Market Research Future (MRFR)’s study reveals that the “Global Oral Thin Film Drugs Market”, the report offer detailed Analysis about the Top Trends and Current Scenario with competitive landscape and key regions development status.
Oral Thin Film Drugs Market – Overview:
The global oral thin film drugs market is expected to touch a valuation of USD 4,068.7 million by 2023, according to Market Research Future (MRFR). High demand for oral thin film (OTF) drugs by pediatric and geriatric populace globally is its major market driver. The fast dissolving medicines act as a better alternative to capsules, syrups, and tablets. These drugs are beneficial for patients on the go or patients with swallowing problems.
The sharp rise noticed in the numbers of the elderly populace are likely to evoke the demand for OTF drugs from 2018 to 2023 (forecast period). According to World Population Prospects by the United Nations, the geriatric population had touched 962 million in 2017. In addition, their weak immunity levels make them susceptible to various chronic diseases. This factor can have a direct effect on market demand. Drugs which cannot be offered via the oral route and its limitations on dosage can hamper the market. But opportunities in developing regions can bolster the oral thin film drugs market demand during the forecast period.
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Prominent players operating in the oral thin film drugs market include Novartis AG (Switzerland), Indivior Plc (U.S.), LTS Lohmann Therapie-Systeme AG (Germany), GlaxoSmithKline Plc (U.K.), CURE Pharmaceutical (U.S.), Pfizer Inc. (U.S.), and Johnson & Johnson Services, Inc. (U.S.).
Oral Thin Film Drugs Market – Segmentation:
The oral thin film drugs market can be segmented by product, disease indication, and distribution channel.
By form, the market is segmented into fast dissolving buccal film and sublingual. The fast dissolving film segment accounted for 58% share in the oral thin film drugs market in 2017. This can be credited to the potential of OTF drugs in dissolving rapidly and its efficacy and safety. It can enjoy good dividends at a 11.31% CAGR over the forecast period. On the other hand, the sublingual segment can enjoy a 9.34% CAGR to touch a valuation of USD 1,622.3 million by 2023.
By disease indication, the market is segmented into migraine, schizophrenia, opioid dependence, and nausea and vomiting, and others. Among these, the schizophrenia segment accounted for 36% market share in 2017. It can generate market demand at a 10.34% CAGR over the forecast period. On the flip side, the migraine segment can grow at a robust pace owing to high prevalence of migraine attacks.
By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, online drug stores, and others. The retail pharmacies segment accounted for 46.9% market share in 2017. This can be attributed to the increasing patient population and their respective treatment at hospitals. In addition, the low cost of drugs at these pharmacies compared to hospital pharmacies can thrust the segment valuation to USD 1,930.9 million by 2023. But the online drug stores segment is expected to generate returns at a 11.66% CAGR over the forecast period.
Oral Thin Film Drugs Market – Regional Analysis:
The oral thin film drugs market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas accounted for the lion’s share of the market in 2017 owing to the presence of well-known players in the healthcare sector, increased healthcare expenditure of nations such as the U.S., and sophisticated healthcare expenditure. According to the World Health Organization (WHO), the population of North America can expand at 42% from 2000 to 2050 and this can have a noticeable impact on the market. The mushrooming of retail pharmacies to cater to demands of patients can propel the Americas market to grow at a 10.72% CAGR during the forecast period.
The Europe oral thin film drugs market can experience a 9.44% CAGR over the forecast period owing to supportive government fiats and healthcare funds. Strong economies of France, Germany, and the U.K. can contribute to market revenue till 2023.
The APAC region is touted to experience a robust growth rate owing to developing economies, changing healthcare sector, and increasing geriatric population. It can touch a valuation of USD 543.3 million by 2023. This can be credited to fast-moving economies of India, Japan, and China.
The MEA region may experience a sluggish growth rate owing to slow economic growth of countries in Africa. But well-developed countries such as Kuwait, Qatar, and the United Arab Emirates (UAE) and their increased healthcare budgets can drive the regional market growth over the forecast period.
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