Transdermal skin patches are medical adhesive patches that are placed on the skin to deliver medications through the skin and into the bloodstream. They provide several advantages compared to oral medications such as direct delivery to the bloodstream, consistent dosing of medications, and less frequent dosing which improves medication adherence.
The global Transdermal Skin Patches Market is estimated to be valued at US$ 9773.27 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the transdermal skin patches market size is the increased awareness among consumers about the advantages of drug delivery through skin patches. Compared to oral medications, transdermal patches provide steady blood levels of medications, consistent dosing, and eliminate first-pass metabolism which causes side effects. Growing incidences of chronic diseases like diabetes, cancer and cardiovascular diseases have increased the demand for alternative drug delivery methods like transdermal patches. Wide acceptance of patches among the geriatric population who find it difficult to swallow pills is also augmenting the market growth. Marketing and promotional activities by key players have increased the visibility of transdermal patches, educating consumers about their benefits which in turn is accelerating their demand.
Segment Analysis
The global transdermal skin patches market is dominated by patches used for smoking cessation, which accounted for over 25% of market share in 2021. This is because smoking continues to be a major health issue worldwide, and these patches help address nicotine addiction and withdrawal symptoms through continuous delivery of nicotine over the patch wearing period. Other major segments include contraceptive patches and pain relief patches.
Key Takeaways
The global transdermal skin patches market is expected to witness high growth over the forecast period from 2024 to 2031.
Regional analysis reveals that North America currently dominates the market, accounting for over 35% share, led by the US market. This is because of high awareness levels, stringent regulations against smoking, and growth in medical expenditures per capita in the region.
Key players operating in the transdermal skin patches market are Omsk Carbon Group, Tokai Carbon Co., Ltd., Atlas Organics Private Limited, Continental Carbon Company, Birla Carbon, Cabot Corporation, International China Oak Investment Holdings Co., Ltd., Himadri Speciality Chemical Ltd, Philips Carbon Black Limited, Orion Engineered Carbons GmbH, Ralson
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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.
