Coherent Market Insights

Transdermal Skin Patches Market to surpass US$ 12.82 Bn by 2031

Transdermal Skin Patches Market to surpass US$ 12.82 Bn by 2031 - Coherent Market Insights

Publish In: May 17, 2024

The Transdermal skin patches market is estimated to be valued at USD 8.79 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period (2024-2031). The global allergy treatment market is witnessing significant growth owing to the increasing geriatric population and rising patients for sustained drug delivery.

Market Dynamics:

The growth of the global transdermal skin patches market is driven by the increasing prevalence of chronic pain disorders and rising adoption of self-administered therapies. According to the Centers for Disease Control and Prevention, around 20.4% of U.S. adults suffer from chronic pain resulting in lost productivity and increased healthcare expenditure. Transdermal patches help in consistent drug delivery and improve patient compliance for chronic pain management. Moreover, self-administered transdermal patches empower patients to take control of their treatment without visiting physicians frequently. This is expected to increase the demand for transdermal patches over the forecast period.

Increasing prevalence of chronic pain and diseases is driving the market growth

The global transdermal skin patches market is witnessing significant growth due to the rising prevalence of chronic pain and diseases worldwide. Transdermal patches are often preferred over other drug delivery methods for conditions that require long-term treatment such as chronic pain due to arthritis, back pain, neuropathic pain, postoperative pain, etc. They provide convenience of application and sustained release of drugs for up to 7 days. As per the latest research, around 20% of the global population suffers from chronic pain. The growing geriatric population is another major factor augmenting the chronic pain burden. Transdermal patches help improve medication adherence and the management of chronic diseases. All these factors are expected to propel the demand for transdermal skin patches in the coming years.

Advancements in patch technology are fueling new product innovations

Ongoing innovations in transdermal patch technology have enabled the development of sophisticated products for targeted drug delivery. Nanotechnology and 3D printing applications are allowing manufacturers to design smart patches with controlled drug release capabilities. Patches integrated with wireless sensors and connected drug delivery systems have emerged as a new generation product. Such technologically advanced transdermal patches can effectively deliver drugs for neurological and metabolic disorders. They also enable remote patient monitoring. Burgeoning R&D activities in this area are widening the application scope of transdermal patches. Many pharmaceutical companies are actively engaged in developing novel transdermal formulations of existing drugs using advanced technologies like microarrays and flexible electronics. All these developments are creating high growth potential for transdermal skin patches market.

Costly product development and regulatory hurdles restrain the market growth

The development of transdermal skin patches involves high costs and lengthy approval timelines that pose major challenges for market participants. Significant capital investment and multi-year clinical trials are required to validate new patch formulations. Regulatory policies are also quite stringent for transdermal products involving new drug molecules or delivery technologies. Obtaining regulatory approvals involves huge costs and compliance efforts. This makes transdermal patch development an expensive and lengthy process. Moreover, intellectual property issues related to innovative patch technologies can further deter investments in this area. All these factors negatively impact the market attractiveness for transdermal skin patches to some extent.

Rising demand for self-administrated drug delivery drives new opportunities

Changing patient preferences towards self-care and home healthcare are opening up major opportunities for transdermal skin patches. Convenience of self-administration without medical supervision is a key attribute increasing the demand for transdermal patches. They are useful for treating conditions requiring periodic or emergency drug delivery at home. The growing burden of chronic diseases in developing nations is also propelling personalized care solutions like transdermal patches for self-medication. With rising affordability, certain transdermal products are gaining popularity in these emerging markets. Technological enhancements allowing wireless monitoring and control further boost their application potential in remote patient care. Overall, the surging demand for self-administered drug delivery systems worldwide presents lucrative business opportunities for transdermal skin patches.

Application in pain management and hormonal therapy will drive significant market gains

Pain management and hormonal therapy are identified as hugely promising application areas for transdermal skin patches. Chronic pain disorders are a major healthcare concern affecting billions of people globally. Transdermal patches help deliver analgesics more effectively for long-term pain relief. Their ease of use promotes good medication adherence among pain patients. On the other hand, transdermal patches have emerged as a reliable system for administration of hormones like testosterone and estradiol in hormonal therapy. Continuous delivery of hormones benefits patients requiring long-term therapy. Both these applications have high scope in developed markets and are expected to be key revenue generators. Transdermal drugs being developed for pain and hormonal therapy will experience tremendous uptake, propelling substantial market growth in the future.


Key Development

  • On January 2, 2024, Starton Therapeutics, a biotechnology company, announced that it had launched STARSILON, a novel proprietary transdermal patch delivery platform. Novel platform technology potentially expands the number of active pharmaceutical ingredients that can be delivered transdermally.
  • In October 2023, LUYE PHARMA AG, a pharmaceutical company, announced that its exclusive new drug, Rivastigmine Twice Weekly Transdermal Patch, has been approved by China's National Medical Products Administration (NMPA), for the symptomatic treatment of mild to moderate Alzheimer's disease (AD)
  • In March 2023, Teikoku Seiyaku Co., Ltd., a healthcare company, announced the launch of ALLYDONE Patches 27.5 mg/ALLYDONE Patches 55 mg in Japan, indicated for the suppression of progression of dementia symptoms in dementia due to Alzheimer’s disease
  • In June 2020, Vektor Pharma, a pharmaceutical company, announced the launch of the generic version of the transdermal Neupro patch (Rotigotine), used to ease the symptom of Parkinson’s disease

Key Players: Novartis AG, Purdue Pharma L.P., Viatris, Inc., Teikoku Pharma USA, Inc., Johnson & Johnson Services, Inc., Teva Pharmaceutical Industries Ltd., LUYE PHARMA AG, Samyang Holdings Corporation, Vektor Pharma, Hisamitsu Pharmaceutical Co.,Inc., UCB S.A., Hikma Pharmaceuticals PLC, Corium, Inc., Nitto Denko Corporation, Gedeon Richter Plc., Agile Therapeutics, Amneal Pharmaceuticals LLC., Cipla, and AdhexPharma

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