Transdermal Drug Delivery System Market Size would churn out notable growth path from 2022 to 2028 fueled by the expanding geriatric population and growing burden of chronic diseases like hypertension, diabetes, CVDs, and others worldwide. According to the National Diabetes Statistics Reports 2020, nearly 10.5% of the American population is living with diabetes.
Transdermal drug delivery systems are dosage forms developed to deliver a therapeutically efficient amount of drug across a patient’s skin. The product offers ample benefits of transdermal drug delivery including more uniform plasma levels, controlled absorption, reduced side effects, improved bioavailability, flexibility of terminating drug administration, and painless and simple application.
The market growth is further anticipated to be complemented by the rising advancements in the field such as development of new adhesives, penetration enhancers, and molecular absorption enhancers. These developments potentially augment the skin permeability, resulting in expansion of the range of drugs that are to be delivered through transdermal routes.
Besides, ongoing R&Ds and soaring acceptance of these devices globally would support the transdermal drug delivery system market expansion in the coming years. For instance, in early 2021, the U.S FDA had assigned a Prescription Drug User Fee Act for the New Drug Application for donepezil transdermal system- Adlarity-for the treatment of patients with dementia. The product is a once-weekly transdermal formulation that is created to be worn for 7 days with consistent adhesion.
Based on the type, transdermal semisolids segment, including lotions, creams, gels, and others is slated to account for significant gains through 2028. Out of these formulations, transdermal gels are gaining ground worldwide. This can be credited to the ease of application and better percutaneous absorption. Besides, these products are also known to offer better application stability and property in comparison to ointments and cream.
In terms of the application, transdermal drug delivery systems are being extensively used for proper treatment of chronic neurological conditions including dementia. As per WHO estimates, more than 55 million people are currently living with dementia worldwide, with almost 10 million new cases being recorded every year. The transdermal route is an ideal pathway for the management of chronic neurological conditions as these are capable of offering constant drug delivery and maintaining steadier plasma concentrations of drugs, limiting the adverse effects. Further, this route also boasts of major advantages that have the potential to benefit various patient populations, including those with nervous system disorders.
Regionally, Asia Pacific transdermal drug delivery system market would expand considerably over the forecast period. The growth can be attributed to an upsurge in the prevalence of chronic and acute diseases in the region, in line with growing awareness enabling proper management of diseases and a rise in demand for technologically advanced devices and drugs. In addition, increasing government support for the management and treatment of diverse diseases would further propel regional market growth.
Prominent companies operating the global transdermal drug delivery system market are GlaxoSmithKline, Hisamitsu Pharmaceutical, Inc., Novartis International AG, Johnson & Johnson, Mylan N.V. (Viatris), Boehringer Ingelheim, and UCB, amongst others. These solution providers are adopting organic marketing tactics to fortify their position in the global market space.
The coronavirus pandemic has severely influenced various businesses across diverse industries including medical, industrial, manufacturing, and more. The global transdermal drug delivery system market is amongst the moderately affected spheres. The market was negatively impacted by the disruptions in supply chain, movement restrictions, and stringent lockdown norms. However, ongoing advancements in the space during early 2021, in an attempt to recuperate from the economic losses, are projected to expand the growth prospects of transdermal drug delivery system market.
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