Transdermal Skin Patches Market to be at Forefront by 2025
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Transparency Market Research (TMR) has made an observation that the condition of the vendor landscape of the said market in the Saudi Arabia transdermal skin patches is considered between moderate to high. A handful of market players have a strong presence in the market in general owing to a high-level of expertise. The leading market participants such as Teva Pharmaceutical Industries Ltd., Novartis AG, and Johnson & Johnson account for a collective share of around 22% of the overall market in the year 2016. This has substantially intensified the level of competition.
According to the report published by TMR, the Saudi Arabia transdermal skin patches market is forecasted to be worth around US$ 67.41 mn by the year 2025 from an earlier valuation of around US$ 44.96 mn in the year 2016. During the years of forecast that extends from the year 2017 to the year 2025, the world market is anticipated to rise at a growth rate of 4.7% CAGR.
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Which of the Segments to Remain at the Forefront
The products that are available in the Saudi Arabia transdermal skin patches are drug in vapor matrix, reservoir, matrix, and adhesive. Of all of these, the segment of matrix accounted for a dominant share in the market for transdermal skin patches and is anticipated to account for a market share of around 35.1% across the globe taking revenue in consideration by the end of 2025. Such a rise is attributed to the shifting of preference for matrix systems so as to make patches for volatile molecules under settings of controlled release. The phenomenal progress of this sector is attributed to the non-antagonistic and non-toxic characteristics of polymer matrix options that are known to diffuse drug with controlled precision.
Surging Investments in R&D to Stimulate Market Growth
Increasing awareness about disorders and diseases and the soaring expenditure on healthcare have bolstered the sales of transdermal skin patches across Saudi Arabia.
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The use of transdermal skin patches also diminishes the need for injections, thereby diminishing the cross contamination and infections risk. Whilst in case of various adverse effect to the medication, these skin patches can be removed quickly as well. The increasing accessibility to convenient healthcare and expansion of geriatric population has further bolstered the demand for transdermal skin patches in the recent years. Surging investments in research and development of transdermal skin patches result in positive influence on the overall revenue of the said market. The rising trend of self-administration of medications at home is further prognosticated to boost the intake of these skin patches in the years to come.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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