Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Global Transdermal Skin Patches Market, Size, Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The global transdermal skin patches market is expected to witness a remarkable growth, forecasted to achieve a significant market valuation of US$ 9.90 billion by 2030. A newly added research publication to our website unveils key insights into industry trends, share, and growth, bolstered by an impressive Compound Annual Growth Rate (CAGR) of 3.48% from 2024 till 2030. Transdermal skin patches, a transformative solution in medication delivery systems, are poised for increased adoption, driven by their convenience and effective drug administration capabilities. The research highlights the dynamic nature of the market and the impact of innovations on healthcare.
Key Market Drivers and Trends
Leading this growth are advancements in patch technology and the rising prevalence of chronic diseases requiring consistent medication levels. These factors emphasize the critical role of transdermal skin patches in modern medicine. The market is experiencing robust expansion, notably evident in matrix-type patches, which deliver controlled dosage and have gained preference for their ease of use and effectiveness.
Application Domains: Pain Relief and Smoking Cessation
Pain relief applications are currently dominating the market due to transdermal patches' ability to administer analgesics directly into the bloodstream, offering a non-invasive modality that enhances patient comfort. In the smoking reduction and cessation aids domain, these patches are increasingly popular for their ability to deliver nicotine in a controlled manner, thereby supporting individuals in managing withdrawal symptoms. Additionally, advancements in hormonal therapy delivery via transdermal patches highlight the market's diverse application spectrum, aligning with the customized medication trends and patient-specific needs.
Distribution Channels: Rise of Online Pharmacies
Online pharmacies emerge as a significant distribution channel, thanks to the digitalization of healthcare services, offering an expansive range of products with the added convenience of home deliveries.
Geographic Highlights
The market sees the United States at the forefront, attributing its leadership position to a robust healthcare infrastructure, technological innovation, and a high rate of chronic conditions. This regional analysis provides comprehensive coverage of the transdermal skin patches market across the globe.
Leading Industry Stakeholders
- Teva Pharmaceutical Industries Ltd.
- 3M Company
- Nitto Denko Corporation
- Johnson & Johnson
- Luye Pharma Group
- Bayer
- Novartis AG
- Beiersdorf AG
- Viatris Inc.
- Abbott Laboratories
Each company is analyzed via three different perspectives: an overview, recent developments, and revenue. With the FDA's approval of 3M Company's Duloxetine Topical Patch 50 mcg/hour in June 2023 marking a significant milestone, the industry's outlook remains robust.
The detailed research publication is a crucial document for stakeholders, investors, and participants interested in understanding the complexities of the transdermal skin patches market and identifying the opportunities that lie within this growing industry.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $7.79 Billion |
| Forecasted Market Value (USD) by 2030 | $9.9 Billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ynrgt7
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