The transdermal drug delivery systems market is projected to grow at a CAGR of 4.5%
NEW YORK, Jan. 14, 2019 /PRNewswire/ -- The transdermal drug delivery systems market is projected to grow at a CAGR of 4.5% during the forecast period.
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The transdermal drug delivery systems market is expected to reach 7.1 billion by 2023 from an estimated USD 5.7 billion in 2018, at a CAGR of 4.5% during the forecast period. Market growth is largely driven by the global increase in the prevalence of chronic diseases. In addition, technological advancements in transdermal drug delivery systems are expected to support market growth in the coming years. However, drug failures and recalls of transdermal drug delivery systems are expected to restrain market growth to a certain extent.
By application, the pain management segment is expected to grow at the highest rate during the forecast period.
On the basis of application, the transdermal drug delivery systems market is segmented into five broad categories--pain management, central nervous system disorders, hormonal applications, cardiovascular diseases, and other applications (smoking cessation, motion sickness, and overactive bladder treatment). The pain management segment is expected to grow at the highest CAGR during the forecast period owing to the high burden of chronic pain worldwide and the growing availability of transdermal products for pain management.
The transdermal patches segment is expected to dominate the market in 2018.
On the basis of type, the transdermal drug delivery systems market is segmented into transdermal patches and transdermal semisolids.In 2018, the transdermal patches segment is expected to account for a dominant share of the transdermal drug delivery systems market.
This drug delivery system offers several advantages, such as reduced dosing frequency, improved bioavailability, reduced adverse events, and drug input termination at any point by the removal of the patch.Also, the use of patches results in increased patient compliance due to their non-invasive nature and painless application.
These factors are expected to drive market growth.
The North American transdermal drug delivery systems market is expected to grow at the highest CAGR during the forecast period.
North America, comprising the US and Canada, offers high-growth opportunities for players in the transdermal drug delivery systems market.This segment is slated to register the highest CAGR during the forecast period.
Some of the factors driving market growth in the North American region are rising prevalence of targeted diseases (such as chronic pain, central nervous system disorders, and cardiovascular diseases) in the region, the increasing use of contraceptives, and the increasing number of research activities related to transdermal drug delivery systems.
Break of primary participants was as mentioned below:
-- By Company Type - Tier 1-55%, Tier 2-25% and Tier 3-20%
-- By Designation - C-level-43%, Director Level-32%, Others-25%
-- By Region - North America-38%, Europe-29%, Asia Pacific-23%, RoW-10%
The key players in the transdermal drug delivery systems market are Hisamitsu Pharmaceutical (Japan), Mylan (US), UCB (Belgium), Novartis (Switzerland), GlaxoSmithKline (UK), Boehringer Ingelheim (Germany), Johnson & Johnson (US), Endo International (Ireland), and Purdue Pharma (US).
Research Coverage:
The report analyzes the transdermal drug delivery systems market and aims at estimating the market size and future growth potential of this market based on various segments such as applications, type, end user, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater share. Firms purchasing the report could use one, or a combination of the below mentioned five strategies.
This report provides insights into the following pointers:
-- Market Penetration: Comprehensive information on the services offered by the top players in the transdermal drug delivery systems market. The report analyzes the market based on applications, type, end user, and region
-- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the transdermal drug delivery systems market
-- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various transdermal drug delivery systems solutions across regions
-- Market Diversification: Exhaustive information about solutions and services, untapped regions, recent developments, and investments in the transdermal drug delivery systems market
-- Competitive Assessment: In-depth assessment of market shares, strategies, distribution networks, and manufacturing capabilities of the leading players in the market
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