the object. Through the skin, the agent steadily releases over time. Medication can be given directly into the bloodstream with this procedure.
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The transdermal patch market is expanding quickly worldwide. The primary forces behind this expansion are the rising demand for drugs that can be applied via patches as well as improvements in patch technology. Improvements in patch designs, a rise in the usage of adhesive materials, and a greater adoption of electronic health records (EHRs) in clinical settings are just a few of these developments.
Market Segment and Regional Analysis
Patch made with methyl salicylate, rivastigmine accounted for more than half of the market for transdermal patches overall. However, because of its parenteral route, it encounters a number of difficulties, including low patient compliance and negative medication reactions. These elements are probably going to reduce its market share soon. Other transdermal patch types, such as nicotine patches, are also competing for market dominance, although their adoption has lagged behind that of patches made with methyl salicylate.
The Transdermal Patch Market is segmented into pharmaceutical applications such as therapy for hypertension and cancer pain, among others, and Channel uses such as personal care products (shampoo, lotion, etc.), nutritional supplements, animal feed, etc. Over-the-counter (OTC), prescription, and home healthcare items are all covered by RxChannel. With a value share of over 60% in the transdermal patch market in 2016, the prescription product segment is in absolute dominance.
In terms of revenue, North America is anticipated to be the transdermal patch market’s top regional competitor. The second-largest regional market is anticipated to be in the Asia Pacific area. Over the forecast period, the Middle East and Africa region is anticipated to have the quickest rate of growth in the transdermal patch market.
Prominent Key Players of the Transdermal Patch Market
To accurately reflect the competitive environment of the industry, we specifically investigate not only the huge corporations that have a considerable impact on a global scale but also the localized small and medium-sized enterprises that play key roles and have significant space for growth. Detailed company profiles of the major global players, including Hisamitsu Pharmaceutical, Johnson & Johnson, Novartis, UCB Pharma, Mylan, Teva Pharmaceutical, Nitto Denko, Grünenthal, IBSA Group, GSK, Luye Pharma Group, Pfizer, Chattem, Dr. Reddy’s Laboratories, Bayer, Mundipharma, Endo International, Beijing Tide Pharmaceutical,etc.
Key Market Segments Table: Transdermal Patch Market
Based on types, the Transdermal Patch Market is primarily split into:
• Methyl Salicylate-based Patch
• Rivastigmine Transdermal Patch
• Fentanyl Transdermal Patch
• Lidocaine Patch
• Diclofenac Patch
• Nicotine Transdermal Patch
• Others
By Application, the Transdermal Patch Market is divided into:
• Rx Channel
• OTC Channel
• Medical
• Others
Measurement Center By geography, the Transdermal Patch Market is divided into:
• Asia Pacific
• Europe
• North America
• South America
• Middle East And Africa
Analysis of the impact of the Russia-Ukraine War and COVID-19
The Transdermal Patch Market has been significantly impacted by the Russia-Ukraine War and COVID-19. Now, a lot of businesses are spending money on new patches to meet customer needs. Businesses that provide patches for chronic diseases like depression, anxiety, and pain in particular are gaining from the rise in demand. Additionally, there is a rise in demand for companies who provide patches for general health issues.
Key Drivers & barriers in the Transdermal Patch Market
The Transdermal Patch Market is expanding as a result of several major factors. The rising occurrence of chronic conditions including diabetes and obesity, which are linked to a rise in skin issues. There is an increasing market for transdermal treatments for several additional medical disorders, including as depression and pain management. Transdermal therapies are becoming more popular since they are simple to apply and non-invasive.
The market for transdermal patches is being constrained by a number of major factors, including: Complex application and administration processes that result in poor patient uptake rates. Well-known incidents when patches irritated patients’ skin or had other negative effects. The product formulation is not standardized, which causes the effectiveness of different patch brands to vary.
Key Benefits for Industry Participants & Stakeholders:
Some of the key benefits that industry participants can look forward to include:
• Low-cost manufacturing method: The transdermal patch market uses a low-cost production method since it is highly automated. Because of this, it is a desirable choice for businesses trying to enter the industry.
• Lessened adverse effects: Transdermal patches don’t require surgery and aren’t intrusive. They consequently frequently have less adverse effects than conventional medicines. Transdermal patches also lower the overall cost of care for patients because they don’t need frequent doctor visits or dosage adjustments.
• Longer shelf life: Unlike conventional drugs, transdermal patches are stable and do not deteriorate over time. They retain their effectiveness and potency after being stored for an extended period of time.
Following is the list of TOC for the Transdermal Patch Market:
• Report Overview
• Study Scope and Definition
• Research Methodology
• Key Market Segments
• Players Covered: Ranking by Automotive Interior Leather Revenue
• Market Analysis by Type
• Market by Application
• Customer Support
• Personal Assistant
• Customer Engagement
• Retention
• Covid-19 Impact: Global Major Government Policy
• Global Transdermal Patch Market Trends and Growth Strategy
• Global Transdermal Patch Market Players Profiles
• Artificial Solutions Company Profile
• Global Transdermal Patch Production Capacity Market Share by Market Players
• Global Transdermal Patch Revenue Market Share by Market Players
• Global Transdermal Patch Production Forecast by Regions
• Global Transdermal Patch Marketing Channel, Distributors, Customers and Supply Chain
• Analyst’s Viewpoints/Conclusions
• Disclaimer
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Why is the Transdermal Patch Market Research Report so Important?
• The report closely examines both the market’s present situation and its potential for the future.
• The important elements influencing the market are thoroughly analysed in this research.
• The paper provides a thorough overview of the market’s apparel and examines its primary growth drivers, challenges, and prospects.
• The competitive environment is thoroughly examined, and market trends and changes are highlighted.
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