Global Oral Thin Films Market Is Estimated To Witness High Growth
Market Overview:
Oral thin films are a type of oral dosage form that dissolves rapidly in the mouth without the need for water. These films are used for the delivery of various pharmaceutical active ingredients. They offer advantages such as ease of administration, convenience, and improved patient compliance. Oral thin films find applications in the treatment of various diseases, including pain management, central nervous system disorders, allergy, and hypertension, among others.
Market Dynamics:
The growth of the global oral thin films market can be attributed to the increasing preference for convenient drug delivery methods. Oral thin films offer ease of administration, especially for pediatric and geriatric patients, who may face difficulties in swallowing solid dosage forms. Additionally, the rising prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and cancer, is expected to drive the demand for oral thin films as they provide targeted drug delivery and faster onset of action. Furthermore, advancements in technology, such as the development of fast-dissolving oral thin films, are anticipated to boost market growth. Overall, the global oral thin films market is poised for significant growth in the forecast period.
SWOT Analysis:
Strength:
- Oral thin films offer convenient and discreet medication administration, leading to their increasing popularity among patients.
- These films are easy to swallow and require no water, making them suitable for patients with swallowing difficulties or in situations where water is not readily available.
- Oral thin films have a faster onset of action compared to traditional dosage forms such as tablets and capsules.
Weakness:
- Limited availability of oral thin films in the market, especially for certain medications.
- Higher production costs compared to conventional dosage forms, which might result in higher prices for consumers.
Opportunity:
- Growing demand for personalized medicine and customized dosing forms can provide opportunities for the oral thin films market.
- Increasing investment in research and development for innovative formulations and drug delivery systems can drive market growth.
Threats:
- Competition from other alternative dosage forms such as tablets, capsules, and sublingual films.
- Stringent regulations regarding the production and distribution of oral thin films, which might restrict market growth.
The Oral Thin Films Market Size is estimated to be valued at Us$ 2,450.6 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways:
The global oral thin films market is expected to witness high growth, exhibiting a CAGR of 8.7% over the forecast period (2023-2030), due to increasing patient preference for convenient and easy-to-administer dosage forms.
Regionally, North America is projected to be the fastest-growing and dominating region in the oral thin films market, attributed to factors such as the presence of key market players, high healthcare expenditure, and increasing awareness about oral thin films among healthcare professionals and patients.
Key players operating in the oral thin films market include C L Pharm, Cure Pharmaceutical, Sunovion Pharmaceuticals Inc., ZIM Laboratories Limited, NAL Pharma, Viatris, LTS Lohmann Therapie-Systeme AG, IntelGenx Corp., and Aquestive Therapeutics Inc., among others. These companies are actively involved in product development and strategic collaborations to gain a competitive edge in the market.
Read More: https://blogger-veritas.blogspot.com/2023/10/rising-demand-for-oral-thin-films.html
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