Transdermal skin patches are thin, flexible adhesive films infused with therapeutic molecules to deliver drugs through the skin. They offer many advantages over traditional oral drug delivery methods by providing precise dosage, avoiding first-pass metabolism, and consistent plasma drug levels. The patches can deliver medication continuously over an extended period, improving compliance for chronic conditions. They are also very convenient to use with minimal risk of over or under dosage. The global Transdermal Skin Patches Market is estimated to be valued at US$ 8483.74 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The convenience and precise dosage delivery capabilities of transdermal skin patches are driving their increased adoption over other drug delivery methods. By providing consistent and controlled release of drugs through the skin, patches ensure optimal plasma drug levels are maintained. This translates to better therapeutic effectiveness for conditions requiring long-term medication like chronic pain, diabetes, neurological disorders and more. The patches especially benefit elderly patients who have difficulty swallowing tablets or managing multiple daily doses. Advanced formulations that speed up drug absorption rates without comprising convenience and precision are expanding the applications of transdermal patches.
Segment Analysis
The global transdermal skin patches market is dominated by the medication segment which holds a share of over 60%. The rising incidence of chronic diseases such as diabetes, cancer and neurological disorders requiring long term medication administration has boosted the demand for transdermal skin patches. As transdermal patches offer ease of use and ensure sustained drug delivery over an extended period compared to oral drugs, they are preferred for medication of chronic conditions.
Key Takeaways
The Global Transdermal Skin Patches Market Demand is expected to witness high growth.
Regional Analysis: North America dominates the global transdermal skin patches market owing to the rising prevalence of target diseases, growing geriatric population prone to chronic conditions and favorable reimbursement policies for novel drug delivery technologies. Asia Pacific is expected to witness the fastest growth during the forecast period due to growing healthcare awareness, rising healthcare spending and increasing adoption of western lifestyles resulting in chronic diseases.
Key Players: Key players operating in the transdermal skin patches market are Omsk Carbon Group, Tokai Carbon Co., Ltd., Himadri Speciality Chemical Ltd, Philips Carbon Black Limited, Orion Engineered Carbons GmbH. These key players focus on new product development and expansion in lucrative markets to strengthen their market presence.
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The Transdermal Skin Patches Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the transdermal skin patches market include Teva Pharmaceutical Industries Ltd., Mylan Pharmaceuticals Inc., 3M Company, Accrux Ltd., Access Pharmaceuticals Inc., Others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Transdermal Skin Patches Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/transdermal-skin-patches-market/download-sampleMarket DynamicsThe primary factor contributing to the growth of the market is the increasing advantages of transdermal medicine over the conventional way of medications (medications for gastrointestinal toxicity), resulting in nausea and vomiting.
As they are non-invasive in nature, they reduce the inconvenience caused due to intravenous or parenteral therapies.
