Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- The "Transdermal Medical Patch Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type, Application, and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
The transdermal medical patch market is expected to grow from US$ 8.24 billion in 2022 to US$ 10.79 billion by 2028; it is estimated to register a CAGR of 4.0% from 2023 to 2028.
Major factors driving the transdermal medical patch market growth increasing prevalence of chronic diseases and growing consumption of tobacco rising technological advancements, and growing focus on personalized medicines.
The transdermal medical patch is a medicated patch that can deliver drugs through skin portals directly to the bloodstream at a predetermined rate. This is the most comfortable dosage form, it is non-invasive, avoids the gastrointestinal tract and bypasses first-pass metabolism, can have multiday therapy, and can be terminated at any time.
Many market players and research institutes operating in the transdermal medical patch market are developing advanced technologies to expand their product portfolios and increase their market shares.
In the US, tobacco is one of the significant causes of disease, disability, and death. According to the data published by CDC in 2021, an estimated 28.3 million adults smoke cigarettes in the US. Nearly 1,600 people (younger than 18 years) smoke their first cigarette every day in the US, and nearly half a million Americans die prematurely due to secondhand smoke exposure. Another 16 million suffer from serious illnesses caused by smoking.
According to the information released by the CDC in March 2022, approximately 34% of high school students (5.22 million) and 11.3% of middle school students (1.34 million) consume one form of tobacco, such as cigarettes, cigars, smokeless tobacco, hookahs, pipe tobacco, heated tobacco products, nicotine pouches, or bidis (small brown cigarettes wrapped in a leaf). As per the same source, e-cigarettes are the most frequently used tobacco products among high and middle school students. CDC also states that the US spends more than US$ 225 billion on medical care each year to treat smoking-related diseases in adults.
Nicotine replacement therapy (NRT) has proven to help people seeking to quit smoking. It makes use of nicotine patches that deliver modest nicotine dosages to relieve cravings. Nicotine is progressively absorbed through the skin once nicotine patches are applied.
Smokers with a greater dependence level can use the most robust patches, while those with a lower dependence level can use a lesser dosage. The critical advantage of nicotine patches over acute NRT formulations (gum, nasal spray, oral inhaler, and tablet) is the simplicity of compliance, rather than consuming a medicine throughout the day. Thus, the increasing consumption of tobacco leads to increasing demand for nicotine patches, thereby driving the transdermal medical patch market growth.
Companies Mentioned
- Hisamitsu Pharmaceutical Co Inc
- Medline Industries LP
- Johnson & Johnson
- Novartis AG
- Teva Pharmaceutical Industries Ltd
- UCB SA
- Viatris Inc
- Endo Pharmaceuticals Inc
- Boehringer Ingelheim International GmbH
- Corium, LLC
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $8.25 Billion |
| Forecasted Market Value (USD) by 2028 | $10.8 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Transdermal Medical Patch Market - Key Takeaways
3. Research Methodology
4. Transdermal Medical Patch Market - Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.2.2 Europe PEST Analysis
4.2.3 Asia Pacific PEST Analysis
4.2.4 Middle East & Africa PEST Analysis
4.2.5 South & Central America PEST Analysis
4.3 Expert's Opinion
5. Transdermal Medical Patch Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Prevalence of Chronic Diseases
5.1.2 Growing Consumption of Tobacco
5.2 Market Restraints
5.2.1 Recalls of Transdermal Medical Patches due to Drug Failure
5.3 Market Opportunities
5.3.1 Increasing Strategic Initiatives
5.4 Future Trends
5.4.1 Advancements in Smart Patches and Three-Dimensional (3D)-Printed Patches
5.5 Impact analysis
6. Transdermal Medical Patch Market - Global Analysis
6.1 Global Transdermal Medical Patch Market Revenue Forecast and Analysis
6.2 Global Transdermal Medical Patch Market, by Geography - Forecast and Analysis
6.3 Market Positioning of Key Players
7. Global Transdermal Medical Patch Market - Revenue and Forecast to 2028 - By Type
8. Global Transdermal Medical Patch Market - Revenue and Forecast to 2028 - By Application
9. Global Transdermal Medical Patch Market - Revenue and Forecast to 2028 - By Distribution Channels
10. Transdermal Medical Patch Market - Revenue and Forecast to 2028 - Geographic Analysis
11. Impact Of COVID-19 Pandemic on Transdermal Medical Patch Market
11.1 North America: Assessment of COVID-19 Pandemic
11.2 Europe: Impact Assessment of COVID-19 Pandemic
11.3 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11.4 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
11.5 South & Central America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
13. Company Profiles
14. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/2fh3hy
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