Transdermal skin patches, also known as patches, are medicated adhesive patches that are placed on the skin to deliver a particular dose of medication through the skin and into the bloodstream. Transdermal skin patches are convenient to use as they provide continuous delivery of medication to the body over an extended period and they are pain-free and easy to apply. The global Transdermal Skin Patches Market offers several advantages such as it maintains a steady drug level in the bloodstream, improves patient compliance, provides controlled drug delivery, reduces dosing frequency and ensures drug safety.
The global Transdermal Skin Patches Market is estimated to be valued at US$ 8483.74 Mn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the transdermal skin patches market is the growing demand and adoption of over-the-counter medicated skin patches. Medicated skin patches provide several advantages over traditional oral medications such as controlled drug delivery, improved dosing accuracy and increased convenience as they do not need to be swallowed thereby improving patient compliance. As a result of these benefits, the demand for OTC skin patches for conditions like pain relief, smoking cessation and hormone replacement is increasing significantly globally. Other key trends in the market include technological advancements in skin patch drug delivery technologies such as multi-layer film formulations providing sequential drug release and formulation improvements allowing delivery of large molecule drugs. In addition, rising opportunities in cosmetic skin patches for anti-aging and skin rejuvenation are expected to propel the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the transdermal skin patches market is moderate as there is a requirement for high R&D investment and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers in the transdermal skin patches market is moderate as there are various substitutes available.
Bargaining power of suppliers: The bargaining power of suppliers in the transdermal skin patches market is moderate as raw material suppliers have a concentration in the market.
Threat of new substitutes: The threat of new substitutes in the transdermal skin patches market is high as alternative drug delivery methods provide competition.
Competitive rivalry: The competitive rivalry in the transdermal skin patches market is high due to the presence of multiple regional and international players.
Key Takeaways
The global Transdermal Skin Patches Market is estimated to be valued at US$ 8483.74 Mn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
The global Transdermal Skin Patches Market Growth is expected to witness high growth. Regional analysis related content comprises The North America region dominates the transdermal skin patches market and is expected to grow at a high rate due to increased awareness regarding skin patches and rising prevalence of lifestyle diseases.
Key players related content comprises Key players operating in the transdermal skin patches market are Bavarian Nordic, Argos Therapeutics, Antigenics, Affiris, Celldex Therapeutics, Biovest International, Cel-Sci, Celtic Pharma, Cytos Biotechnology, and Curevac. These players are focusing on new product launches and expansion of manufacturing facilities to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.