The "Transdermal Skin Patches Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Transdermal Skin Patches market is expected to register a CAGR of about 4.78% during the forecast period with a revenue of approximately USD 7244.33 million in 2020 and expected to reach USD 9572.34 million by 2026.
The COVID-19 outbreak across the world is expected to have a positive impact on the transdermal skin patches market, as these patches enable safe, reproducible, and controlled administration of drugs to defined skin microenvironment. Therefore, researchers working on a potential vaccine against the new COVID-19 strain causing the pandemic are exploring the use of a fingertip-sized skin patch for delivery.
The major factors attributing to the growth of the market is the increasing advantages of transdermal medicine over oral and ingesting medications (medications for gastrointestinal toxicity) that result in nausea and vomiting. As they are non-invasive in nature, they decrease the inconvenience caused by intravenous or parenteral therapies.
The main advantage is that the patch provides a controlled release of the drug to the patient, usually through a perforated membrane covering the drug reservoir or by body temperature dissolving thin layers of medication embedded in the adhesive. These patches are also used for the treatment of migraine, hormones, pain, cardiovascular diseases, neurology disease, and smoking cessation.
In current scenario, transdermal route of drug delivery system is increasing in demand due to reduced dosing frequency, improved bioavailability, reduced adverse events, and drug input termination at any point by the removal of the patch.
Furthermore, the growing funding and investments for drug development and new launches boosts the market growth. For instance, in February 2020, the US FDA approved the Contraceptive Patch known has Twirla (levonorgestrel and Ethinylestradiol) Transdermal System, it is a New Weekly Contraceptive Patch from the company, Agile Therapeutics Inc.. Hence, a significant number of clinical trials of different types of drugs is currently underway, and it is likely to positively impact the market in the future.
However, the inability of the skin to absorb a range of active substances is expected to hinder the growth of the market.
Key Market Trends
Smoking Reduction and Cessation Aid Segment is Expected to Grow at High CAGR in the Forecast Period.
According to WHO, 2020, COVID-19 is a disease that primarily attacks the lungs. Smoking damages lung function and makes it harder for the body to fight off coronaviruses and other infections. Therefore, during the pandemic, there is increasing campaigning and awareness about smoking cessation and that increased the segment growth.
The growth rate of the segment is attributed to a large number of smokers globally, and increasing awareness of the advantages of the transdermal route of administration of drugs for smoking cessation. According to the World Health Organization, 8 million people die each year as a result of smoking. More than 7 million deaths are the result of direct tobacco use and an estimated 1.2 million are the result of nonsmokers smoking cigarettes.
According to the Centers for Disease Control and Prevention, in 2018, approximately 14 out of 100 U.S. adults 18 years of age or older currently smoke cigarettes, meaning that about 34.2 million adults in the United States currently smoke. About 16 million Americans live with a smoking-related disease. In addition, according to the American Cancer Society Inc., 2019, approximately 942 million men and 175 million women aged 15 or older are active smokers worldwide.
Therefore, with the increasing number of smokers across the world, the usage of the transdermal skin patches (nicotine) is expected to rise in the forecast period, and the rising number of patients is expected to boost the market studied.
The transdermal skin patches market is moderately competitive and the key players are focused on the adoption of various strategies such as product innovation, product launches, and approvals, R&D investment for advancements in transdermal patches, merger and acquisition as their developmental strategies to sustain the competitive environment in the market.
Some of the companies which are currently gaining attention in the market are Teva Pharmaceuticals USA Inc., Novartis AG, Teikoku Pharma USA Inc., Mylan Inc., 3M.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Advantages of Transdermal Medicine Over Oral and Ingesting Medications
4.2.2 Increasing Funding and Investments in Drug Research
4.3 Market Restraints
4.3.1 Inability of the Skin to Absorb a Range of Active Substance
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Single-layer Drug-in-Adhesive
5.1.2 Multi-layer Drug-in-Adhesive
5.1.4 Other Types
5.2 By Application
5.2.1 Pain Relief
5.2.2 Smoking Reduction and Cessation Aid
5.2.3 Overactive Bladder
5.2.4 Hormonal Therapy
5.2.5 Other Applications
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Teva Pharmaceutical Industries Ltd.
6.1.2 Novartis AG
6.1.3 Teikoku Pharma USA Inc. (Teikoku Seiyaku Co. Ltd)
6.1.4 Mylan NV (Viatris)
6.1.5 3M Company
6.1.6 Luye Pharma Group
6.1.7 Purdue Pharma Manufacturing LP
6.1.8 Henan Lingrui Pharmaceutical Ltd
6.1.9 Samyang Biopharmaceuticals Corp. (Samyang Holdings)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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