Report : Transdermal Drug Delivery System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Transdermal Patches and Transdermal Semisolids); Application (Cardiovascular Diseases, Central Nervous System Disorders, Pain Management, Hormonal Applications and Others); End User (Hospitals & Clinics, Home Care Settings and Others); and Geography
Transdermal Patches Segment by Product to Grow at Faster Pace During Forecast Period
According to The Insight Partners market research study of ‘Transdermal Drug Delivery System Market to 2027 – Global Analysis and Forecasts by Type, Application, and End User,’ the global transdermal drug delivery system market is expected to reach US$ 8,415.04 million in 2027 from US$ 6,063.85 million in 2019. The market is estimated to grow at a CAGR of 4.3% from 2020 to 2027. The report highlights trends prevailing in the global transdermal drug delivery system market and the factors driving market along with those that act as hindrances.
Based on the type, the global transdermal drug delivery system market is segmented into transdermal patches and transdermal semisolids. The transdermal patch segment is further sub segmented into drug-in-adhesive patches, matrix patches, reservoir membrane patches, and micro needle patches. The transdermal semisolids segment is further sub segmented into gels, ointments, and sprays. The transdermal patches segment held the largest share of the market in 2019 and the same segment is estimated to register the highest CAGR in the market during the forecast period owing to the advantages such as better patient compliance, faster onset of action, and improved permeability and efficacy. Moreover, increasing research and development activities in order to validate the feasibility of transdermal patches for treatment of new diseases is likely to boost the new product introduction, which will further driving the growth of the market by 2027. For instance, in October 2019, Noven Pharmaceuticals, Inc., a subsidiary of Hisamitsu Pharmaceutical Co., Inc., got FDA approval for SECUADO (asenapine) Transdermal System. The newly launched and approved system is intended to treat schizophrenia.
The transdermal drug delivery system market is expected to grow owing to factors such as increasing prevalence of chronic diseases, growing demand for non-invasive drug delivery devices, and high demand for self-administration of drugs. However, high cost involved in the development of drug delivery systems along with drug failure and recalls of transdermal drug delivery systems are likely to restraint the growth of the market during the forecast years.
Novartis Ag, Johnson & Johnson Services, Inc., Glaxosmithkline Plc., Bayer Ag, Mylan N.V., Boehringer Ingelheim International Gmbh, Hisamitsu Pharmaceutical Co.,Inc., Luye Pharma Group, Purdue Pharma L.P., and Lavipharm are among the leading companies operating in the transdermal drug delivery system market.
The report segments global transdermal drug delivery system market as follows:
By End User