Transdermal Skin Patches Market is Anticipated to Attain US$ 11.5 Billion at a CAGR of 4.6% by 2031: Transparency Market Research, Inc.

Wilmington, Delaware, United States, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The global transdermal skin patches market is projected to flourish at a CAGR of 4.6% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 11.5 billion is anticipated for the market in 2031. As of 2023, the market for transdermal skin patches is expected to close at US$ 8.0 billion.

Transdermal patches provide a convenient way to administer medications. Patients can simply apply the patch and carry on with their daily activities. This ease of use can lead to improved patient compliance, as it reduces the likelihood of missing doses.

The rise in the number of smokers across the globe is augmenting demand for nicotine transdermal skin patches. This, in turn, is anticipated to drive the global transdermal skin patches market development during the forecast period.

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Market Snapshot:

Key Takeaways from the Market Study

• As of 2022, the coffee servers market was valued at US$ 7.7 billion
• By product, the microneedle product type segment is projected to witness the fastest growth in the global market during the forecast period.
• Based on sales type, the prescription sales type segment is likely to account for a major share of the global market in the next few years due to the rise in the prevalence of chronic diseases and the growth in demand for convenient and effective drug delivery systems.
• Based on application, the pain management application segment is anticipated to account for a major share of the global market during the forecast period. The surge in the prevalence of pain-related disorders and encompassing conditions.
• Based on the distribution channel, the hospital pharmacies distribution channel segment is projected to account for a dominant share of the global market from 2023 to 2031 due to the increased demand in restaurants, hotels, and coffee shops.
  

Transdermal Skin Patches Market: Key Trends and Opportunistic Frontiers

• Increasing technological advances and development of smart, dissolving/biodegradable, high-loading/release, 3D-printed, and wearable patches to increase their market share.
• Innovations in patch technology have led to improved adhesive properties, better drug release mechanisms, and enhanced comfort for patients. These advancements have expanded the range of drugs that can be delivered via patches.
• The growing advancements in drug delivery through skin patches are likely to create immense opportunities for market players.
  

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Transdermal Skin Patches Market – Regional Analysis

• North America held the major share of the global transdermal skin patches market research analysis, the region is anticipated to lead the global industry during the forecast period due to the presence of a large patient population and a well-established healthcare infrastructure. The region's focus on advanced healthcare solutions, high prevalence of chronic diseases, and strong research and development activities contribute to the growth of the market. North America is home to several major pharmaceutical and biotechnology companies that develop and manufacture transdermal patches.
• The Asia-Pacific region is expected to witness rapid growth in the transdermal skin patches market, owing to the presence of a large patient population and increasing healthcare investments. Growing awareness about advanced drug delivery methods, rising chronic disease burden, and improving healthcare infrastructure contribute to market growth.

Competitive Landscape

The global transdermal skin patches market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global transdermal skin patches market report:

• Hisamitsu Pharmaceutical Co., Inc.
• Viatris Inc.
• Nitto Denko Corporation
• Novartis AG
• Luye Pharma Group
• Teikoku Pharma
• Samyang Holdings Corporation
• Gedeon Richter PLC
• AdhexPharma
• Sparsha Pharma International Pvt Ltd.

Key Developments in the Transdermal Skin Patches Market

• Hisamitsu Pharmaceutical is a Japanese company known for its development of the Salonpas line of transdermal patches. These patches are used for pain relief and contain ingredients like menthol, methyl salicylate, and capsaicin.

• Johnson & Johnson (J&J) has been active in the transdermal patches market. In recent years, J&J's subsidiary Janssen Pharmaceuticals developed and gained approval for a transdermal patch for the treatment of schizophrenia. This innovation aimed to provide patients with an alternative to oral medications.

• Novartis has been involved in the development of transdermal patches for various applications. In the field of pain management, Novartis introduced a fentanyl transdermal patch for chronic pain relief. These patches offer controlled and prolonged release of the opioid medication.
  

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Transdermal Skin Patches Market – Key Segments

Product Type

• Reservoir
• Drug-in-Adhesive
  • Single Layer
  • Multilayer
• Microneedle
• Matrix
• Others (Vapor, etc.)
  

Application

• Pain Management
• Hormonal Disorders
• Smoking Reduction and Cessation Aid
• Neurological Disorders
• Cardiovascular Disorders
• Others (Motion Sickness, Overactive Bladder, etc.)

Sales Type

• Prescription
• Over-the-counter (OTC)

Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
  

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
  

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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