NEW YORK, March 22, 2018 (GLOBE NEWSWIRE) -- According to P&S Market Research, Transdermal drug delivery systems market is forecasted to cross $60 billion in size by 2023, the growth in the market is expected to be driven by the surge in geriatric population, rise in number of patients suffering from neurovascular disorders and high prevalence of various chronic diseases, across the globe.
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The transdermal drug delivery systems market is bifurcated into active and passive systems, on the basis of type of delivery system. The active delivery systems are further categorized as structure based, electrical based and other, of which structure based and electrical based category together accounted for more than 50% of the global active transdermal delivery system market in 2016.
The use of the transdermal patches is the highest in North America, owing to heavy expenditure by the government on healthcare and supportive reimbursement policies and is further followed by the Europe and APAC, respectively. The market for transdermal drug delivery systems is expected to observe the fastest growth on demand during the forecast period in APAC. This growth in the region is attributable to the improvement in healthcare infrastructures and rise in the healthcare expenditures in developing countries such as China and India, to cater to the unmet medical needs. Further, technological advancements to develop cost-effective technologies in these nations offer a lucrative opportunity for the market growth.
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The key players in the transdermal drug delivery systems market are acquiring other players to enter in the new business and to launch advanced products to increase their market share. For instance, In November 2016, Luye Pharma Group Ltd, acquired the transdermal drug delivery systems business from Acino International AG, a leading manufacturer of pharmaceuticals in novel drug delivery forms. The acquisition provided Luye Pharma Group. entry into the transdermal drug delivery systems market.
Some of the other key players operating in the transdermal drug delivery systems industry include Acrux Limited, Bayer AG, Boehringer Ingelheim Gmbh, Bristol-Myers Squibb Company, Echo Therapeutics, Inc., Endo Pharmaceuticals Inc., Glaxosmithkline Plc, Johnson & Johnson, Mylan N.V. and Novartis Ag.
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