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Transdermal Drug Delivery Systems Market - Emerging Trends | Global Future Forecasts | Major Industry Leaders

 



(PharmaNewsWire.Com, February 14, 2019 ) The growth for Transdermal Drug Delivery System Market is largely driven by the global increase in the prevalence of chronic diseases. In addition, technological advancements in transdermal drug delivery systems are also expected to support market growth in the coming years.



Transdermal patches to dominate the transdermal drug delivery systems market during the forecast period



On the basis of type, the transdermal drug delivery systems market is segmented into transdermal patches and transdermal semisolids. On the contrary, the transdermal patches segment is also expected to grow at a higher rate during the forecast period. This can be attributed to the benefits offered by transdermal patches such as reduced dosing frequency, improved bioavailability, reduced adverse events, and drug input termination at any point by the removal of the patch.



Home care settings segment is expected to grow at the fastest rate during the forecast period. On the basis of end users, the transdermal drug delivery systems market is segmented into home care settings and hospitals & clinics.



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The home care settings segment is expected to grow at a higher CAGR during the forecast period. The high growth in this segment can be attributed to the increase in self-administration of medication at home, rapid growth in the geriatric population across the globe, and the growing need for cost-effective drug administration.



The transdermal drug delivery systems market is projected to reach USD 7.1 billion by 2023 from an estimated USD 5.7 billion in 2018, at a CAGR of 4.5% during the forecast period of 2018 to 2023. Market growth is largely driven by the global increase in the prevalence of chronic diseases. In addition, technological advancements in transdermal drug delivery systems are also expected to support market growth in the coming years.



Hisamitsu Pharmaceutical (Japan), Mylan (US), UCB (Belgium), Novartis (Switzerland), GlaxoSmithKline (UK), Abbvie (US), Boehringer Ingelheim (Germany), Johnson & Johnson (US), Endo International (Ireland), and Purdue Pharma (US) are the major players operating in the global transdermal drug delivery systems market. These players have adopted various growth strategies, such as product launches and enhancements; agreements, partnerships, mergers, and collaborations; acquisitions; and expansions to strengthen their presence in the global market. Product launches and partnerships have been the most widely adopted strategies by major players from 2015 to 2018. These strategies helped market players to offer innovate products and broaden their customer base.



In 2017, Hisamitsu Pharmaceutical (Japan), Mylan (US), Novartis (Switzerland), and Abbvie (US) together accounted for a share of ~55.0% of the transdermal drug delivery systems market.



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