May 29, 2024
Transdermal Skin Patches Market

The Transdermal Skin Patches Market is Driven by Increasing Demand for Alternative Drug Delivery Systems

Transdermal skin patches provide a convenient alternative to traditional oral medication routes by delivering drugs systematically through the skin at a predetermined rate over an extended period of time. Transdermal patches are available for applications ranging from smoking cessation and contraception to pain management and drug administration in hypertension and Parkinson’s disease. The discrete, wearable nature of patches increases patient adherence to medication regimes. Patches also enable drugs that would otherwise be degraded in the digestive system to be safely absorbed in the body.

The global Transdermal Skin Patches Market is estimated to be valued at US$ 9773.27 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends
Development of Advanced Drug Delivery Systems: There is ongoing research to develop advanced transdermal patch technologies that can deliver both small and large molecule drugs, speed up drug absorption rates, target specific skin layers, and enable controlled release over extended periods ranging from days to months. Companies are exploring strategies like advanced layering, microneedles, iontophoresis and ultrasonic/laser energy delivery systems to enhance existing patch capabilities.

Porter’s Analysis
Threat of new entrants: The transdermal skin patches market size requires significant capital investment for R&D, manufacturing facilities and marketing. Thus, the threat of new entrants is moderate.
Bargaining power of buyers: The buyers have moderate bargaining power as there are many established manufacturers providing effective transdermal skin patches.
Bargaining power of suppliers: The suppliers have low bargaining power due to availability of substitute ingredients and intensifying competition in the market.
Threat of new substitutes: The threat of new substitutes is low as transdermal skin patches offer convenience over oral medications and injections.
Competitive rivalry: The competitive rivalry is high among the key players to gain maximum market share.

Key Takeaways
The global transdermal skin patches market is expected to witness high growth. North America dominates the market currently owing to rising healthcare expenditure and growing adoption of innovative drug delivery systems.

Regional analysis: Europe is also expected to witness significant growth in the forecast period supported by increasing investment in healthcare sector across various countries. The Asia Pacific region is emerging as a lucrative market stimulated by rising aging population, increasing healthcare awareness and improving healthcare infrastructure.

Key players: Key players operating in the transdermal skin patches market are Omsk Carbon Group, Tokai Carbon Co., Ltd., Atlas Organics Private Limited, Continental Carbon Company, Birla Carbon, Cabot Corporation, International China Oak Investment Holdings Co., Ltd., Himadri Speciality Chemical Ltd, Philips Carbon Black Limited, Orion Engineered Carbons GmbH, Ralson. These players are focusing on new product development and strategic collaborations to strengthen their global presence.

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