Dublin, March 25, 2024 (GLOBE NEWSWIRE) -- The "Global Transdermal Medical Patch Market: Analysis By Type, By Application, By Distribution Channel, By Region Size & Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global transdermal medical patch market was valued at US$7.88 billion in 2023 and is expected to reach US$10.33 billion by 2029. The market is expected to grow at a CAGR of approx. 5% during the forecasted period of 2024-2029
The major drivers for the transdermal medical patch market include increasing advantages of transdermal medicine over oral and ingesting medications (medications for gastrointestinal toxicity) that result in nausea and vomiting, as they are non-invasive in nature and decrease the inconvenience caused by intravenous or parenteral therapies.
Furthermore, transdermal patches enable patients to self-administer medications in a convenient and pain-free manner, resulting in patient comfort and relief, particularly in chronic conditions requiring long-term therapy, which is anticipated to drive the global transdermal medical patches market in the forecast future. .
Market Segmentation Analysis:
By Type: The matrix segment held the highest share of the market. Patient compliance and matrix patch efficacy are increasing as a result of ongoing technological improvements in matrix patch formulation and manufacturing. The matrix patches segment is likely to register significant growth owing to its adaptability and ease of use, resulting in their widespread use in a variety of therapeutic fields. Moreover, these patches can be utilized for various conditions, such as allergies, dermal conditions, and pain.
By Application: The pain management segment held the dominant share in the market as pain management transdermal patch is widely used around the world to ease out joint, muscular, and other paining points. This method offers an alternative to invasive therapies and conventional oral drugs, making it especially tempting to people with chronic pain disorders. The market for transdermal patches is expected to grow at the fastest rate in the pain management segment due to the growing need for safe, non-invasive pain reduction options and the rising prevalence of pain-related disorders, such as diabetic neuropathy, rheumatoid arthritis, osteoarthritis, migraine, and other diseases among the population.
By Distribution Channel: The hospital pharmacies segment held the largest share of the market in 2023. In hospitals pharmacies, transdermal patches find utility for both inpatient and outpatient care. They offer reliable and controlled medication delivery for critical and chronic health conditions. They also facilitate easier medication schedules for inpatients, reducing a healthcare provider's burden. These factors contribute to the growth of hospital pharmacies within the distribution channels segment.
By Region: In 2023, the North America region led the transdermal medical patch market, propelled by rising incidence of chronic diseases such as diabetes, cardiovascular diseases, and chronic pain conditions along with aging population, growing awareness of the benefits of transdermal patches for smoking cessation, increasing technological advances in transdermal patches and surging advantages of transdermal medicines over oral and ingested medications.
During 2024-2029, the US is forecasted to maintain its lead within North America. The US and Mexico are the hotspots for investment opportunities because of higher growth in the industries and research activities, quality improvisations and increasing number of partnerships, which is expected to offer new opportunities to the overall market in the region.
Market Dynamics:
Growth Drivers: The global transdermal medical patch market growth is predicted to be supported by numerous growth drivers such as burgeoning prevalence of chronic diseases, rapid expansion of geriatric population, surging demand for non-invasive pain management, upsurge in healthcare expenditure, and increasing advantages of transdermal medicines over oral & ingested medications, and many other factors.
Transdermal medical patches are used to administer medications to people suffering from chronic diseases such as heart disease, stroke, diabetes, cancer, obesity, and arthritis. Their popularity has soared due to the ability of transdermal patches to provide convenient, painless self-administration of drugs and maintain consistent plasma drug concentrations. Therefore, the burgeoning prevalence of chronic diseases has led to a greater focus on transdermal medical patches, thus augmenting the overall market growth, globally.
Challenges: However, the market growth would be negatively impacted by various challenges such as potential skin irritation and hypersensitivity and drug failure & recalls of transdermal drug delivery systems, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as escalating number of smokers, rising use for insulin delivery, upswing in burden of hormonal deficiencies, technological advancements in transdermal patches, etc.
Furthermore, due to a shared goal of enhancing therapeutic effects and patient outcomes, collaborations between pharmaceutical and drug delivery businesses have become increasingly prevalent in the transdermal patch market. These partnerships often result in the development of patches that have superior drug release characteristics, higher adherence rates, and fewer side effects. As a consequence, such collaborations have driven the adoption of transdermal patches over the last few years and the trend is likely to continue during the forecasted period.
Competitive Landscape:
The global transdermal medical patch market is highly competitive in nature, characterized by fierce competition among industry leaders vying to expand their market presence.
The key players in the global transdermal medical patch market are:
- Novartis
- Johnson & Johnson
- Teva Pharmaceutical Industries
- Viatris
- Endo International
- Boehringer Ingelheim
- Nitto Denko
- Luye Pharma Group
- Hisamitsu Pharmaceutical Co.
- Medline Industries
- Corium
- UCB
- Teikoku Pharma USA
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
- Type Analysis
- Application Analysis
- Distribution Channels Analysis
4. Regional Market Analysis
4.1 North America Transdermal Medical Patch Market: An Analysis
4.2 Europe Transdermal Medical Patch Market: An Analysis
4.3 Asia Pacific Transdermal Medical Patch Market: An Analysis
4.4 South & Central America Transdermal Medical Patch Market: An Analysis
4.5 Middle East and Africa Transdermal Medical Patch Market: An Analysis
5. Impact of COVID-19
6. Market Dynamics
Growth Drivers
- Burgeoning Prevalence of Chronic Diseases
- Upsurge in Healthcare Expenditure
- Rapid Expansion of Geriatric Population
- Surging Demand for Non-Invasive Pain Management
- Increasing Advantages of Transdermal Medicines over Oral & Ingested Medications
- Growing Investment in R&D Activities
Challenges
- Stringent Regulatory Approval
- Potential Skin Irritation and Hypersensitivity
- Drug Failure & Recalls of Transdermal Drug Delivery Systems
Market Trends
- Escalating Number of Smokers
- Rising Use for Insulin Delivery
- Upswing in Hormonal Deficiencies
- Technological Advancements in Transdermal Patches
- Collaborations between Pharmaceutical & Drug Delivery Companies
7. Competitive Landscape
7.1 Global Transdermal Medical Patch Market: Recent Developments
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/d6vap5
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