Innovation in transdermal drug delivery technologies drives the market growth. For instance, companies are developing new adhesives and enhancers that are expected to be delivered through transdermal route, which could enhance skin permeability and thus fuel the market growth.
Transdermal Drug Delivery Systems Market was valued at $ 32,516 million in 2016, and is projected to reach $61,689 million by 2023, growing at a CAGR of 9.5% from 2017 to 2023. The passive system segment held more than three-fifths share of the total market in 2016.
Transdermal drug delivery systems are used to deliver drug through intact skin at a controlled rate into the systemic circulation. Increase in geriatric population and rise in number of patients suffering from chronic disorders, such as hypertension, diabetes, and angina, are expected to drive the market growth. Moreover, surge in adoption of new delivery system technologies, such as ultrasound, boosts the market growth. However, disadvantages of these delivery systems, such as irritation at the site of application and edema, are expected to impede the market growth.
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The global transdermal drug delivery systems market is segmented on the basis of type of delivery system, application, and region. Based on type of delivery system, it is classified into passive and active delivery systems. The passive delivery systems are further divided into matrix system and reservoir system. Active delivery systems are categorized into structure based, electrical based, and others.
Asia-Pacific is projected to register the highest CAGR of 10.1% during the forecast period, owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (India and China) to cater to the unmet medical needs. Technological advancements to develop cost-effective technologies in these nations offer a lucrative opportunity for the market growth.
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As per the estimates of the World Health Organization, globally, more than 422 million people were diagnosed with diabetes in 2014. In addition, rise in geriatric population poses risk for increase in incidence of diabetes. For instance, aged people (>65 years of age) are more susceptible to Type 2 diabetes.
The major companies profiled in the report includes Novartis AG, Johnson & Johnson, Mylan N.V., Boehringer Ingelheim GmbH, Bayer AG, Bristol-Myers Squibb Company, GlaxoSmithKline plc., Acrux Limited, Echo Therapeutics, Inc., and Endo Pharmaceuticals Inc.