Transdermal Skin Patches Market:
WiseGuyReports.com adds “Global Transdermal Skin Patches Market Research Report 2020 Analysis and Forecast 2026” reports to its database.
The transdermal skin patches market consists of sales of transdermal skin patches products and related services used to provide medicine to the human body through patches. Transdermal skin patches involve the use of adhesive patches made up of polymers that contains drugs. The drug from these patches are absorbed into the body and eventually into the blood stream eliminating the drug delivery through pill, or injections.
The global transdermal skin patches market was worth $6.23 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 4.50% and reach $0 billion by 2023.
The transdermal skin patches market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in 2019. Asia pacific was the fastest region in 2019.
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The transdermal skin patches covered in this report is segmented by product into matrix; drug in adhesive; reservoir; vapor. It is also segmented by type into fentanyl transdermal patch; nicotine transdermal patch; buprenorphine transdermal patch; clonidine transdermal patch; oxybutynin transdermal patch; others and by application into pain relief; nicotine cessation; hormone replacement therapy; neurological disorders; cardiovascular disorders; others.
The advances in the modern technologies contributes to the growth of transdermal skin patches market. Advances in modern technologies increase the number of drugs being delivered transdermally including small molecule hydrophobic drugs, hydrophilic drugs, and macromolecules. The new technological advances add to the increased efficiency and increased use of transdermal drug delivery systems (TDDS) thus, increasing the popularity and demand for TDDS. For instance, in 2019, few technological advances in the TDDS included transdermal patch formulation improvements, introduction of pressure-sensitive adhesives and permeation enhancers, which lead to increased product diffusion and increased drug retention ability in larger quantities. The advances in technologies are expected to increase the demand for transdermal patches owing to its benefits thereby driving the growth of the market.
Stringent regulatory approval by the government regulatory bodies is a key factor hindering the growth of the transdermal skin patches market. The regulatory authority enforces the laws regulating biologics, medications, and medical devices, which can have potential side effects for customers. For instance, Food and Drug Administration (FDA) mandates the TDDS to undergo series of tests including biomechanical testing, animal testing, and clinical trials before approving the TDDS for use in the market. The whole process consumes time and may result in delay for the launch of TDDS into the market losing the first-mover advantage thus restraining the growth of the transdermal skin patch market.
Major companies in the market are increasingly opting for acquisitions and collaborations to enhance and expand their footprint for the growth of the transdermal skin patches market. The strategic merger and acquisition and collaboration followed by the players in the transdermal skin patches market allows the companies to take technological advantage by acquiring the technology which allows them to get ahead in the competition. For instance, in 2019, Canoa Inc., a Delaware based healthcare and pharmaceuticals company, acquired ProSolus® Inc. to enhance its position and development of new products in transdermal space. ProSolus headquartered in the USA is a pharmaceutical company that provides transdermal solutions. Similarly, in 2019, Mylan, a pharmaceutical company providing transdermal skin patches, with Upjohn, a subsidiary of Pfizer announced the formation of a new company named Viatris. The aim of the new collaboration is to provide more innovative medicines to the patients globally. Pfizer is a multinational pharmaceutical company. Thus, companies operating in the transdermal skin patch market are following the strategic collaborations and acquisitions to have a competitive edge.
In 2018, Nutriband Inc., a USA based pharmaceutical and health care-based provider that focuses on transdermal and Topical technologies acquired 4P Therapeutics Inc for an undisclosed amount. Through the acquisition, Nutriband aimed to expand its product portfolio to include the transdermal technologies, prescription drugs and clinical development. 4P Therapeutics Inc is a U.S.A based biotechnology health-care research and development company that focuses on novel methods for drugs delivery.
Major players in the market are Mylan Pharmaceuticals Inc, Hisamitsu Pharmaceutical, Novartis, Johnson & Johnson, Teikoku Pharma, Mylan, Actavis, Mundipharma, Henan Lingrui Pharmaceutical and Changzhou Siyao.
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