Global Transdermal Skin Patches Market: Overview
Transdermal patch, a medicated adhesive patch attached to the skin to administer medication into the bloodstream through diffusion, is gaining traction as a viable alternative to oral delivery of medicines and hypodermic injections. This is because they are painless, non-invasive, and kinetically maneuverable procedures that need to be kept attached between anything from eight hours to seven days depending on the therapeutic indication. So far, various topical formulations have been innovated to treat local indications. There are a large number of transdermal delivery systems available in the market and many of them have proven to be a breakout commercial success.
After the first skin treatment patch in 1979 for curing motion sickness, many more have been unveiled in the global market to treat different maladies. Considered effective for cardiac and hormonal disorders, dermal skin patches are also finding application in treating migraine, Parkinson’s disease, Alzheimer’s, stroke, HIV, osteoporosis, and restless leg syndrome treatments. Transdermal skin patches to tackle skin issues have also hit the market.
Global Transdermal Skin Patches Market: Drivers and Trends
Transdermal skin patches, which help avoid the traditional oral route for ingesting medicines, are useful in preventing gastrointestinal toxicity that result in nausea and vomiting. Since they are non-invasive in nature, they lower the inconvenience caused due to intravenous or parenteral therapies. Transdermal skin patches help in administration of drugs with a narrow therapeutic range, prolong the activity of drugs with short half-lives, and are a substitute for hypodermic injections too. On account of the ease of administration, compliance of the patience is also upped significantly, particularly in case of prolonged treatments for chronic pains and in smoking cessation therapy. Further, elimination of the first-pass effect of the liver also lessens the amount of drug to be given.
Inability of the skin to absorb a range of active substance, however, is limiting the growth in the market. Just a handful of comparatively potent drugs are suitable to be administered via transdermal patches. Further, patients sometimes develop contact dermatitis at the place of application of the transdermal skin patch. This is another drawback negatively impacting the market. The future growth trajectory of the global market for transdermal skin patches is largely dependent on the ability to tide over such challenges. A significant number of clinical trials of different types of drugs is currently underway and would likely positively impact the market in the near future.
Global Transdermal Skin Patches Market: Geographical Outlook
Geography-wise, the global market for transdermal skin patches can be divided into North America, Europe, Asia Pacific, and the Rest of the World. Technologies underpinning transdermal patches are being enhanced continuously to make them more versatile and effective, particularly in the U.S. The rising demand for better therapeutics at affordable costs is said to be the main driver in the U.S. market. Adoption of cutting-edge technology, state-of-the-art manufacturing plants, and high acceptance rates are also boosting the growth of the region. Overall, the transdermal skin patch market is slated for a promising future in the continent.
Key Players Mentioned in the Report
To present an in-depth assessment of the competition prevalent in the global market for transdermal skin patches, the report profiles some of the prominent companies such as Teva, Mylan Pharmaceuticals Inc, 3M Pharmaceuticals, Accrux Ltd., and Access Pharmaceuticals Inc. Their recent developments and historical roadmap have been studied in the report in detail.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.