The global Transdermal Skin Patches Market is estimated to be valued at US$ 7,695.0 Mn in 2022 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Transdermal skin patches are adhesive patches that deliver medication directly through the skin into the bloodstream. They offer several advantages over traditional drug delivery methods, including controlled and sustained release of medication, non-invasive administration, and improved patient compliance. These patches are commonly used for the treatment of pain, hormonal disorders, cardiovascular diseases, and smoking cessation.
Market Key Trends:
One key trend in the transdermal skin patches market is the increasing adoption of advanced drug delivery technologies. Manufacturers are focusing on developing innovative patches with enhanced drug permeation properties, improved adhesion, and better control over drug release. This allows for the development of personalized treatment regimens and improved therapeutic outcomes for patients.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the transdermal skin patches market is moderate. While the market has significant barriers to entry such as high research and development costs and strict regulatory requirements, new players may still enter the market by focusing on niche segments or through partnerships with established companies.
Bargaining Power of Buyers: The bargaining power of buyers in the transdermal skin patches market is relatively low. The market is dominated by a few key players, and there are limited alternatives available for buyers. Moreover, many of the end consumers of transdermal skin patches are patients who require these patches for medical reasons, giving them limited power to negotiate prices.
Bargaining Power of Suppliers: The bargaining power of suppliers in the transdermal skin patches market is moderate. Suppliers of raw materials and components may have some bargaining power due to the specialized nature of these inputs. However, there are multiple suppliers available in the market, reducing the overall supplier power.
Threat of New Substitutes: The threat of new substitutes in the transdermal skin patches market is low. Transdermal patches offer a convenient and non-invasive method of drug delivery, making them difficult to replace. While there are alternative drug delivery methods available, such as oral medications and injections, these may not be feasible or as effective for all patients.
Competitive Rivalry: Competitive rivalry in the transdermal skin patches market is high. The market is highly fragmented, with numerous companies competing for market share. Key players in the market are constantly innovating and launching new products to gain a competitive edge. Additionally, the market is witnessing an increasing number of mergers and acquisitions as companies aim to strengthen their position.
Key Takeaways
Global Transdermal Skin Patches Market Size is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period. This growth can be attributed to factors such as the increasing prevalence of chronic diseases, rising demand for non-invasive drug delivery methods, and technological advancements in transdermal patch technology.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the transdermal skin patches market. The region has a well-established healthcare infrastructure, a high prevalence of chronic diseases, and a large patient population. Additionally, favorable reimbursement policies and increased awareness about transdermal patches are driving market growth in North America.
Key players operating in the transdermal skin patches market include Henan Lingrui Pharmaceutical Ltd, Purdue Pharma Manufacturing LP, Luye Pharma Group, 3M Company, Mylan (Viatris), Teva Pharmaceutical Industries Ltd, Samyang Biopharmaceuticals Corp. (Samyang Holdings), Novartis, and Teikoku Pharma USA Inc. (Teikoku Seiyaku Co. Ltd). These companies are focusing on product development, partnerships, and acquisitions to expand their market presence and gain a competitive advantage.
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The Transdermal Skin Patches Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the transdermal skin patches market include Teva Pharmaceutical Industries Ltd., Mylan Pharmaceuticals Inc., 3M Company, Accrux Ltd., Access Pharmaceuticals Inc., Others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Transdermal Skin Patches Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/transdermal-skin-patches-market/download-sampleMarket DynamicsThe primary factor contributing to the growth of the market is the increasing advantages of transdermal medicine over the conventional way of medications (medications for gastrointestinal toxicity), resulting in nausea and vomiting.
As they are non-invasive in nature, they reduce the inconvenience caused due to intravenous or parenteral therapies.
