Also known as a skin patch, a transdermal patch is a medicated adhesive patch, which is placed on the skin to deliver regular doses of medication into the bloodstream through the skin. The patch provides a non-invasive method of drug delivery while allowing for a steady absorption of a drug over extended period of time, providing an alternative delivery method. Transdermal patches provide a specific, predetermined dose of medication which is absorbed through the skin and into the bloodstream. It is a painless method of drug delivery, with the added benefit of providing a constant therapeutic dosage over a predetermined time period. Transdermal skin patches are now widely used as cosmetic, topical, and transdermal delivery systems.
Market Statistics:
The global transdermal skin patches market is estimated to account for US$ 8,077.2 Mn in terms of value by the end of 2022.
Drivers:
Increasing usage of transdermal skin patches due to many advantages of transdermal medicine over oral and ingesting medications is expected to augment growth of the global transdermal skin patches market over the forecast period. For instance, in March 2022, Corium announced that the Food and Drug Administration (FDA) has approved Adlarity to treat patients with mild, moderate or severe dementia associated with Alzheimer’s disease. The approval of Adlarity brings a new and innovative way to deliver consistently a well-tolerated form of donepezil, the most widely used medicine for patients with Alzheimer's disease
Opportunities:
Increasing focus on the development of novel transdermal skin patches is expected to provide significant growth opportunities for player in the transdermal skin patches market. For instance, in April 2021, BASF launched new skin care active ingredient that helps boost emotional well-being. With its innovative Sacred Patch, BASF will help manufacturers develop effective skin care products that promote emotional well-being while addressing common signs of sensitive skin. Sacred Patch demonstrates outstanding miniaturization results, soothes sensitive skin, and helps to stimulate the release of the wellness mediator oxytocin.
Restraints:
Product recalls and inability of the skin to absorb a range of active substance are some major factors expected to hamper the growth of the global transdermal skin patches market. The skin is a very effective barrier; as a result, only medications whose molecules are small enough to penetrate the skin can be delivered by this method.
Moreover, drug failure and recalls of transdermal patches are expected to hinder growth of the market. For instance, Alvogen, Inc. voluntarily recalled 2 lots of Fentanyl Transdermal System 12 mcg/h transdermal patches to the consumer level.
Global Transdermal Skin Patches Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 has had a positive impact on the transdermal skin patches market. Transdermal skin patches enable safe, reproducible, and controlled administration of medicines to the defined skin microenvironment. Thus, researchers are focusing on exploring the use of fingertip-sized skin patches for a potential vaccine delivery against COVID-19. Transdermal techniques have been under investigation for vaccines including COVID-19. For instance, the tram of rresearchers from the University Of Pittsburgh School Of Medicine developed a vaccine that can be delivered into the skin with a Band-Aid-like patch made of 400 tiny needles. This in turn is expected to aid in the market growth.
To know the latest trends and insights prevalent in the Global Transdermal Skin Patches Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/transdermal-skin-patches-market-5085
Key Takeaways:
The global transdermal skin patches market was valued at US$ 7,695.0 Mn in 2021 and is forecast to reach a value of US$ 10,839.7 Mn by 2028 at a CAGR of 5.0% between 2022 and 2028.
Among application segment pain relief segment held dominant position in the global transdermal skin patches market in 2021, accounting for 42.3% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Introduction of generic versions of transdermal patches is expected to propel growth of the global transdermal skin patches market. For instance, in March 2019, Amneal Pharmaceuticals, Inc. announced the launch of its generic version of Exelon Patch (Rivastigmine Transdermal System), 4.6 mg/24 hours, 9.5 mg/24 hours, and 13.3 mg/24 hours. Amneal received the FDA approval of its Rivastigmine Transdermal System in January 2019.
- Increasing demand for transdermal skin patches is expected to boost the growth of the global transdermal skin patches market. For instance, in October 2018, developer of transdermal drug delivery systems, Medherant, received a Medicines Manufacturing Grant by Innovate UK. The grant will enable the company to buy equipment and move forward with its plans to extend its pilot-scale manufacture of patches formulated with its unique TEPI Patch technology.
Competitive Landscape:
Major players operating in the global transdermal skin patches market include Henan Lingrui Pharmaceutical Ltd, Purdue Pharma Manufacturing LP, Luye Pharma Group, 3M Company, Mylan (Viatris), Novartis, Teva Pharmaceutical Industries Ltd, Samyang Biopharmaceuticals Corp. (Samyang Holdings), and Teikoku Pharma USA Inc. (Teikoku Seiyaku Co. Ltd).
Recent Developments:
In June 2020, Luye Pharma Group announced that one of its key central nervous system (CNS) products, named Rivastigmine Transdermal Patch, has been approved by the National Medical Products Administration in China.
In June 2019, Nitto Denko Corporation announced that Bisono Tape (bisoprolol), transdermal patches containing a β1 blocker that were co-developed with Toa Eiyo Ltd. has been launched today by Toa Eiyo and Astellas Pharma Inc.
