June 22, 2020
According to the research report titled ‘Transdermal Drug Delivery System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Application; End User, available with Market Study Report LLC, global transdermal drug delivery system market was worth USD 6,063.85 million in 2019 and is expected to reach USD 8,415.04 million by the year 2027, expanding with a CAGR of 4.3% during 2020-2027.
For the uninitiated, transdermal drug delivery system comprises of drugs with a fixed surface area which provides a set amount of dosage to the skin at a pre-determined rate.
Factors such as increased pervasiveness of chronic conditions and cardiovascular diseases such as acute myocardial infraction, angina pectoris, and atherosclerosis have impelled the demand for innovative drug delivery systems, which in turn is driving the market growth. The transdermal dosage forms are used as a substitute of the conventional dosage forms as it provides benefits such as action termination option in case of harmful effects, simple mode of administration, and controlled zero ordered absorption, which has bolstered its application for treating chronic conditions.
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Growing demand for noninvasive drug delivery devices along with rising adoption of self-administration practices of drugs is further aiding the expansion of transdermal drug delivery system market. However, high costs associated with the development of drug delivery systems and rising concerns regarding drug recalls & failures of transdermal drug delivery system may act as restraining factors to the growth of the overall market in the ensuing years.
In terms of type, the market is divided into transdermal semisolids and transdermal patches. The transdermal patch segment, which comprises of micro needle patches, reservoir membrane patches, matrix patches, and drug-in-adhesive patches, held a substantial market share in 2019. Moreover, it is slated to record a robust CAGR during the analysis period.
Based on the application spectrum, the market is divided into cardiovascular diseases, hormonal applications, central nervous system disorders, and pain management. Pain management segment led the market in terms of shares in 2019 and is projected to witness a substantial growth rate during the anticipated timeframe.
Speaking of end user scope, the market is categorized into home care settings, hospitals & clinics, and others. Hospitals & clinics segment accounted for a considerable share in 2019 and is slated to grow substantially over the forecast timeframe.
The leading organizations in global transdermal drug delivery system market are Lavipharm S.A., Purdue Pharma L.P., Luye Pharma Group, Hisamitsu Pharmaceutical Company Incorporation, Boehringer Ingelheim International GmbH, Mylan N.V., Bayer AG, GlaxoSmithKline Plc., Johnson & Johnson Services Incorporation, and Novartis AG among others.