Rockville , May 18, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that the global oral thin films market is worth US$ 3.12 billion in 2022 and is expected to surge ahead at an impressive CAGR of 8.7% during the forecast years of 2022-2032.
The oral route is the most popular for therapeutic administration because of its low cost and easy availability. Mainly, the solid form of oral drugs is available in tablets and capsules. This poses difficulties in swallowing for geriatric and paediatric patients. Oral thin films improve patients’ compliance by enhancing the drug administration for them. They also aid psychiatric and bedridden patients who otherwise refuse to swallow tablets and capsules. Addressing these challenges has catalysed the rapid adoption of oral thin films in the pharmaceutical sector.
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The characteristics of oral thin films, such as dosage flexibility and ease of administration, attracts users. Oral thin films are also fast-acting and prompt drugs that enter the circulatory system through direct absorption, and even reduce the risk of choking. Furthermore, no special training is required for their administration.
As oral thin films are moisture-sensitive, they require special packaging. Focusing on product innovation and packaging techniques can help manufacturers reduce costs and product damage.
Key Takeaways from Market Study
- The global oral thin films market is set to expand at a CAGR of 8.7% and reach US$ 7,187.1 million by the end of 2032.
- The market evolved at 6.1% CAGR between 2017 and 2021.
- Under product vertical, the orodispersable segment is estimated to be valued at US$ 1.92 billion in 2022.
- North America is the leading regional market with 60.3% share in 2021.
- Consumption of oral thin films is expected to increase at CAGRs of 12.5% and 24.2%, respectively, in Latin America and the Middle East and Africa.
“Surging adoption of novel oral thin films among geriatric & pediatric population boosting market value,” says a Fact.MR analyst.
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Key Companies Profiled in This Report
- ZIM Laboratories Ltd.
- Indivior Plc.
- Aquestive Therapeutics Inc.
- LIVKON Pharmaceuticals Pvt. Ltd.
- Sunovion Pharmaceuticals Inc.
- NAL Pharma
- CURE Pharmaceutical
- IntelGenx Corp.
- Kyu Pharmaceutical Co. Ltd.
- C.L. Pharm
Market Development
At the introductory stage, oral thin film manufacturers have their focus on product innovation and development. Strong investments in research and development to address the existing limitations of oral thin film s, such as limited drug load and load of water-insoluble drugs, have led to several product launches and approval requests in the market.
Leaders in the oral thin films market are majorly investing in technological innovation and strategic expansion. Securing license agreement to boost international sales is also a key challenge.
- In August 2020, ZIM Laboratories Ltd. signed a licensing agreement with Hypera Pharma Group to market vitamin D3 in a novel oral thin film.
- In March 2021, Aquestive Therapeutics Inc. demonstrated an extensive review of the science, clinical results, and development strategy of its PharmFilm® oral sublingual film for administering epinephrine. This product is touted to effectively treat allergic reactions, including anaphylaxis.
Segmentation of Oral Thin Films Industry Research Report
- By Product Type :
- Oromucosal
- Sublingual Film
- Buccal Film
- Orodispersable
- Oromucosal
- By Indication :
- Pain Management
- Neurological Disorders
- Nausea & Vomiting
- Opioid Dependence
- Others
- By Distribution Channel :
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global oral thin films market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (oromucosal, orodispersible), indication (pain management, neurological disorders, nausea & vomiting, opioid dependence, others), and distribution channel (hospital pharmacies, retail pharmacies, online pharmacies), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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