Worldwide Oral Thin Film Drugs Market is Growing rapidly and Estimated to Reach Billion with a CAGR of 10.50% during 2018-2023. Oral Thin Film Drugs Market Receives a Rapid Boost in Economy due to High Emerging Demands during Forecast Period 2023, asserts Market Research Future (MRFR).
Players leading the global oral thin film drugs market include Johnson & Johnson Services, Inc. (US), Pfizer Inc. (US), CURE Pharmaceutical (US), Novartis AG (Switzerland), LTS Lohmann Therapie-Systeme AG (Germany), GlaxoSmithKline Plc (UK), and Indivior Plc (US), among others.
Orally Dissolvable Thin Film (ODF) or sublingual/ wafers is a drug delivery mechanism, developed with paper-thin polymer films that carry pharmaceutical agents. Besides, ease in administering, ODF drugs deliver multiple benefits, such as they do not require water or swallowing, and they dissolve quickly in the oral cavity with the active ingredient rapidly absorbed & diffused directly in the bloodstream.
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The global oral thin film drugs market is proliferating, mainly due to the increasing popularity of these wafers for their effective administering of medicines. According to a leading research firm -Market Research Future (MRFR), the global oral thin film drugs market is estimated to grow significantly by 2023, registering a CAGR of 10.50% throughout the forecast period (2018-2023).
Global Oral Thin Film Drugs Market – Segmentation
The market is segmented into four dynamics to widen the scope of understanding,
By Product : Fast Dissolving Buccal Film and Sublingual.
By Disease Indication : Nausea & Vomiting, Opioid Dependence, Schizophrenia, Migraine, and others.
Distribution Channel : Hospital Pharmacies, Retail Pharmacies, Online Drug Stores, and others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
Oral Thin Film Drugs Market – Geographical Analysis
North America leads the global oral thin film drugs market, creating USD 1,608.2 MN market valuation. The significant market share of the region attributes to the burgeoning precision medicines market and the superior infrastructure & ability to implement new developments in the system quickly. North American oral thin film drugs market in the region is expected to reach USD 2,676 MN by 2023, registering a CAGR of 10.72% from 2018-2023.
The oral thin film drugs market in Europe stands the second-largest position globally. Huge investments in research and development give the regional market a much-desired kickstart. Germany, heading with its advanced technology, contributes to the growth of the regional market hugely. Furthermore, the UK and France, with the increasing investment in personalized medicines and pharmaceutical industry, drive the oral thin film drugs market in the region, at a large scale. The oral thin film drugs market in Europe is estimated to reach USD 769.9 MN, with a CAGR of over 9.44% during the review period.
The Asia Pacific oral thin film drugs market is emerging as a promising market, globally led by the rapidly improving economic conditions in the region. India and China, backed by their revamping healthcare sectors and burgeoning pharmaceutical industries, contribute to the regional market, majorly. The APAC oral thin film drugs market is projected to grow further at a CAGR of 11.24% during the forecast period.
Oral Thin Film Drugs Market – Competitive Landscape
Highly competitive, the oral thin film drugs market appears to be fragmented due to the presence of many well-established players. Players incorporate strategic approaches such as mergers & acquisitions, collaborations, expansion, and technology launch to gain a substantial share in this market. They also substantially invest in R&D and clinical trials to accelerate product development & innovations and to cut down production costs.
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Industry/Innovation/ Related News:
October 08, 2019 —- Aurora Cannabis Inc. (Canada), a licensed cannabis producer and CTT Pharmaceutical Holdings, Inc., announced the successful commercialization of CTT’s cannabinoid-infused orally dissolvable thin film (ODF)/ sublingual/ wafers.
The new cannabis product line is a first of its kind medicine that been launched under the brand name “Dissolve Strips™” in the Canadian medical cannabis market. The launch of Dissolve Strips™ is a significant milestone for Aurora that signifies the transition of CTT from a technology development phase to a revenue-generating phase. Aurora also confirms that the next stage in its development is to launch a broader portfolio of unique products on a global scale. These companies have been working towards and look forward to reporting on their progress in the coming quarters.
Key Questions Answered in This Report:
- What will the market size and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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Oral Thin Film Drugs Market – Global Forecast 2023
by Product (Fast Dissolving Buccal Film, Sublingual), by Disease Indication (Opioid Dependence, Nausea & Vomiting, Schizophrenia, Migraine), Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Drug Stores), and Region
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