What is Transdermal Skin Patches Market?
A transdermal patch is defined as the medicated adhesive patch which is placed on the skin in order to deliver a specific dose of medication into the bloodstream. Various advantages associated with a transdermal patch such as reduce risk of trauma to the skin, controlled release of medication, avoid the first-pass metabolism, self-administration, and others. Increasing usage of transdermal Skin Patches in various application such as pain management, nicotine cessation is likely to be the prime driver for the growth of the market in future
The market study is being classified by Type (Drug in Adhesive, Matrix, Reservoir, Vapor and Other), by Application (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies) and major geographies with country level break-up.
Johnson & Johnson (United States), Novartis AG (Switzerland), Mylan N.V. (United States), Teva Pharmaceutical Industries (Israel), Luye Pharma Group (China), Hisamitsu Pharmaceutical (Japan), Mundipharma International (United Kingdom) and Purdue Pharma (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Purdue Pharma L.P. (United States), Endo International plc (Ireland) and Boehringer Ingelheim (Germany).
The Transdermal skin patch market is highly fragmented and dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are ProSolus, Inc., Tapemark, Medherant Limited, among others. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Transdermal Skin Patches market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Transdermal Skin Patches market by Type, Application and Region.
On the basis of geography, the market of Transdermal Skin Patches has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Prevalence of Chronic Diseases across the Worldwide
- Technological Advancements in Transdermal Drug Delivery Systems in order to reduce cost and improve the quality of product
Market Trend
- One of the latest Trends of this Market is the Rising Demand for Better Therapeutics at Affordable Costs of Transdermal Patch Products
Restraints
- Issue related to Drug Failure and Recalls of Transdermal Patch Products
- The problem regarding the possibility of skin irritation and limited to the certain drug only
Opportunities
- Rising Collaborations between Pharmaceutical Companies and Drug Delivery Firms
- Growing Demand from Emerging Economics market such as China and India
Challenges
- Issue related to Technical Barriers Related to Skin Irritation as well as Permeability
- Major Concern related to patients may use inappropriate of Products
Market Leaders and some development strategies
In August 2018, the Luye Pharma Group (China) company has signed an agreement with Bayer AG (Switzerland) company in order to acquire the global rights to the apleek contraceptive transdermal patch. Hence, this agreement enabled the company to strengthen its transdermal patch product portfolio
In March 2019, the Amneal Pharmaceuticals, Inc. (United States) Company has launched its generic version of Exelon patch which is available in 4.6 mg/24 hours, 9.5 mg/24 hours, and 13.3 mg/24 hours. In addition, In January 2019, the company has also received Food and Drug Administration approval of its Rivastigmine Transdermal System. Hence, this launched will increase the product portfolio of the company.
According to the Food and Drug Administration, in order to confirm both qualities as well as the performance of generic transdermal delivery systems products and their robust therapeutic should be equal to their reference listed drugs. Hence, it may act restraint for the growth of the market in the future.
Key Target Audience
Transdermal Patch Manufacturers, Raw Material Suppliers, Distributors, Retailers, and Wholesalers, E-commerce industry and Traders, Importers, and Exporters
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