The Transdermal Skin Patches market is expected to register a CAGR of about 4. 78% during the forecast period with a revenue of approximately USD 7244. 33 million in 2020 and expected to reach USD 9572.
New York, April 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Transdermal Skin Patches Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06062860/?utm_source=GNW
34 million by 2026.
The COVID-19 outbreak across the world is expected to have a positive impact on the transdermal skin patches market, as these patches enable safe, reproducible, and controlled administration of drugs to defined skin microenvironment. Therefore, researchers working on a potential vaccine against the new COVID-19 strain causing the pandemic are exploring the use of a fingertip-sized skin patch for delivery.
The major factors attributing to the growth of the market is the 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, they decrease the inconvenience caused by intravenous or parenteral therapies. The main advantage is that the patch provides a controlled release of the drug to the patient, usually through a perforated membrane covering the drug reservoir or by body temperature dissolving thin layers of medication embedded in the adhesive. These patches are also used for the treatment of migraine, hormones, pain, cardiovascular diseases, neurology disease, and smoking cessation. In current scenario, transdermal route of drug delivery system is increasing in demand due to reduced dosing frequency, improved bioavailability, reduced adverse events, and drug input termination at any point by the removal of the patch.
Furthermore, the growing funding and investments for drug development and new launches boosts the market growth. For instance, in February 2020, the US FDA approved the Contraceptive Patch known has Twirla (levonorgestrel and Ethinylestradiol) Transdermal System, it is a New Weekly Contraceptive Patch from the company, Agile Therapeutics Inc.. Hence, a significant number of clinical trials of different types of drugs is currently underway, and it is likely to positively impact the market in the future.
However, the inability of the skin to absorb a range of active substances is expected to hinder the growth of the market.
Key Market Trends
Smoking Reduction and Cessation Aid Segment is Expected to Grow at High CAGR in the Forecast Period.
According to WHO, 2020, COVID-19 is a disease that primarily attacks the lungs. Smoking damages lung function and makes it harder for the body to fight off coronaviruses and other infections. Therefore, during the pandemic, there is increasing campaigning and awareness about smoking cessation and that increased the segment growth.
The growth rate of the segment is attributed to a large number of smokers globally, and increasing awareness of the advantages of the transdermal route of administration of drugs for smoking cessation. According to the World Health Organization, 8 million people die each year as a result of smoking. More than 7 million deaths are the result of direct tobacco use and an estimated 1.2 million are the result of nonsmokers smoking cigarettes. According to the Centers for Disease Control and Prevention, in 2018, approximately 14 out of 100 U.S. adults 18 years of age or older currently smoke cigarettes, meaning that about 34.2 million adults in the United States currently smoke. About 16 million Americans live with a smoking-related disease. In addition, according to the American Cancer Society Inc., 2019, approximately 942 million men and 175 million women aged 15 or older are active smokers worldwide.
Therefore, with the increasing number of smokers across the world, the usage of the transdermal skin patches (nicotine) is expected to rise in the forecast period, and the rising number of patients is expected to boost the market studied. ?
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to hold the highest share throughout the forecast period. The growth is expected to be augmented by the factors, such as the presence of key players and established healthcare infrastructure. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market’s growth.
In this region, the United States has the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market. As per the CDC, in 2018, approximately 14 of every 100 US adults aged 18 years and above-smoked cigarettes. This means it was estimated of about 34.2 million adults in the United States currently smoke cigarettes. Technologies supporting transdermal patches are being enhanced uninterruptedly to make them more versatile and popular in the United States. 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. For instance, in 2019, Canoa Inc., a Delaware-based healthcare and pharmaceuticals company, had acquired ProSolus Inc. to enhance its position and development of new products in the transdermal space.
In 2019, it has been found that in Canada, there are around 100 people that die every day from tobacco smoking-related illness, according to Health Canada. This has increased the widespread availability of drugs, and the advent of new innovative drugs such as transdermal patches has accelerated the pace of growth in the market studied.?
The transdermal skin patches market is moderately competitive and the key players are focused on the adoption of various strategies such as product innovation, product launches, and approvals, R&D investment for advancements in transdermal patches, merger and acquisition as their developmental strategies to sustain the competitive environment in the market. Some of the companies which are currently gaining attention in the market are Teva Pharmaceuticals USA Inc., Novartis AG, Teikoku Pharma USA Inc., Mylan Inc., 3M.
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