Pune, India, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Global Thin Film Drugs Market Size was valued at USD 7.35 billion in 2020 and is projected to grow from USD 16.27 billion by 2028 exhibiting a CAGR of 10.5% during forecast period. Increasing Prevalence of Schizophrenia in U.S. to Favor Growth in North America, Ease of Administration of Drugs to Accelerate Growth
The global thin film drugs market is set to gain momentum from the rising investments by reputed organizations in research and development activities. Some of them are also engaging in mergers and acquisitions to surge their shares. XPhyto Therapeutics, for instance, acquired Vektor Pharma TF GmbH in September 2019. It would enable the former to bolster its cannabis import in Germany. Besides, it can accelerate its drug delivery expertise for generating high revenues.
This information is provided by Fortune Business Insights™ in its research report titled Thin Film Drugs Market, 2021-2028.
Key Industry Development-
- September 2020: ABC International joined hands with ZIM Laboratories Limited to introduce the latter’s ThinOral Technology in Myanmar. The technology is a fast-dissolving oral drug delivery system that will eliminate the inconvenience associated with conventional drug delivery systems.
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Key Takeaways –
- Thin Film Drugs Market size in North America was USD 2.66 billion in 2020
- Increasing Research and Development in Thin Film Drugs to Augment Market Growth
- Rising Geriatric Population to Propel the Market Growth
- The oral thin film segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
- Pfizer, Inc.(U.S.)
- Allergan (Ireland)
- ZIM Laboratories Limited (India)
- Novartis AG (Switzerland)
- Aquestive Therapeutics (U.S)
- Sumitomo Dainippon Pharma Co. Ltd. (Japan)
- IntelGenx Corp (Canada)
- Wolters Kluwer (Netherlands)
- XPhyto Pharma (Germany)
- Other Prominent Players
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 10.5% |
| 2028 Value Projection | USD 16.27 Billion |
| Base Year | 2020 |
| Thin Film Drugs Market Size in 2020 | USD 7.35 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 135 |
| Segments covered | Drug Type, Disease Indication, Distribution Channel and Geography |
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Drivers & Restraints:
Ease of Administration of Drugs to Accelerate Growth
As the geriatric population worldwide is increasing rapidly day by day, the adoption of thin film drugs is also surging among them. This is occurring because of the ease of administration of such drugs. Hence, several companies are also striving persistently to provide state-of-the-art drug delivery methods for diseases, such as Alzheimer’s and Parkinson’s. The World Population Prospects, for instance, declared that in 2050, 1 in 6 people will be over the age of 65 years. These factors are expected to propel the thin film drugs market growth in the near future. However, in developing countries, the adoption of these drugs is limited fueled by its expensive nature, thereby hampering growth.
Segmentation:
By Drug Type
- Oral Thin Film Drugs
- Transdermal Thin Film Drugs
By Disease Indication
- Schizophrenia
- Migraine
- Opioid Dependence
- Others
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Others
Regional Insights:
Increasing Prevalence of Schizophrenia in U.S. to Favor Growth in North America
Geographically, North America is expected to show considerable growth throughout the forthcoming years. It held USD 2.66 billion in 2020 in terms of revenue. The surging prevalence of schizophrenia in the U.S. is expected to propel growth. According to the National Alliance on Mental Illness, 2019, approximately 1.5 million U.S. adults suffer from schizophrenia every year.
Europe, on the other hand, is anticipated to show high growth backed by the increasing research and development activities to develop novel thin film drugs. Additionally, rising fundings provided by government agencies to augment the innovation of new drug delivery models would aid regional growth.
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Competitive Landscape:
The global market contains various companies that are presently aiming to bag new patents from regulatory bodies to distribute their in-house products across the globe. A few others are participating in collaborations to co-develop or market their drug delivery systems in various countries.
FAQs
How big is the Thin Film Drugs Market?
Thin Film Drugs Market size was USD 7.35 billion in 2020. It is expected to reach USD 16.27 billion in 2028.
How fast is the Thin Film Drugs Market growing?
The Thin Film Drugs Market will exhibit a CAGR of 10.5% during the forecast period, 2021-2028.
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