The global transdermal skin patches market is estimated to be valued at US$ 8483.74 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Transdermal skin patches have several advantages over traditional oral drug delivery methods. They provide controlled and sustained drug release over an extended period of time, improving patient compliance. The skin patches also bypass the first-pass liver metabolism and have higher bioavailability. Transdermal delivery prevents drug degradation in the gastrointestinal tract and lessens side effects associated with high blood drug levels.
Weakness: Skin irritation is a major limitation of transdermal patches. Allergic reactions or sensitivity to ingredients in the adhesive layer can occur in some patients. Certain drugs are not suitable for transdermal delivery due to their chemical properties such as high molecular weight or polarity. Development of effective skin patches also requires significant research investments.
Opportunity: The rise in chronic disorders worldwide is fueling demand for convenient long-term drug therapy options. Transdermal patches help address poor adherence to oral medications for conditions like diabetes, hypertension, and Parkinson's disease. Growing geriatric population prone to multiple illnesses also creates opportunities. Expanding healthcare infrastructure and medical reimbursement programs in developing nations are enabling growth.
Threats: Stringent regulatory processes for new transdermal product approvals delay market entry. Low barriers to generic entries further intensify competition. Supply chain disruptions from global events like pandemic can impact profitability. Patients may still prefer traditional oral dosage forms due to cultural habits.
Key Takeaways
The Global Transdermal Skin Patches Market Growth is expected to witness high over the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the market and is expected to grow at a CAGR of around 23% during the forecast period. Asia Pacific market is expected to grow at the fastest pace owing to rapidly expanding healthcare infrastructure, large patient pool, and rising medical tourism in the region.
Key players operating in the Transdermal Skin Patches market are Omsk Carbon Group, Tokai Carbon Co., Ltd., Atlas Organics Private Limited, Continental Carbon Company, Birla Carbon, Cabot Corporation, International China Oak Investment Holdings Co., Ltd., Himadri Speciality Chemical Ltd, Philips Carbon Black Limited, Orion Engineered Carbons GmbH, Ralson.
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