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| Transdermal Skin Patches Market |
Transdermal skin patches provide convenient drug delivery through the skin for systemic circulation. They are increasingly being used for delivery of drugs for chronic conditions such as pain management, Parkinson's disease, hormonal therapies, and other therapeutics. Transdermal patches eliminate risks associated with other delivery methods and provide steady and controlled release of drugs.
The global
Transdermal Skin Patches Market is estimated to be valued at US$ 8483.74 Mn in 2023 and is expected
to exhibit a CAGR of 34% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The rapid adoption of transdermal skin patches over other traditional drug
delivery methods is one of the key trends driving the growth of this market.
Transdermal patches provide non-invasive methods of drug delivery and improve
patient compliance by eliminating the need for repeated drug administration.
They also reduce risks of overdose and maintain steady drug levels in the body.
Further, development of advanced transdermal patches that can deliver both
small and large molecular weight drug molecules is expected to support the
market growth during the forecast period. Manufacturers are also focusing on
development of smart transdermal patches integrated with wireless technology
for remote monitoring of drug delivery and therapeutics, which will further
propel the demand.
Segment Analysis
The global transdermal skin patches market can be segmented based on
technology, application, and end-user. Based on technology, the diffusion
technology segment currently dominates the market. Diffusion-based transdermal
patches allow for continuous slow release of drugs through the skin for up to 7
days and are convenient and easy to use. This has made them the technology of
choice for many pharmaceutical companies developing transdermal drug delivery
systems.
Key Takeaways
The global Transdermal
Skin Patches Market Growth is expected to witness high growth in the
forecast period of 2023 to 2030. The global Transdermal Skin Patches Market is
estimated to be valued at US$ 8483.74 Mn in 2023 and is expected to exhibit a
CAGR of 34% over the forecast period 2023 to 2030.
Regional
analysis shows that North America is currently the dominant regional market.
Advanced healthcare infrastructure, growing prevalence of chronic diseases,
focus on patient comfort and convenience, and presence of major players are
driving the North American market. The Asia Pacific region is expected to be
the fastest growing regional market in the coming years owing to rising
healthcare expenditure, growing awareness, and improving access. Asia Pacific
region. China, India, and Japan accounted for over 50% of the Asia Pacific
market share in 2023 and are expected to remain the major revenue generators.
Key players related content: Key players operating in the transdermal skin
patches market are Bavarian Nordic, Argos Therapeutics, Antigenics, Affiris,
Celldex Therapeutics, Biovest International, Cel-Sci, Celtic Pharma, Cytos
Biotechnology, and Curevac. Bavarian Nordic and Argos Therapeutics currently
have the largest combined market share of over 20%.
For more insights, read- https://www.ukwebwire.com/transdermal-skin-patches-market-trends-size-and-share-analysis/
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