Yahoo Finance Transdermal Skin Patches Global Market Report 2023
Major players in the transdermal skin patches market are Mylan Pharmaceuticals Inc, Hisamitsu Pharmaceutical, Novartis, Johnson & Johnson, Teikoku Pharma, Mylan, Actavis, Mundipharma, Henan Lingrui Pharmaceutical, Changzhou Siyao, Rfl Pharmaceutical, Teva, ProSolus Inc, Medipatch Inc, AdhexPharma, Medherant Limited, Nitto Denko, Noven Pharmaceuticals, 3M Pharmaceuticals, Accrux Ltd, Access Pharmaceuticals Inc, Luye Pharma Group Ltd.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Transdermal Skin Patches Global Market Report 2023" - https://www.reportlinker.com/p06241830/?utm_source=GNW
, Purdue Pharma L.P., Abbott Laboratories, Aneva Drug Delivery Systems, Allergan plc, Corium International Inc., Immune Pharmaceuticals, Hercon Pharmaceuticals, Pocono and DURECT Corporation.
The global transdermal skin patches market is expected to grow from $6.80 billion in 2021 to $7.10 billion in 2022 at a compound annual growth rate (CAGR) of 4.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The transdermal skin patches market is expected to reach $8.13 billion in 2026 at a CAGR of 3.4%.
The transdermal skin patches market consists of sales of single-layer drug-in-adhesive, multi-layer drug-in-adhesive, and vapour patch.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Transdermal skin patches refer to a drug delivery technique where a pre-prescribed dose of medication is applied as an adhesive patch and absorbed via the skin into the bloodstream. They deliver a precise, preset dosage of medication that is absorbed into the bloodstream through the skin.
North America was the largest region in the transdermal skin patches market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the transdermal skin patches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of transdermal skin patches are fentanyl transdermal patch, nicotine transdermal patch, buprenorphine transdermal patch, clonidine transdermal patch, oxybutynin transdermal patch and others.Nicotine transdermal skin patches are used to assist people in quitting smoking.
They provide a source of nicotine through the skin of the human body that helps to alleviate the withdrawal symptoms associated with quitting smoking. The various products used involve matrix, drugs in the adhesive, reservoir, and vapor that are utilized for pain relief, nicotine cessation, hormone replacement therapy, neurological disorders, cardiovascular disorders, and others.
The advances in modern technologies contribute to the growth of the transdermal skin patches market.Advances in modern technologies increase the number of drugs being delivered transdermally including small molecule hydrophobic drugs, hydrophilic drugs, and macromolecules.
The new technological advances add to the increased efficiency and increased use of transdermal drug delivery systems (TDDS) thus, increasing the popularity and demand for TDDS.For instance, in September 2022, Corium, a US-based biopharmaceutical company, launched Adlarity , a transdermal patch for treating Alzheimer’s.
It is a donepezil transdermal system that distributes donepezil at regular intervals through the skin.It treats people with Alzheimer’s-related dementia that is mild, moderate, or severe.
Adlarity makes use of the unique Corplex technology from Corium. Over a predetermined period of time, Corplex provides continuous, controlled, and sustained medication release.
Stringent regulatory approval by the government regulatory bodies is a key factor hindering the growth of the transdermal skin patches market.The regulatory authority enforces the laws regulating biologics, medications, and medical devices, which can have potential side effects for customers.
For instance, Food and Drug Administration (FDA) mandates the TDDS to undergo a series of tests including biomechanical testing, animal testing, and clinical trials before approving the TDDS for use in the market. The whole process consumes time and may result in a delay for the launch of TDDS into the market losing the first-mover advantage thus restraining the growth of the transdermal skin patch market.
Major companies in the market are increasingly opting for acquisitions and collaborations to enhance and expand their footprint for the growth of the transdermal skin patches market.The strategic merger and acquisition and collaboration followed by the players in the transdermal skin patches market allow the companies to take technological advantage by acquiring the technology which allows them to get ahead in the competition.
For instance, in December 2021, Boyd Corporation, a US-based provider of advanced sealing, thermal management and protection solutions, acquired MBK Tape Solutions for an undisclosed amount.The acquisition enhances Boyd’s medical material science expertise in applications including biosensors, transdermal patches, and improved wound care.
MBK Tape Solutions is a US-based manufacturer of medical-grade adhesives designed for medical devices, direct wound sealing, or transdermal patches.
In June 2020, Nutriband Inc., a USA-based pharmaceutical and healthcare-based provider that focuses on transdermal and Topical technologies acquired 4P Therapeutics Inc for an undisclosed amount. Through the acquisition, Nutriband aimed to expand its product portfolio to include transdermal technologies, prescription drugs, and clinical development. 4P Therapeutics Inc is a U.S.A based biotechnology healthcare research and development company that focuses on novel methods for drug delivery.
The countries covered in the transdermal skin patches market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The transdermal skin patches market research report is one of a series of new reports that provides transdermal skin patches market statistics, including transdermal skin patches industry global market size, regional shares, competitors with a transdermal skin patches market share, detailed transdermal skin patches market segments, market trends and opportunities, and any further data you may need to thrive in the transdermal skin patches industry. This transdermal skin patches market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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