Orodispersible Tablets Market Is Estimated To Witness High Growth Owing To Increasing Demand for Convenient Medication Delivery and Rising Geriatric Population
Market Overview:
The global Orodispersible Tablets Market is estimated to be valued at US$ 9.29 billion in 2022 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Orodispersible tablets, also known as quick-dissolving or melt-in-mouth tablets, are gaining popularity due to their convenience in medication delivery. These tablets provide a viable alternative for patients who have difficulty swallowing traditional tablets or capsules. With the rise in the geriatric population and increasing prevalence of dysphagia, the demand for oro-dispersible tablets is expected to grow significantly.
Market Dynamics:
1. Driver: Increasing demand for convenient medication delivery
The convenience of oro-dispersible tablets in terms of administration without water has attracted a wide consumer base. Patients who face difficulties swallowing traditional tablets, such as pediatric, geriatric, and mentally challenged individuals, find oro-dispersible tablets more user-friendly. Additionally, increased patient compliance due to ease of administration has further contributed to the market growth.
For instance, in the case of pediatric patients, who often resist taking medication, oro-dispersible tablets offer a more palatable and convenient option.
2. Driver: Rising geriatric population
The global geriatric population is growing rapidly, leading to an increased demand for healthcare services and medications. Geriatric patients often have difficulty swallowing conventional solid dosage forms due to various age-related issues such as reduced saliva production or physical limitations. Oro-dispersible tablets address these challenges, providing a viable solution for medication administration in the elderly population.
SWOT Analysis:
Strengths:
1. Convenient medication delivery: Oro-dispersible tablets enable easy administration, particularly for individuals who struggle with swallowing conventional tablets.
2. Improved patient compliance: These tablets offer a more palatable and convenient option, leading to increased patient adherence to prescribed medication regimens.
Weaknesses:
1. Limited drug compatibility: Oro-dispersible tablets may not be suitable for all types of medications, as certain drugs may not maintain stability or bioavailability in this dosage form.
2. Higher production costs: The manufacturing process for oro-dispersible tablets can be more complex compared to conventional tablets, leading to increased production costs.
Opportunities:
1. Increasing product development: Advancements in technology and formulation techniques open opportunities for the development of new oro-dispersible tablets with enhanced properties, such as faster dissolution rates or improved taste masking.
2. Growing adoption in emerging markets: The demand for oro-dispersible tablets is expected to rise in emerging markets where patient compliance remains a challenge due to cultural or psychological reasons.
Threats:
1. Regulatory challenges: Oro-dispersible tablets may face regulatory hurdles in some regions due to variations in guidelines and approval processes.
2. Competition from alternative dosage forms: The market faces competition from alternative formulations, such as liquid medications or transdermal patches, which also offer convenient administration options.
Key Takeaways:
- The Global Orodispersible Tablets Market Growth is expected to witness high, exhibiting a CAGR of 9.3% over the forecast period, due to increasing demand for convenient medication delivery and the rising geriatric population.
- Regional analysis suggests that North America is expected to dominate the market, driven by a well-established healthcare infrastructure and a high prevalence of dysphagia in the elderly population.
- Key players operating in the global oro-dispersible tablets market include AstraZeneca PLC, GlaxoSmithKline PLC, Novartis International AG, Johnson & Johnson Services, Inc., Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Pfizer Inc., Cipla Limited, Dr. Reddy's Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Lupin Pharmaceuticals, Inc., Torrent Pharmaceuticals Ltd., F. Hoffmann-La Roche Ltd., Eisai Co., Ltd., and Takeda Pharmaceutical Company Limited. These players are focusing on R&D investments, mergers and acquisitions, and strategic collaborations to expand their product portfolios and strengthen their market presence.
In conclusion, the oro-dispersible tablets market is poised for significant growth due to the increasing demand for convenient medication delivery and the rising geriatric population. Manufacturers need to focus on product innovation, cost optimization, and geographical expansion to leverage the market potential in both developed and emerging economies.
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