The U.S. Transdermal Drug
Delivery System Market size is anticipated to reach USD 30.5 billion by
2026, according to a new report by Grand View Research, Inc., registering a
9.5% CAGR over the forecast period. This can be attributed to increasing
demand for pain-free drug delivery and self-administration of medication. In
addition, technological advancements are expected to fuel market growth. For
instance, smart patches are estimated to enable auto-injection of medication
and monitoring of body parameters, along with the transmission of
patient-generated data, thus improving timing and accuracy of drug
administration.
Transdermal
patches are increasingly becoming popular amongst patient population. This can
be attributed to various benefits of patches over oral administration. For
instance, a patch has better bioavailability and administration from a patch
can be easily terminated by patch removal. Furthermore, the patch is
non-invasive, painless, and convenient to use, thus increasing patient
compliance.
On
the down side, high costs associated with the development of novel drug-patch
combinations and high product recalls are anticipated to limit market growth.
In 2019, Alvogen recalled its fentanyl patches due to a labeling error, while
in 2018, Teva Pharmaceuticals recalled millions of its fentanyl patches due to
drug degradation issues. Such product recalls are anticipated to increase the
stringency of market regulations and pose a barrier for new entrants.
Mergers
and acquisitions, product launches, and strategic collaborations are some of
the key sustainable strategies undertaken by market players. For instance, in
2018, Mylan announced the availability of its Rivastigmine Transdermal System
(generic version of Exelon Patch), thus expanding its product portfolio.
Browse
Details of Report @
https://www.grandviewresearch.com/industry-analysis/us-transdermal-drug-delivery-system-market
https://www.grandviewresearch.com/industry-analysis/us-transdermal-drug-delivery-system-market
Further key findings from the study suggest:
- By
technology, the passive segment dominated the market in 2018, fueled by
easy development process of these patches. The reservoir patch sub-segment
is anticipated to witness lucrative growth over the forecast period thanks
to the relatively greater control of drug delivery rate it offers
- Based on
application, pain management led the market in 2018 owing to availability
of several opioids and nonopioids analgesics patches in the market. The
hormone segment is likely to exhibit strong growth driven by increasing
prevalence of hormone imbalance
- Some of the
key companies in the market are Corium International; TherapeuticsMD;
Johnson & Johnson; Boehringer Ingelheim GmbH; Novartis AG; Mylan
Pharmaceuticals, Inc.; The Tapemark Company; 3M; and AdhexPharma.
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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