by Transdermal skin patches are adhesive drug delivery systems that are placed on the skin to deliver drugs for local or systemic effects through the skin and into the bloodstream. Transdermal patches offer various advantages over conventional drug delivery systems such as easy administration, avoidance of first-pass metabolism, controlled and consistent drug delivery, and improved patient compliance. They provide efficient therapy for chronic conditions and are highly preferred for self-administration by patients. Transdermal patches are widely used for the delivery of cardiovascular drugs, nicotine replacement therapies, hormone replacement therapies, analgesics, and other drugs.
The global transdermal skin patches market is estimated to be valued at US$ 8483.74 Mn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for convenient and painless drug delivery systems is expected to drive the growth of the transdermal skin patches market over the forecast period. Transdermal patches deliver drugs transdermally through the skin avoiding the gastrointestinal tract and hepatic first-pass effects. This renders them suitable for extended release and controlled delivery of medications for chronic conditions over other drug delivery routes. Transdermal patches also provide consistent drug levels in the bloodstream and improved patient compliance. Further, the increasing geriatric population who experience difficulty in swallowing conventional dosage forms will also contribute to the demand for transdermal drug delivery patches.
Segment Analysis
The transdermal skin patches market is dominated by the pain relief sub-segment which holds around 50% market share. Pain relief patches provide pain medication through the skin and are convenient to use and removed. They deliver the drug continuously at a predetermined rate and help avoid turbulence in drug levels.
PEST Analysis
Political: Regulations around new drug approvals and clinical trials impact the market introduction of new transdermal patches. However, supportive initiatives for funding R&D drives innovations.
Economic: Rise in disposable income in developing nations increases affordability for chronic disease management using transdermal patches. Their low-cost delivery compared to injections boosts adoption.
Social: Growing patient awareness and preference for convenient drug delivery methods over injections augments the demand. Remote access to healthcare during pandemics lifted adoption of self-administered transdermal patches.
Technological: Advancements in formulation composition and efficiency aids continuous drug delivery for 24-48 hours via a single patch. Development of activepatch technologies help eliminate wastage and improves efficacy.
Key Takeaways
The global Transdermal Skin Patches Market Growth is expected to witness high growth driven by the increasing prevalence of chronic diseases. The global Transdermal Skin Patches Market is estimated to be valued at US$ 8483.74 Mn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
Regional analysis
North America dominates the market currently owing to the increasing patient population seeking effective pain relief and favorable reimbursements for chronic disease management. Furthermore, growing awareness about innovative transdermal patches and presence of top players drive higher adoption.
Key players
Key players operating in the transdermal skin patches market are Bavarian Nordic, Argos Therapeutics, Antigenics, Affiris, Celldex Therapeutics, Biovest International, Cel-Sci, Celtic Pharma, Cytos Biotechnology, and Curevac. These leading companies are launching new improved transdermal patches and engaging in strategic partnerships for market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
