Transdermal drug delivery devices allow for the transcutaneous administration of medications to the circulatory system (TDDS). To ensure a rapid reaction, TDDS maintain clinically appropriate drug concentrations and dispense drugs at a predetermined rate. TDD devices are often used in the management of pain as well as the treatment of chronic illnesses like diabetes, cancer, and cardiovascular diseases.
The transdermal drug delivery systems market players are growing rapidly over recent years, mainly due to the growing geriatric population and the prevalence of chronic diseases. Moreover, rapid advancements and increasing adoption of transdermal drug delivery technology are expected to accelerate the growth of the market during the forecast period.
Market Research Future (MRFR) states that the global transdermal drug delivery systems market had created a value of USD 45.19 billion by 2030. This market value is expected to appreciate at a double-digit CAGR of 5.1% throughout the forecast period (2022 – 2030). Increasing cancer cases is a major driving force pushing upmarket growth.
The market is rising as a result of the increase in needlestick injuries as well as the expanding uses for biologics. The development of cutting-edge TDD systems has necessitated significant RD investments, which are speeding up industry growth. Also, improving patient outcomes and experiences, increasing awareness, and favourable reimbursement policies all contribute to the growth of the industry.
On the other hand, side effects of TDD systems usages such as edema irritation and the triviality of these delivery systems such as variation in adhesion to different skin types, impede the growth of the market. Moreover, the drug entry imposed by the skin’s impermeability restricts the usages of TDDS. Also, drugs that require high blood levels can’t be administered through TDDS as it is limited only to potent molecules. Factors as such are thereby anticipated to affect the market growth over the forecast period.
Transdermal Drug Delivery Systems Market – Competitive Landscape
Because there are so many established competitors in the transdermal drug delivery systems industry, it looks to be extremely competitive and fragmented. The top players' preferred strategies for increasing their market share continue to include brand reinforcement, mergers and acquisitions, and innovation.
The transdermal drug delivery systems market players include Mylan N.V., Hisamitsu Pharmaceutical Co., Inc., Novartis International AG, Boehringer Ingelheim International GmbH, GlaxoSmithKline PLC, Johnson Johnson Services, Inc., Endo Pharmaceuticals Inc., UCB S.A., Pfizer Inc., Allergan plc., Actelion Pharmaceuticals Ltd, and Noven Pharmaceuticals, Inc., among others.
Transdermal Drug Delivery Systems Market – Segments
The transdermal drug delivery systems market is segmented into four market dynamics to widen the scope of understanding,
By Product : Transdermal Patches (Drug-In-Adhesive Patches, Matrix Patches, Reservoir Membrane Patches, and Microneedle Patches) and Transdermal Semisolids (Gels, Ointments, and Sprays), among others.
By Technology : Electric Current, Iontophoresis, Electroporation, Ultrasound, Microporation, Thermal, among others.
By Application (HRT) : Pain Management, Cardiovascular Diseases, Hormone Replacement Therapy, Central Nervous System Disorders, Smoking Cessation, and Contraception, among others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
Transdermal Drug Delivery Systems Market – Geographical Analysis
North America dominates the global transdermal (percutaneous) drug delivery systems market with the largest market share. Factors such as the presence of major market players and developed healthcare infrastructure drive the growth of the regional market. Moreover, surging numbers of research activities related to transdermal drug delivery systems and comparatively higher adoption of TDD systems in the US and Canada impact the regional market growth, positively.
Besides, the highest GDP helps North America to have the edge over other regions in terms of every aspect, including healthcare and technology. Additionally, huge patient pool suffering from chronic diseases such as cardiovascular diseases alongside the presence of geriatric population and development in medical technology is supporting the growth of the market. The US, backed by the high per capita healthcare expenditures, contributes to the growth of the regional market, significantly.
Europe takes the second-leading position in the global transdermal drug delivery systems market. The phenomenal growth in the pharmaceutical industry and the presence of pharma giant companies such as Novartis International AG, Mylan N.V., Boehringer Ingelheim International GmbH, and Allergan plc., bolster the regional market growth. The resurging economy is playing a vital role in market development, allowing the proliferation of the healthcare sector in the region.
Germany, heading with its flourishing medical devices markets, hugely contributes to the growth of the regional market. Furthermore, the UK and France with the increasing investment in transdermal drug delivery systems drive the regional market at a large scale. The Europe TDDS market is estimated to register a phenomenal CAGR during the review period.
The market for transdermal drug delivery systems is expanding quickly in the Asia Pacific area. This expansion might be attributed to the large patient population as well as the developing economies of China, Japan, South Korea, and India. Additionally, the market expansion in the APAC region is anticipated to be driven by the rising need for high-quality medical equipment and the quickly evolving healthcare technologies.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
