Transdermal Skin Patches: Market Trends and Forecast

The transdermal skin patches market size has grown steadily in recent years. It will grow from $7.36 billion in 2023 to $7.67 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to increasing incidence of cardiovascular diseases, strong economic growth in emerging markets, the increase in pharmaceutical r&d expenditure and increased healthcare expenditure.

The transdermal skin patches market size is expected to see steady growth in the next few years. It will grow to $9.02 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to the increase in smoking cessation, the rapid growth in the aging population, the increasing healthcare expenditure and the increase in cardiovascular diseases. Major trends in the forecast period include technological advancement in transdermal skin patches, advancements in diabetes transdermal patches, robust research and development activities, product innovation, collaborations and partnerships, wearable skin patches, advancements in microneedle patches for vaccination and new iontophoresis patches.

Market Overview -
Transdermal skin patches refer to a drug delivery technique where a pre-prescribed dose of medication is applied as an adhesive patch and absorbed via the skin into the bloodstream. They deliver a precise, pre-set dosage of medication that is absorbed into the bloodstream through the skin.

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Rising Prevalence Of Cardiovascular Disease Boosts Transdermal Skin Patches Market
The increasing prevalence of cardiovascular disease is expected to propel the growth of the transdermal skin patches market going forward. Cardiovascular diseases are ailments that have an impact on the heart and blood vessels. The development of fatty deposits inside the arteries (atherosclerosis) and a higher risk of blood clots are typically connected with it. Transdermal skin patches are used to prevent episodes of angina (chest pain) in people who have coronary artery disease (narrowing of the blood vessels that supply blood to the heart). These are also used to improve bioavailability for the treatment of heart failure. For instance, in May 2023, according to the Centers for Disease Control and Prevention, a US-based public health agency, about 695,000 people in the United States died from heart disease in 2021-that's 1 in every 5 deaths. Coronary heart disease is the most common type of heart disease, killing 375,476 people in 2021. Therefore, the increasing prevalence of cardiovascular disease is driving the growth of the transdermal skin patches market.

Competitive Landscape -
Major companies operating in the transdermal skin patches market report are Novartis, Hisamitsu Pharmaceutical Co., Inc, Henan Lingrui Pharmaceutical, Teva Phamaceuticals, Luye Pharma Group Ltd, Purdue Pharma L.P., Nitto Denko Corporation, AdhexPharma, Noven Pharmaceuticals, Teikoku Pharma, Mylan Pharmaceuticals Inc, 3M Company, Acrux Ltd, Access Pharmaceuticals Inc, Rusan Pharma, Glenmark Pharmaceuticals, Cipla Ltd, Mundipharma, Dr Reddy's Laboratories, Chattem, Clarity Medical, Welcare Industries S.P. A, F.L. Medical S.r.l, Empire MEDICAL UK LTD, Europlaz Technologies Ltd, Zentiva, Alfa-Med LLC, Medplant LLC, Medical-Lomza Sp. z o.o., P.H.U. Medical, ProVeterináre, Panop CZ, Allergan Inc., Johnson & Johnson, Boehringer Ingelheim GmbH, Bayer AG, Bristol-Myers Squibb Company, GlaxoSmithKline plc, Echo Therapeutics Inc, Endo Pharmaceuticals Inc.

Innovation Key For Competitive Edge In Transdermal Skin Patches Market
Major companies operating in the transdermal skin patches market are increasing their focus on introducing innovative products and getting them approved to gain a competitive edge in the market. Innovative products refer to offering new or improved solutions, such as drugs, medical devices, or other products, to existing problems or needs. For instance, in March 2022, Noven Pharmaceuticals Inc., a US-based pharmaceutical company, announced the U.S. Food and Drug Administration's (FDA), a US-based federal agency, approval of the XELSTRY (dextroamphetamine) transdermal system. It is the first and only approved amphetamine patch for the treatment of ADHD (Attention-Deficit or Hyperactivity Disorder). XELSTRYM should be used two hours before an effect is required, and it should be eliminated nine hours later. Depending on the clinical response and tolerability, the final dosage should be tailored.

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Key Segments -

The transdermal skin patches market covered in this report is segmented -

1) By Product: Matrix, Drug In Adhesive, Reservoir, Vapor
2) By Type: Fentanyl Transdermal Patch, Nicotine Transdermal Patch, Estradiol Transdermal Patch, Clonidine Transdermal Patch, Testosterone Transdermal Patch, Other Types
3) By Distribution Channel: Pain Relief, Nicotine Cessation,Hormone Replacement Therapy, Neurological Disorders, Cardiovascular Disorders, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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