Transdermal Skin Patches Market 2021 – Global Forecast To 2030
The Business Research Company’s Transdermal Skin Patches Market 2021 – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 25, 2021 /EINPresswire.com/ — Companies in the transdermal skin patches market are investing on the advancements in nicotine transdermal patches to encash rising investment opportunities. Nicotine skin patches provide a source of nicotine that reduces the withdrawal symptoms experienced when smoking is stopped, which helps in gradual smoking cessation. It can be directly applied to the skin, is available in different strengths and can be used for various lengths of time. The new nicotine patches are timed based on an individual's need for nicotine and release it before an individual needs it to prevent cravings. For instance, USA-based pharmaceutical company Chrono Therapeutics is developing a sensor-enabled transdermal nicotine patch with a connected app that delivers nicotine when smokers have their strongest cravings. It should help smokers decrease their dosing over the weeks, and the patch will monitor compliance, working with an app that offers personalized behavior change support.
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The transdermal skin patches industry is witnessing robust research and development activities. These research and development activities have led to increasing success rates in clinical trials. Research and development is being carried out by market leaders in the transdermal skin patches market as they continuously strive to make breakthroughs in the market in the form of new and effective treatments. For instance, in October 2019, the US Food and Drug Administration (FDA) approved Secuado (asenapine) of USA-based Noven Pharmaceuticals, Inc. as the only transdermal patch formulation for the treatment of schizophrenia in adults. The patch releases sustained concentrations of the atypical antipsychotic drug asenapine for the treatment of schizophrenia, which helps patients effectively manage their symptoms of the disease.
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Rapid growth in the geriatric population is expected to drive the demand for transdermal skin patches during the forecast period. The older population is prone to the majority of neurological disorders like dementia, Alzheimer's disease, Parkinson's disease, and others. The proportion of people above the age of 65 years is expected to increase globally and with it, age-related neurological disorders are also expected to increase. For example, the old population percentage is expected to grow from 28% in 2019 to 38% in 2050 in Japan. Therefore, the rise in the geriatric population would lead to an increase in the demand for transdermal patch systems available for neurologic conditions thereby boosting the market for transdermal skin patches during the forecast period.
The global transdermal skin patches market size reached a value of nearly $6.50 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.9% since 2015. The market is expected to grow from $6.50 billion in 2020 to $7.91 billion in 2025 at a rate of 4.0%. The market is then expected to grow at a CAGR of 3.5% from 2025 and reach $9.39 billion in 2030.
The major players covered in the global transdermal skin patches market are Novartis, Hisamitsu Pharmaceutical, Hercon Pharmaceuticals, Mylan Pharmaceuticals Inc. (Viatris Inc.), The 3M Company.
The global transdermal skin patches market is segmented by product into matrix, drug in adhesive, reservoir, vapor, by type into fentanyl transdermal patch, nicotine transdermal patch, buprenorphine transdermal patch, clonidine transdermal patch, oxybutynin transdermal patch, others, by application into pain relief, nicotine cessation, hormone replacement therapy, neurological disorders, cardiovascular disorders, others.
Transdermal Skin Patches Market 2021 – By Product (Drug In Adhesive, Matrix, Reservoir, Vapor), By Type (Fentanyl Transdermal Patch, Estradiol Transdermal Patch, Nicotine Transdermal Patch, Clonidine Transdermal Patch, Testosterone Transdermal Patch), By Application (Pain Relief, Neurological Disorders, Hormone Replacement Therapy, Nicotine Cessation, Cardiovascular Disorders) And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides transdermal skin patches market overview, forecast transdermal skin patches market size and growth for the whole market, transdermal skin patches market segments, and geographies, transdermal skin patches market trends, transdermal skin patches market drivers, transdermal skin patches market restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire