Dublin, June 10, 2024 (GLOBE NEWSWIRE) -- The "Global Transdermal Drug Delivery Systems Market" report has been added to ResearchAndMarkets.com's offering.
The global transdermal drug delivery systems market accounted for USD 66.26 billion in 2023 and is expected to reach at USD 229.13 billion by 2034 with a CAGR of 11.94% during the forecast period 2024-2034. Growing demand for non-invasive drug delivery methods, rising incidence of chronic illnesses, benefits of transdermal drug delivery methods, partnerships, cooperation, and technological improvements will propel market expansion.
Transdermal medication delivery technology is constantly evolving, which has resulted in the creation of more effective and patient-friendly devices. Advancements like microneedle patches, which augment medication absorption into the skin, and refined formulation methodologies have broadened the scope and effectiveness of transdermal drug delivery systems. For instance, Novartis revealed encouraging findings from a Phase III trial of their experimental transdermal calcitonin gene-related peptide (CGRP) inhibitor patch for the prevention of migraines in January 2024.
By technology, the iontophoresis segment accounted for the highest revenue-grossing segment in the global transdermal drug delivery systems market in 2023 owing to the growing demand for non-invasive drug delivery methods and advancements in iontophoresis technology, enabling precise and controlled drug delivery through the skin barrier. For instance, Hisamitsu Pharmaceutical debuted "Salonpas," a novel transdermal patch, for pain management in Japan in December 2022. Additionally, the mechanical array segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing adoption of advanced microarray technologies, which offer enhanced drug delivery precision, customizable dosage profiles, and improved patient compliance.
By application, the pain management segment accounted for the highest revenue-grossing segment in the global transdermal drug delivery systems market in 2023 owing to the growing prevalence of chronic pain conditions, rising demand for non-invasive pain management solutions, and the effectiveness of transdermal patches in providing sustained relief. For instance, AbbVie's Allergan will cease Androderm, the sole supplier of testosterone transdermal patches, in November 2023, signaling the end of this product's market presence. Additionally, the CNS segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incidence of central nervous system disorders, expanding applications of transdermal drug delivery in neurology, and advancements in formulations for targeted drug delivery to the brain.
By end-user, the hospitals segment accounted for the highest revenue-grossing segment in the global transdermal drug delivery systems market in 2023 owing to the growing adoption of transdermal drug delivery systems in hospital settings for efficient medication management, improved patient outcomes, and reduced healthcare costs. For instance, In September 2023, Nutriband announces the issuance of a US patent for their transdermal abuse-deterrent technology, demonstrating advances in preventing misuse through new medicine delivery techniques. Additionally, the homecare settings segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing preference for self-administration of medications, rising demand for convenient drug delivery solutions, and advancements in homecare medical devices and technology.
North America is anticipated to have the highest revenue share during the forecast period owing to the high healthcare expenditure, presence of key market players, robust healthcare infrastructure, and increasing prevalence of chronic diseases driving the demand for transdermal drug delivery systems. Additionally, Asia Pacific is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding healthcare infrastructure, increasing investments in research and development, growing patient population, and rising awareness about the benefits of transdermal drug delivery systems.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Technology, Application, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of the Top 10+ Market Players
Companies Featured
- Novartis AG
- Johnson & Johnson Services Inc.
- Mylan N.V.
- Hisamitsu Pharmaceutical Co. Inc.
- Teva Pharmaceutical Industries Ltd.
- 3M Company
- GlaxoSmithKline plc
- Bayer AG
- Boehringer Ingelheim International GmbH
- Purdue Pharma L.P.
- AstraZeneca plc
- Ferring Pharmaceuticals Inc.
- Luye Pharma Group Ltd.
- UCB S.A.
- Leo Pharma A/S
Global Transdermal Drug Delivery Systems Market, by:
Technology
- Electroporation
- Radio Frequency
- Iontophoresis
- Microporation
- Thermal
- Mechanical arrays
- Ultrasound
- Others
Application
- CNS
- Pain Management
- Cardiovascular
- Hormone
- Immunological
- Metabolic
- Gastrointestinal
- Infection
- Cancer
- Others
End-User
- Hospitals
- Clinics
- Homecare settings
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/7djify
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