Global Transdermal Skin Patch Market Is Expected To Surpass USD 20 Billion By 2028 Says Kuick Research
Delhi, Feb. 19, 2022 (GLOBE NEWSWIRE) — Global Transdermal Patch Market, Dosage, Price & Clinical Trials Insight 2028 Report Highlights:
- Research Methodology
- Global & Regional Transdermal Path Market Outlook
- Global Transdermal Patch Market Opportunity > USD 20 Billion
- Clinical Trials Insight By Company, Indication, Drug Molecule & Phase
- Comprehensive Insight On 60 Transdermal Patch Available Commercially
- Comprehensive Insight On 80 Transdermal Patch In Clinical Trials By Phase
- Transdermal Patch Dosage & Price Availability By Indication
- Competitive Landscape
Drug delivery is the method or process of administration of a pharmaceutical drug to safely attain its desired therapeutic effect. Advancements in drug delivery technologies offer several benefits, such as ease of use, convenience, and patient compliance. Drug developers are focusing on suitable delivery and packaging options for increasing the efficiency of drugs and proposing improved patient compliance. In last few years, transdermal patch has emerged out to be potential drug delivery option for a large number of patients which have difficulty in swallowing or injecting drugs.
Till date, combination of transdermal patches have entered the global market which are indicated for the management of several indications including central nervous diseases, hormonal therapies, neurodegenerative, addictive therapies, urology, cardiology, and pain management. The promising response of transdermal patches along with their conferred advantages over traditional drug delivery has propelled the research and development in this sector. Currently, researchers are developing novel transdermal patches for new therapeutic indications which will further drive the growth of market during the forecast period.
The global transdermal patch pharmaceutical industry is rapidly evolving and experiencing fierce competition. Mergers and acquisitions form one of the key sustainable strategies undertaken by market players. In February, 2022 Ryah Group announced collaboration with the University of Milan, Italy to conduct permeation and effectiveness testing of a new wellness line of topical patches developed by Ryah and specifically designed for the Ryah Smart Patch system. Further, Luye Pharma has entered into an agreement with Towa Pharmaceuticals, the term of which grant Towa exclusive rights to the development and commercialization of Rivastigmine Multi-Day Transdermal Patch (Rivastigmine MD) in Japan.
Although transdermal patches have shown to be highly efficient but they are costly as compared to oral and other drugs, which restrains their growth in market. However, new production methods are also being discovered by investigators that will reduce the production costs. Higher investments in research and development segments are expected to circumvent the problems and decrease the production cost leading to increased sales. Further, the emergence of technological innovations, such as the inclusion of microneedles or mechanical arrays in transdermal patches, is expected to provide the market with lucrative growth opportunities over the coming years. The advancements include modifications in transdermal patch designs, incorporation of pressure-sensitive adhesives, permeation enhancers, which have resulted in enhanced drug diffusion and increased capacity to hold a greater amount of drug in the reservoir. The rising investments in this sector will also boost the growth of market during the forecast period.
As per our report findings, the global transdermal patch market is expected to witness high growth rates in coming years and will surpass US$ 20 Billion by 2028. The major factor that contributes to the growth of global transdermal patch market include surge in awareness related to use of transdermal patches. Furthermore, other factors such as rise in healthcare expenditure and surge in governmental support for research in the field of drug delivery fuel the growth of delivery market. In addition, increase in prevalence of various chronic diseases, which require the use of transdermal drug delivery systems is another major factor that contributes to the growth of market. The key players in the market include Amneal Pharmaceuticals, Novartis, Teva Pharmaceutical, Corium International, Taho Pharmaceutical, Mylan, and several others.
CONTACT: Contact: Neeraj Chawla Research Head Kuick Research +91-981410366 firstname.lastname@example.org https://www.kuickresearch.com
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