Transdermal skin patches are medicated adhesive patches that are placed on the skin to deliver a dose of medication through the skin and into the bloodstream. The key advantage of transdermal patches is that they provide painless sustained drug delivery for conditions such as chronic pain, neurological disorders, cardiovascular diseases, and hormone therapy. The transdermal route of drug delivery allows for a controlled release of drug at a predetermined rate and dose over time. This leads to consistent drug levels in the bloodstream with reduced dosing frequency as compared to oral medications.
The global Transdermal Skin Patches Market is estimated to be valued at US$ 8,483.74 million 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 Opportunity
Painless drug delivery is a major market opportunity for transdermal skin patches. As compared to injections or oral medications, the application of transdermal patches is non-invasive and painless for patients. This leads to improved medication adherence and management of chronic conditions. Transdermal patches eliminate the first pass metabolism of drugs and prevent gastric irritation caused by oral medications. They are also convenient for use by disabling and elderly populations who have difficulty swallowing tablets. The advantages of painless and sustained delivery offered by transdermal patches are expected to spur their demand and support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The transdermal skin patches market requires high research and development investment as well as regulations from FDA. This poses as a barrier for new players.
Bargaining power of buyers: Buyers have high bargaining power due to presence of numerous options available however the sensitivity to health issues drives them towards branded products.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials used in manufacturing are commoditized in nature with few supplier options.
Threat of new substitutes: Threat from substitutes is low as transdermal patches provide convenience over other delivery methods with increasing skin related conditions.
Competitive rivalry: The market is moderately competitive with key global players differentiating through technological innovations.
SWOT Analysis
Strength: Convenience of application over needles, ability to deliver drugs continuously over patches, increasing prevalence of skin diseases. Weakness: Issues regarding skin irritation, limited drug delivery, regulatory compliance requirements. Opportunity: Emerging markets penetration, new product innovations, potential for large biologics. Threats: Intense competition, pricing pressures, disruptions in supply chain.
Key Takeaways
The global Transdermal Skin Patches Market Growth is estimated to be valued at US$ 8,483.74 million in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
The global transdermal skin patches market is expected to witness high growth over the forecast period driven by the regional growth across North America and Asia Pacific. North America currently dominates the market owing to rising prevalence of chronic diseases, growing aging population and strong healthcare expenditures. Asia Pacific is anticipated to be the fastest growing market favored by increasing patient awareness, rising disposable incomes and growth in medical tourism.
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. Transdermal skin patches provide controlled and sustained delivery of drugs for chronic conditions like pain management, Parkinson's disease, hormonal disorders. Technological advancements enable large molecule delivery through patches representing significant opportunities. Supply chain disruptions and pricing pressures remain key challenges for market growth over the forecast period.
For more insights, read- https://www.ukwebwire.com/transdermal-skin-patches-market-trends-size-and-share-analysis/
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.
