Wilmington, Delaware, United States, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global oral thin films market is projected to flourish at a CAGR of 9.3% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 7.1 billion is anticipated for the market in 2031. As of 2023, the market for oral thin films is expected to close at US$ 3.47 billion.
Increasing demand for fast-dissolving oral films driving oral thin films market growth as these films are the latest advanced oral solid dosage form and offer greater flexibility and comfort.
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Competitive Landscape
The leading players in the oral thin films market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global oral thin films market report:
Aquestive Therapeutics, Inc., C.L. Pharm, Cure Pharmaceutical, Dr. Reddy's Laboratories, Indivior plc, IntelGenx Corp., Kyu Kyu Pharmaceutical Co., Ltd., DK Livkon Pvt. Ltd., NAL Pharma, Seoul Pharma Co., Ltd., Shilpa Therapeutics Pvt. Ltd., Sunovion Pharmaceuticals, Inc., and ZIM Laboratories Limited are key entities operating in this industry.
Key Developments in the Oral Thin Films Market
- CURE Pharmaceutical worked on expanding its oral thin film product portfolio. They entered partnerships to develop innovative formulations, including those for cannabinoids and other specialty pharmaceutical products.
- IntelGenx focused on advancing its oral thin film technology and expanding its applications. The company worked on developing novel formulations for different drugs, including those for neurological and neuropsychiatric disorders.
- Aquestive Therapeutics was known for its PharmFilm technology, which included oral thin film formulations. The company continued to work on expanding its product range for various therapeutic areas.
Oral thin films dissolve rapidly in the mouth, allowing for faster absorption and onset of action compared to traditional oral dosage forms that need to pass through the gastrointestinal tract thus the demand for oral thin films is increasing owing to the increased patient-friendly drug delivery system.
The rise in the geriatric population is also projected to drive the market demand for oral thin films. The demand for oral thin films is high owing to the increasing awareness among healthcare professionals, patients, and the pharmaceutical industry.
Oral thin films are non-invasive and don't require water or swallowing, which can be especially important for patients with certain medical conditions or those who may be in situations where swallowing is challenging, which is likely to augment oral thin films market progress in the next few years.
Key Takeaways from the Market Study
- As of 2022, the oral thin films market was valued at US$ 3.17 million
- Based on indication, the neurological disorder segment dominates the market during the forecast period as high prevalence of neurological disorders across the globe.
- Based on product, the sublingual film segment accounts for the highest market share
- Based on the distribution channel, the retail pharmacy segment accounts for the dominant market share. The increase in the number of retail pharmacies in developing countries is boosting the segment.
Oral Thin Films Market: Key Trends and Opportunistic Frontiers
- Adoption of sublingual thin films is high owing to their thin membrane structure and high level of vascularization of sublingual mucosa resulting in a high membrane permeability
- Increasing regulatory approvals and establishing guidelines for oral thin film products, the credibility and acceptance of these dosage forms increase, driving the oral thin film market growth.
- Ongoing research and technological advancements in film-forming materials, taste-masking techniques, and drug delivery methods are driving the development of more effective and efficient oral thin film technology.
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Oral Thin Films Market – Regional Analysis
- North America is anticipated to dominate the oral thin films market during the forecast period. The United States and Canada, are one of the leading regions in the adoption of oral thin films. The region's advanced healthcare infrastructure, strong pharmaceutical industry, and patient-centric approach to healthcare contributed to the growth of the market in North America.
- The oral thin films market in the Asia Pacific is expected to grow at a significant pace during the forecast period owing to the increased geriatric population, and surge in healthcare expenditure in the region. Increasing awareness about novel drug delivery methods, and advancements in pharmaceutical research and development in countries like Japan, China, India, and South Korea, contributed to market growth.
Oral Thin Films Market – Key Segments
Product
- Sublingual Film
- Fast-dissolving Oral Film
- Buccal Film
Indication
- Pain Management
- Neurological Disorders
- Nausea & Vomiting
- Opioid Dependence
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacie
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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