Dublin, April 04, 2024 (GLOBE NEWSWIRE) -- The "Global Transdermal Patches Market Size, Share & Industry Trends Analysis Report By End User, By Distribution Channel, By Adhesive Type (Acrylic Adhesives, Silicone Adhesives, Hydrogel Adhesives and Others), By Patch Type, By Regional Outlook and Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
Market Growth Driven by Demand for Innovative Treatment Options and an Aging Population
The Global Transdermal Patches Market is experiencing a significant growth trajectory and is expected to continue this pattern, achieving a market size of $8.5 billion by 2030. The forecast period sees the market advancing at a compound annual growth rate (CAGR) of 5.1%. In 2022, the market volume reached 33,59,966.8 thousand units, with a 4.6% growth rate from 2019 to 2022.
End User Insights: Homecare Settings Lead Market Share
The market segment for homecare settings garnered a commanding revenue share in 2022. Transdermal patches' ease of use and their role in managing chronic conditions without needing constant healthcare facility visits make them particularly valuable for homecare settings. This segment is expected to see increased demand over the forecast period.
Distribution Channel Analysis: Retail Pharmacies Dominate
Retail pharmacies held a significant share of the transdermal patches market in 2022, facilitated by the availability of over-the-counter patches for conditions such as pain and smoking cessation. Their role as a primary distribution point is anticipated to fuel further market expansion.
Adhesive Type Overview: Acrylic Adhesives Emerge as Market Leader
In the adhesive type category, acrylic adhesives dominated the market in 2022. Their robust adhesion properties, contributing to the effective and prolonged attachment of transdermal patches to the skin, are a key factor to this segment leading the market.
Patch Type Trends: Reservoir Membrane Patches Demonstrate Promising Growth
The market has seen promising growth in the reservoir membrane patches segment. The design's controlled drug release and predictability are essential for applications where dosage precision is paramount.
Application Scope: Pain Management Segment Holds Majority Share
Pain management applications accounted for a significant revenue share, attributed to the widespread incidence of chronic pain conditions. Transdermal patches offer a sustained drug delivery mechanism, making them an indispensable option in the pain management arena.
Regional Outlook: North America at the Forefront of Market Demand
In 2022, North America held the largest share of the market, with a high prevalence of chronic diseases driving the demand for transdermal patches. The market in this region benefits from a combination of high chronic disease burden and the efficacious utilization of transdermal drug delivery systems.
Competitive Landscape: Key Players Position with Diverse Strategies
The transdermal patches market features dynamic competition with leading players offering innovative solutions. Key players in the market are engaging in strategic acquisitions, partnerships, and collaborations to meet the diverse industry demands and maintain their competitive edge.
Conclusion
The Global Transdermal Patches Market is on a growth trajectory, driven by factors such as the convenience of self-administration, the prevalence of chronic diseases, and technological advancements in drug delivery systems. As the market continues to evolve, it is expected to offer increased patient compliance and conveniences, particularly in homecare settings and among aging populations. The market outlook remains positive with predictions for continued expansion and innovation in the coming years.
Companies Featured
- Johnson & Johnson
- Viatris, Inc. (Mylan N.V.)
- Boehringer Ingelheim International GmbH
- Endo International PLC
- Bayer AG
- Nitto Denko Corporation
- Cipla Limited
- Amneal Pharmaceuticals, Inc.
- Novartis AG
- AbbVie, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vv8oyz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
