Transdermal Drug Delivery Systems Market To Show Significant Growth Due To Rise in Prevalence of Chronic Diseases around the World

Transdermal Drug Delivery Systems Market

Overview:

Transdermal drug delivery is a method of administration that allows for the rapid, controlled release of a drug into the bloodstream. These systems can be used to improve oral drug effectiveness, increase patient compliance, and facilitate long-term drug release. However, the system must be designed to provide a sufficient amount of drug. First generation transdermal delivery systems have improved the transport of hydrophilic and lipophilic molecules across skin. The second generation of transdermal delivery systems has introduced new techniques for increasing skin permeability. While, third-generation systems target the stratum corneum, allowing for stronger disruption of the barrier.

Market Dynamics:

Rise in number of people suffering chronic diseases is expected to augment growth of the global Transdermal Drug Delivery Systems Market over the forecast period. The prevalence of chronic disease has increased globally, where traditional drug delivery system such as oral drugs are becoming ineffective, owing to hepatic first-pass metabolism. This in turn is creating demand for these systems of drug delivery. For instance, according to Global RA Network, arthritis, a chronic disease impacted more than 350 people around the world. Moreover, as per the Centers for Disease Control and Prevention, one in four adults suffer arthritis in the U.S.

However, low rate of adoption in emerging markets and high cost of these patches compared other conventional methods of treatment are the factors anticipated to obstruct growth of the global transdermal drug delivery systems for market during the forecast period.

Impact of COVID-19:

The global Transdermal Drug Delivery Systems Market was negatively impacted by the COVID-19 pandemic.

As governments of many countries imposed stringent regulations to control the virus spread, the market witnessed a large gap in the demand and supply chain. As a result, the sales of transdermal drug delivery systems declined significantly. Along with this, the number of patients visits to healthcare centers also reduced during the pandemic, which further increased adoption of prescribed medicines. Thus, these factors negatively impacted the global transdermal drug delivery systems for market during the pandemic.

Key Takeaways:

· The global transdermal drug delivery systems for market to grow with a CAGR of XY% during the forecast period, rise in geriatric population across the globe leading to increased demand for transdermal drug delivery patches. For instance, according to the World Health Organization (WHO), one in six people is likely to be aged 60 years and above by 2030 all over the world and the number is estimated to grow to 2.1 billion by 2050 globally, from 1 billion in 2020.

· North America is anticipated to witness substantial growth in the global Transdermal Drug Delivery Systems Market over the forecast period. This can be attributed to increasing cases of targeted diseases such as central nervous system disorders, chronic pain, and cardiovascular diseases, the rise in number of R&D activities, and growing use of contraceptives in the region.

· Major players functioning in the global transdermal drug delivery systems for market are Transdermal Corporation, Novartis AG, 4P Therapeutics, LLC, Johnson & Johnson, Noven Pharmaceuticals, Inc., Echo Therapeutics, Inc., Mylan Pharmaceuticals, Inc., 3M Company, Boehringer Ingelheim GmbH, Skyepharma, Watson Pharmaceuticals, Inc., Biogel Technology, Inc., and Transdermal Technologies, Inc.