The global transdermal drug delivery system market is expected to reach USD 81.4 billion by 2024, according to a new report by Grand View Research, Inc. The unprecedented global shift in the adoption of unhealthy lifestyles is presumed to be responsible for the high prevalence of chronic diseases, such as cancer and diabetes, which is expected to drive the clinical urgency to incorporate transdermal drug delivery systems in the future treatments. Moreover, the rising geriatric population base, which is highly susceptible to developing the aforementioned chronic diseases are expected to propel the demand for highly efficacious pharmacological drugs.
The
market is driven by technological advancements in transdermal drug delivery
devices, which is anticipated to serve the market with future growth
opportunities. These advancements include advanced, third-generation,
transdermal drug delivery technologies including iontophoresis, ultrasound, and
microneedles or mechanical arrays. These technologies serve as effective
transdermal drug diffusion alternatives that are capable of improving overall
patient health and quality of life. For instance, the advent of
matrix-controlled transdermal drug diffusion comprising a drug reservoir and a
thermo effector enhances skin permeation and enables controlled drug delivery.
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Further key
findings from the study suggest:
- The cardiovascular
application segment is expected to exhibit growth at a significant CAGR of
over 12.0% during the forecast period. This is a consequence of the high
clinical urgency to curb hypertension and the need for precise drug
delivery at a constant rate, which has led to the development of
transdermal drug delivery systems.
- The mechanical array in the
technology segment is anticipated to witness an exponential CAGR of over
12.5%. The lucrative growth is attributed to the availability of different
forms of microneedle transdermal systems, such as solid, hollow, and
dissolving microneedles, as per the suitability and needs of the patients.
- In 2015, North America
dominated the overall Transdermal Drug Delivery System Market at over
50.0%. The consistent number of product launches being undertaken and the
continual participation of the prominent players in conducting clinical
trials are anticipated to promote the incorporation of transdermal drug
delivery systems.
- The key players are
increasingly involved in initiating collaborative strategies and frequent
product launches to capture a larger market share. For instance, in
September 2014, Noven Pharmaceuticals, Inc. received FDA approval for
Minivelle, estradiol transdermal system to be used for the prevention of
postmenopausal osteoporosis. Furthermore, in June 2015, Boehringer Ingelheim
GmbH sponsored the clinical trials, which investigated the bioequivalence
of transdermal clonidine administration.
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Grand View Research has segmented
the transdermal drug delivery system market on the basis of technology,
application, and region:
Global Transdermal
Drug Delivery Systems Product Outlook (Revenue, USD Billion, 2013 - 2024)
- Electroporation
- Radiofrequency
- Iontophoresis
- Microporation
- Thermal
- Mechanical arrays
- Ultrasound
- Others
Global Transdermal
Drug Delivery Systems Application Outlook (Revenue, USD Billion, 2013 - 2024)
- Central nervous system
- Pain management
- Cardiovascular
- Hormone
- Others
Transdermal Drug
Delivery Systems Regional Outlook (Revenue, USD Billion, 2013 - 2024)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- Asia Pacific
- Japan
- China
- India
- Latin America
- Mexico
- Brazil
- MEA
- South Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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