Surge in population across the world has given way to a steep increase in demand for geriatric medications and treatments. At the same time, the number of patient pool suffering from chronic syndromes such as arthritis, heart ailments, and diabetes has also amplified to a significant extent. These factors have escalated the adoption of transdermal drug delivery systems in more than one way.
the transdermal drug delivery systems market size was $52.5 billion in 2020, and is estimated to reach $87.3 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030.
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The rise in global geriatric population has significantly increased the demand for efficient and effective drug delivery systems. Furthermore, changing work culture and lifestyle across the globe has significantly increased the number of patients suffering from chronic diseases such as heart diseases, diabetes, and arthritis. In addition, advancements in transdermal drug delivery systems have enabled in use for delivery a wide range of medicines. Also, major companies in the industry are focused on development of more advanced and efficient transdermal drug delivery systems.
COVID-19 Analysis:
During the COVID-19 pandemic lockdown, various players in the transdermal drug delivery systems market reduced their business in countries, such as China, the U.S., and India owing to disruption of supply chain. This break directly impacted the transdermal drug delivery systems manufacturing companies. In addition, extensive focus of major countries on development of vaccines also negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to boost the transdermal drug delivery systems market growth.
𝗚𝗲𝘁 𝗱𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝗖𝗢𝗩𝗜𝗗-𝟭𝟵 𝗶𝗺𝗽𝗮𝗰𝘁 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀@ 𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗙𝗼𝗿 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻: https://www.alliedmarketresearch.com/request-for-customization/485?reqfor=covid
Key Findings of the Study
- The report provides an extensive analysis of the current and emerging transdermal drug delivery systems market trends and dynamics.
- Depending on type of delivery, the passive dominated the transdermal drug delivery systems market, in terms of revenue in 2020 and the active segment is projected to grow at a significant CAGR during the forecast period.
- By application, the analgesics segment registered highest revenue in 2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the transdermal drug delivery systems market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the transdermal drug delivery systems industry.
The transdermal drug delivery systems market witnessed significant growth in the past decade, owing to increase in number of patients suffering from chronic diseases and rapid growth of the pharmaceutical industry. A number of players in the transdermal drug delivery systems market are expanding their business to strengthen their foothold in the global market. By type of delivery, the passive segment dominated the transdermal drug delivery systems market in 2020, in terms of revenue. This is attributed to rise in increased spending on healthcare facilities. Depending on application, the motion sickness segment is expected to grow at a higher CAGR during the forecast period, owing to rise in number of travelers
Key Market Players
- Viatris Inc.
- Bayer AG
- Boehringer Ingelheim GmbH
- Endo International plc
- GlaxoSmithKline plc
- Johnson & Johnson
- Novartis AG
- Purdue Pharma L.P.
- Altaris
- Hisamitsu Pharmaceutical Co. Inc.
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