DUBLIN--(BUSINESS WIRE)--The "Transdermal Drug Delivery Systems (TDDS) Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The transdermal drug delivery system (TDDS) market was valued at US$5.668 billion in 2020 and is expected to grow at a CAGR of 4.89% over the forecast period to reach a total market size of US$7.917 billion by 2027.
These devices provide a number of advantages, including a prolonged therapeutic effect, fewer side effects, greater bioavailability, enhanced patient compliance, and the capacity to easily discontinue medication therapy. The appendageal, transcellular, and intercellular pathways are the three major routes of drug entry. The growing geriatric population, as well as the increase in chronic conditions such as orthopaedic diseases and other disorders among the elderly, is driving up demand for transdermal drug delivery patches.
Furthermore, transdermal drug delivery systems have numerous advantages, such as improved safety, effectiveness, and reduced inter-patient variability of dosages. The increased demand for self-administration of medicines for diseases requiring long-term therapy, such as diabetes, is boosting this industry. In the event of diabetes, insulin must be continuously delivered into the patient's body via injections. The use of insulin injections on a regular basis causes discomfort and increases the chance of infection transmission. The growing patient preference for pain-free medication administration has resulted in a considerable increase in the adoption rate of drug-administering adhesive skin patches, which is expected to offer the market strong growth potential. Furthermore, the inclusion of transdermal systems will improve patient self-reliance by significantly reducing the frequency of hospital visits and cumulative treatment expenses.
North America has the largest market share in the transdermal drug delivery market. The market is expecting favourable growth due to the COVID-19 pandemic. This is mostly attributed to the development of unique treatments. For instance, the United States Food and Drug Administration authorised "T3X," an over-the-counter ointment formulated by Advanced Penetration Technology, in August 2020. It is authorised for use against the SARS-CoV-2 virus. within 30 seconds, T3X was effectively able to eradicate the virus. According to GLOBOCAN statistics, about 105,000 new cases of melanoma skin cancer were recorded in the North American region in 2020, with a projected increase to 142,000 by 2040. The rising prevalence of skin-related diseases is projected to fuel market expansion. Furthermore, increased product releases are projected to drive market growth in this area.
Growth Factors:
Globally, the prevalence of chronic diseases is increasing, as is the demand for therapeutics.
The market for transdermal drug delivery systems is expanding due to increased chronic disease prevalence, rising healthcare costs, and a growing geriatric population. Furthermore, this market is being fueled by a high demand for self-administration of medications for diseases that require long-term therapy, such as diabetes. Insulin must be administered into the patient's body on a regular basis in order for diabetes to be controlled. As a result, the need for automated medication delivery systems has increased in recent years. Several unique medications that can be administered by transdermal drug delivery have been introduced. This positive market activity is likely to fuel the market expansion. Furthermore, the growing preference of patients and physicians for pain-free medicine administration, which is projected to drive market demand throughout the forecast period, is a significant contributor to market growth. These variables are anticipated to enhance growth prospects throughout the forecasted period.
Restraints:
Transdermal drug delivery systems are expensive:
The high cost of transdermal drug delivery systems such as radiofrequency, electroporation, and others is likely to limit the transdermal drug delivery system market growth. The high cost of the transdermal drug delivery system adds to the public's distrust. Furthermore, issues with various delivery systems, such as pain and edema at the application site, are likely to pose a market challenge.
Market Segmentation:
By Type
- Patches
- Gels & Ointments
By Application
- Neurologic Conditions
- Pain Management
- Nicotine Cessation
- Cardiovascular
By End-User
- Hospitals & Clinics
- Surgical Centers
- Home Care Settings
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- France
- Germany
- Italy
- Middle East and Africa
- Saudi Arabia
- UAE
- Asia Pacific
- Japan
- China
- India
- Thailand
- Taiwan
- Indonesia
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Transdermal Drug Delivery Systems Market Analysis, By Type
6. Transdermal Drug Delivery Systems Market Analysis, By Application
7. Transdermal Drug Delivery Systems Market Analysis, By End-User
8. Transdermal Drug Delivery Systems Market Analysis, By Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
- 3M
- Zosano Pharma Corporation
- Medherant Ltd.
- Tapemark
- Toyochem Co. Ltd.
- Haemonetics Corporation
- AdhexPharma
- Boehringer Ingelheim GmbH
- Sparsha Pharma International Pvt Ltd.
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