Oral Thin Films are Estimated To Witness High Growth Owing To Increased Patient Compliance
SWOT Analysis
Strength: Oral thin films have three key strengths - they are convenient to administer, rapidly dissolve in the mouth without water, and have improved bioavailability compared to tablets. Their compactness and portability make them ideal for on-the-go usage. They also improve patient compliance as medicines can be discreetly taken.
Weakness: High manufacturing costs and shorter shelf life are two weaknesses of oral thin films. Producing a uniform thin film requires specialized equipment and technology which increases production costs. Their thinness also makes them vulnerable to damage from moisture during storage and transportation.
Opportunity: Growing preference for alternative drug delivery formats and expanding applications present opportunities. Patients increasingly prefer convenient dosage forms, boosting demand for oral thin films. Their usage is expanding beyond applications in neurology and into new therapeutic areas like cardiology, which can drive future growth.
Threats: Stringent regulatory norms and competition from existing drugs are threats. Regulatory standards for film manufacturing are complex, raising entry barriers. Established drugs like tablets also compete for shares, posing commercialization challenges. Dependence on a limited number of suppliers for raw materials is another threat.
Key Takeaways
Global Oral Thin Films Market Demand is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing preference for alternative drug delivery formats. Rapidly dissolving oral thin films offer convenience over traditional tablets for patients.
Regional analysis: North America is currently the dominant regional market for oral thin films, accounting for over 35% revenue share in 2023. However, Asia Pacific is expected to witness fastest growth owing to rising healthcare spending and growing patient demand in populous nations like China and India.
Key players: Key players operating in the oral thin films market are 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 players are focusing on new film formulations and expanding applications beyond current neurology and smoking
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