(PharmaNewsWire.Com, September 23, 2020 ) The study involved four major activities to estimate the current size for Transdermal Drug Delivery Procedure Market. Exhaustive secondary research was done to collect information about the market, peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research.
Thirdly, both top-down and bottom-up approaches were employed to estimate the complete market size. Finally, the market breakdown and data triangulation was used to estimate the market size of segments and subsegments.
The transdermal drug delivery system market is expected 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 (2018-2023).
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.
The transdermal patches segment is expected to grow at the highest CAGR during the forecast period
On the basis of type, the Transdermal Drug Delivery Procedure Market is segmented into transdermal patches and transdermal semisolids. In 2018, the transdermal patches segment is expected to account for the larger share of the transdermal drug delivery systems market. This drug delivery system offers several advantages, such as reduced dosing frequency, improved bioavailability, reduced adverse events, and drug input termination at any point by the removal of the patch. Also, the use of patches results in increased patient compliance due to their non-invasive nature and painless application. These factors are expected to drive market growth.
The pain management segment is expected to account for the largest share of the market in 2018
On the basis of application, the market is segmented into pain management, central nervous system disorders, hormonal applications, cardiovascular diseases, and other applications (smoking cessation, motion sickness, and overactive bladder treatment). In 2018, the pain management segment is expected to account for the largest share of the transdermal drug delivery system market. Growth in this market is largely driven by the high burden of chronic pain worldwide and the growing availability of transdermal products for pain management.
North America is expected to hold the largest market share during the forecast period
North America is one of the major revenue generating regions in the Transdermal Drug Delivery Procedure Market. The transdermal drug delivery systems market in the region is driven by the rising prevalence of targeted diseases (such as chronic pain, central nervous system disorders, and cardiovascular diseases) in the region, the increasing use of contraceptives, and the increasing number of research activities related to transdermal drug delivery systems.
The key players in the transdermal drug delivery system market are Hisamitsu Pharmaceutical (Japan), Mylan (US), UCB (Belgium), Novartis (Switzerland), GlaxoSmithKline (UK), Boehringer Ingelheim (Germany), Johnson & Johnson (US), Endo International (Ireland), and Purdue Pharma (US).
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