Rockville, MD, July 09, 2024 (GLOBE NEWSWIRE) -- According to a recently updated research report by Fact.MR, worldwide revenue from oral thin films market size is set to reach $3.7 billion in 2024 and has been projected to grow at 8.9% of CAGR, to reach $8.7 billion from 2024 to 2034.
Perforated oral thin films provide accurate and flexible dosing, making them a type of 'precision medicine'. Due to their dosing flexibility, these products appeal to adults who require only partial doses of medication. While pediatric applications benefit from this because children require smaller and more variable dosages than adults, OTFs are also effective for other applications, and their market is expected to grow in the future. Oral thin films are becoming more useful as a drug delivery platform due to their ability to incorporate even poorly soluble medicines; however, their main advantage is that they are very patient-friendly.
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Oral thin films have a much larger surface area than conventional drug delivery techniques, which allows for faster wetting, disintegration, and dissolution. Saliva is sufficient to diffuse or spread a medication load when administered through films; no water, chewing, or swallowing is required. OTFs can also be designed to be appealing to young children in terms of color and flavor. Furthermore, these films are easy to store and transport due to which its market is expanding.
Key Takeaways from the Market Study
- The global oral thin film market is projected to expand at a CAGR of 8.9%.
- By the end of 2034, the market is forecasted to climb to a value of US$ 8.7 billion.
- The market in the United States is forecasted to reach US$ 1.07 billion in 2024.
- China is set to occupy a market share of 48.8% in East Asia in 2024.
- Revenue from the sales of oral thin films in Japan is set to reach US$ 202 million in 2024.
- The North American market is forecasted to expand at a CAGR of 11.1% from 2024 to 2034.
“Demand for precision medicine for accurate and flexible dosing is contributing to the growth of the oral thin film market. OTFs are extensively used to treat neurological illnesses such as schizophrenia and Alzheimer's disease,” says a Fact.MR analyst.
Elimination of GI Side Effects Driving Patient Preference for Oral Thin Films
Oral thin film enters the bloodstream directly through the mouth, bypassing the GI tract. Bypassing this process offers significant benefits and opens up new market opportunities. The primary benefit of bypassing the GI tract is that it eliminates many of the common side effects associated with other orally administered medications, which frequently accompany pills or chewable tablets.
Although many patients experience gastrointestinal distress after taking medications, OTFs are unlikely to contribute to this problem because they are never consumed, thereby driving the oral thin film market.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the oral thin film market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the oral thin film market based on product type (oromucosal, orodispersible), application (pain management, neurological disorders, nausea & vomiting, opioid dependence), and distribution channel (hospital pharmacies, retail pharmacies, online pharmacies), across seven regions globally, including North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA.
Key Market Players
Key players in the global market are 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.
Oral Thin Film Industry News
- In October 2022, IntelGenx Corp. announced that it would initiate the first-in-human clinical trial of an oral thin film psychedelic drug candidate, in partnership with Atai Life Sciences.
- In March 2021, Aquestive Therapeutics Inc. presented an in-depth review of its PharmFilm oral sublingual epinephrine for treating allergic reactions, including anaphylaxis.
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