May 29, 2024
Oral Thin Films Market

Oral Thin Films Market Is Expected To Be Flourished By Growing Preference For Alternative Drug Delivery Methods

The oral thin films market has witnessed a significant growth in recent years owing to its rising applications in oral drug delivery. Oral thin films are absorbent strips made of hydro philic polymers that dissolve rapidly in the oral cavity. Medications in the form of thin films offer faster drug delivery and absorption without the need for water compared to traditional tablets. They are especially preferred for pediatric, geriatric patients and those who have difficulty in swallowing conventional tablets and capsules. The thin film dissolves quickly in the oral cavity, typically within 30 seconds, allowing the active ingredients to enter the bloodstream for quick relief. Their small size and flexible nature also make them highly portable and convenient for on-the-go administration of drugs.

The global oral thin films market is estimated to be valued at US$ 3,335.68 million in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The oral thin films market is expected to be flourished by the growing preference of alternative drug delivery systems over conventional forms. Oral thin films are considered as a patient-centric delivery format that leads to better patient compliance compared to tablets and capsules. Its more efficacious absorption and rapid onset of action have increased the popularity of oral thin films among healthcare professionals. Another key driver for the market growth is the growing demand for convenient and portable dosage formats. Oral thin films are highly portable, do not require water for administration and dissolve quickly, which is fueling their uptake especially for pediatric and geriatric patients.

Segment Analysis

The oral thin films market can be segmented based on technology, product, application, and geography. The solvent film technology segment currently dominates the market as it results in better drug loading and less production time compared to the other film production technologies. This technology involves dissolving the therapeutic ingredients in a solvent and coating it on a backing liner to produce a thin molecularly dispersed film.

PEST Analysis

Political: The oral thin films market is positively impacted by favorable regulations and initiatives by governments worldwide to improve access to medications. For example, policies supporting generic drug approvals help increase the affordability and adoption of oral thin films.

Economic: The rising healthcare spending globally acts as a key driver for this market. The low production costs of oral thin films compared to other dosage forms also contribute to their economic feasibility.

Social: Factors such as increasing patient preference for convenient dosage forms, busy lifestyles requiring quick treatment solutions, and rising population susceptibility to various diseases/disorders favor market growth. Oral thin films address issues like dysphagia and trouble swallowing large pills in patients.

Technological: Continuous innovations in film manufacturing technologies help tackle formulation and stability challenges. Advanced technologies enable the development of high drug loading oral thin films and specialized delivery of drugs. This, along with miniaturization of production equipment, aid market expansion.

Key Takeaways

The global Oral Thin Films Market Share  is expected to witness high growth over the forecast period. The global oral thin films market is estimated to be valued at US$ 3,335.68 million in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.

Regionally, North America dominates currently due to the high demand for advanced drug delivery systems. However, Asia Pacific is likely to witness the fastest growth owing to growing healthcare expenditures, rising generics market, and increasing patient preference for innovative formulations in populous nations like India and China.

Key players operating in the oral thin films market are Purdue Pharmaceuticals L.P., Titan Pharmaceuticals, Inc., Pfizer Inc., Mallinckrodt, Pfizer Inc., Assertio Holdings, Inc., Par Pharmaceutical, Amneal Pharmaceuticals LLC, Trevena, Inc., Lupin, and Endo Pharmaceuticals, Inc. While Purdue Pharmaceuticals and Pfizer Inc. enjoy a leading market position, other companies are actively investing in R&D and new product launches to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it