According to a report,”Transdermal Drug Delivery System Market Analysis By Technology (Electroporation, Radiofrequency, Iontophoresis, Microporation, Thermal, Mechanical Arrays, Ultrasound), By Application (Central Nervous System (CNS), Pain Management, Cardiovascular, Hormone), And Segment Forecasts To 2024″, published by Grand View Research, Inc.The global transdermal drug delivery system market is expected to reach USD 81.4 billion by 2024, The unprecedented global shift in the adoption of unhealthy lifestyles is presumed to be responsible for the high prevalence of chronic diseases, such as cancer and diabetes, which is expected to drive the clinical urgency to incorporate transdermal drug delivery systems in the future treatments. Moreover, the rising geriatric population base, which is highly susceptible to developing the aforementioned chronic diseases are expected to propel the demand for highly efficacious pharmacological drugs.
Key Takeaways from the report:
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The cardiovascular application segment is expected to exhibit growth at a significant CAGR of over 12.0% during the forecast period. This is a consequence of the high clinical urgency to curb hypertension and the need for precise drug delivery at a constant rate, which has led to the development of transdermal drug delivery systems.
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The mechanical array in the technology segment is anticipated to witness an exponential CAGR of over 12.5%. The lucrative growth is attributed to the availability of different forms of microneedle transdermal systems, such as solid, hollow, and dissolving microneedles, as per the suitability and needs of the patients.
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In 2015, North America dominated the overall Transdermal Drug Delivery System Market at over 50.0%. The consistent number of product launches being undertaken and the continual participation of the prominent players in conducting clinical trials are anticipated to promote the incorporation of transdermal drug delivery systems.
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The key players are increasingly involved in initiating collaborative strategies and frequent product launches to capture a larger market share. For instance, in September 2014, Noven Pharmaceuticals, Inc. received the FDA approval for Minivelle, estradiol transdermal system to be used for the prevention of postmenopausal osteoporosis. Furthermore, in June 2015, Boehringer Ingelheim GmbH sponsored the clinical trials, which investigated the bioequivalence of transdermal clonidine administration.
North America Transdermal Drug Delivery System Market, by Technology, 2013 – 2024 (USD Billion)
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The market is driven by technological advancements in transdermal drug delivery devices, which is anticipated to serve the market with future growth opportunities. These advancements include advanced, third-generation, transdermal drug delivery technologies including iontophoresis, ultrasound, and microneedles or mechanical arrays. These technologies serve as effective transdermal drug diffusion alternatives that are capable of improving overall patient health and quality of life. For instance, the advent of matrix-controlled transdermal drug diffusion comprising a drug reservoir and a thermo effector, enhances skin permeation and enables controlled drug delivery.
North America is the largest regional Transdermal Drug Delivery System Market
In 2015, North America captured a sizeable share of over 50.0%. The growth in this region is majorly driven by patent expirations, resulting in more companies entering the market. In addition, reformulation of existing drug compounds, repositioning of previously failed drugs, and huge investments undertaken by prominent as well as new market entrants are also presumed to be key factors responsible for the substantial share captured by this region.
The Asia Pacific market is anticipated to exhibit the fastest CAGR of over 12.0% during the forecast period, which is attributable to the growing healthcare spending and the rapidly evolving healthcare infrastructure. In addition, the growth is due to the high research and development intensity as well as the growing awareness in the emerging economies, such as China and India.
Mylan Pharmaceuticals, Inc. is the most dominant Transdermal Drug Delivery System Market player
Some key players in this sector include Novartis AG, Johnson & Johnson, Mylan Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Biogel Technology, Inc., Transdermal Technologies, Inc., Skyepharma, Watson Pharmaceuticals, Inc., 3M Company, Noven Pharmaceuticals, Inc., 4P Therapeutics, LLC, Transdermal Corporation, and Echo Therapeutics, Inc. The growth is marked by prominent industry players undertaking strategies, such as mergers and acquisitions, geographical expansions, and product launches in order to capture a greater share of this vertical. In September 2015, Novartis AG launched a transdermal patch for the treatment of Alzheimer’s disease. In addition to widening their product portfolio, this launch was carried out to cater to a larger share of patients suffering from the Alzheimer’s disease.
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Grand View Research has segmented the transdermal drug delivery system market on the basis of technology, application, and region:
Global Transdermal Drug Delivery Systems Product Outlook (Revenue, USD Billion, 2013 – 2024)
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Electroporation
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Radiofrequency
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Iontophoresis
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Microporation
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Thermal
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Mechanical arrays
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Ultrasound
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Others
Global Transdermal Drug Delivery Systems Application Outlook (Revenue, USD Billion, 2013 – 2024)
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Central nervous system
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Pain management
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Cardiovascular
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Hormone
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Others
Transdermal Drug Delivery Systems Regional Outlook (Revenue, USD Billion, 2013 – 2024)
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North America
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U.S.
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Canada
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Europe
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UK
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Germany
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Asia Pacific
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Japan
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China
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India
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Latin America
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Mexico
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Brazil
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MEA
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South Africa
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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