Transdermal Drugs Market to Witness Exponential Growth during the Forecast Period
04 Oct 2021
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The technological advancements observed in the biopharmaceutical sector and the rising geriatric population numbers around the world are vital factors that will have a positive impact on the growth of the transdermal drugs market during the assessment period of 2021-2031. The prevalence of chronic diseases is increasing at a rapid rate across various regions. This aspect will also fuel the growth of the transdermal drugs market to a substantial extent.
An increase in the adoption of third-generation transdermal drugs will also bring immense growth prospects. Technological advancements and research activities contribute immensely to the growth of the transdermal drugs market.
The players indulge in intense research activities. They invest extensively in these activities for finding new formulations and discovering novel insights. All these factors help in increasing the revenues of the players in the transdermal drugs market, eventually increasing the growth rate of the transdermal drugs market.
Strategic collaborations have a major part in the growth of the transdermal drugs market. The players frequently indulge in joint ventures, partnerships, and mergers and acquisitions. The collaborations strengthen the position of the players in the transdermal drugs market and also help in carrying out the expansion activities, ultimately contributing in spinning a strong web of growth.
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Transdermal Drugs Market: Introduction
Transdermal drugs provide improved penetration and control over toxicity levels; patches can be easily removed in case of high toxicity. Drug permeation can be monitored and estimated more effectively, thereby making it highly efficient in maintaining a constant drug level.
The three primary routes of drug penetration are appendageal, transcellular, and intercellular. Major constituents of transdermal drug delivery system are pressure sensitive adhesives, drug, enhancers, polymer matrix, membrane, laminate and others
Major advantages of transdermal drug delivery are extended therapeutic effect, decrease in drug side-effects, improved bioavailability, better patient compliance, and easy termination of drug therapy
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Key Drivers, Restrains, and Opportunities of Global Transdermal Drugs Market
The global transdermal drugs market is projected to be driven by an increase in patient population, technological developments in the biopharmaceutical industry, and a rise in the demand for non-invasive drug delivery systems
Additionally, a surge in strategic collaborations between public and private organizations to promote research & development for improved bioavailability of drugs, increase in the geriatric population, rise in self-administration of drugs at home settings, and a surge in mergers & acquisitions are expected to propel the market during the forecast period
However, stringent regulatory guidelines, less awareness in developing countries, and limited availability in smaller economies are expected to restrain the global market
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North America to Capture Major Share of Global Transdermal Drugs Market
North America is expected to account for a major share of the global transdermal drugs market due to the presence of major biopharmaceutical companies, high awareness about non-invasive drug delivery, large patient pool, and increase in the number of product launches in the region
Asia Pacific is anticipated to present lucrative opportunities for manufacturers in the transdermal drugs market owing to a rise in the demand for less invasive drug delivery modules, increase in incidence of chronic diseases, rapid increase in geriatric population, expansion of healthcare infrastructure in developing countries such as India, and technological advancements
The transdermal drugs market in Latin America and Middle East & Africa is expected to be driven by an increase in adoption of business expansion strategies by major players to strengthen geographic presence and introduction of favorable regulations by governments to promote research & development in these regions
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Key Players Operating in Global Transdermal Drugs Market
Increase in focus of manufacturers on emerging markets, rise in product approvals, and expansion of product portfolio are anticipated to drive the global transdermal drugs market during the forecast period.
Major players operating in the global transdermal drugs market are listed below:
Actavis, Inc.
Actelion Pharmaceuticals Ltd.
3M
BioGel Technology, Inc.
Johnson & Johnson Limited
Mylan Pharmaceuticals, Inc.
Noven Pharmaceuticals, Inc.
Novartis AG
Janssen Pharmaceuticals, Inc.
GlaxoSmithKline plc
Boehringer Ingelheim GmbH
Upsher-Smith Laboratories, Inc
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