The global transdermal patches market is anticipated to grow at a considerable CAGR during the forecast period (2024-2031). The market is expected to increase, owing to the efficacy of transdermal patches in addressing difficulties and growing applications. Transdermal Patches are a type of patch that adheres to the skin and delivers medication to the body through it. It does not use sirens or other materials that must be injected into the body, however, instead uses glue that adheres to the skin, making it simple to put and remove.
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Furthermore, the advantages of these patches, such as the painless administration of medicine and the drug’s prolonged activity, make them popular, particularly among the elderly and youth. Pain treatment transdermal patches are used globally to relieve joint, muscle, and other types of pain. Due to an increase in the number of people quitting smoking, the global market is likely to grow in the future years. The demand for nicotine patches and nicotine replacement therapy is predicted to increase as the smoking rate declines. In the next years, this will result in a boom in transdermal patch sales. According to the Centers for Disease Control and Prevention, 7.5% of adult smokers, or about 2.9 million people, were successful in quitting smoking in 2018. When attempting to quit smoking, 31.2% of all adult smokers said they received medication and counseling.
The major companies serving the global transdermal patches market include Novartis AG, Fierce Pharma, 3M, Aveva, Teva Pharmaceutical Industries Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2021, ImQuest Biosciences has announced the launch of an antiretroviral (ARV) transdermal delivery patch. This patch was developed to replace oral medication for HIV patients.
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Market Coverage
Segment Covered-
- By Type
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- Novartis AG, Fierce Pharma, 3M, Aveva, Teva Pharmaceutical Industries Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Transdermal Patches Market Report Segment
By Type
- Single-layer Drug-in-Adhesive
- Multi-layer Drug-in-Adhesive
- Matrix
By Application
- Pain Relief
- Smoking Reduction and Cessation Aid
- Overactive Bladder
- Hormonal Therapy
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