Global Transdermal Skin Patches Market | Global Transdermal Skin Patches Industry | Transdermal Skin Patches Market Research Report: Ken Research
According to the report analysis, ‘Transdermal Skin Patches Market Global Report 2020-30’ states that the worldwide transdermal skin patches market was worth USD 6.23 billion during 2019. It is predicted to augment at a compound annual growth rate (CAGR) of 4.50% and reach USD 0 billion by 2023. Rigorous regulatory authorization by the government regulatory bodies is a foremost aspect hindering the growth of the transdermal skin patches market. The regulatory authority administers the laws regulating biologics, medications, and medical devices, which can have probable side effects for customers. For instance, Food and Drug Administration (FDA) instructions the TDDS to undergo series of tests comprising biomechanical testing, animal testing, and clinical trials before admiring the TDDS for utilize in the market. The whole procedure consumes time and may result in interruption for establish of TDDS into the market mislaying the first-mover advantage thus limiting the growth of the transdermal skin patch market.
Moreover, the major corporates in the market are increasingly choosing for acquisitions and collaborations to augment and expand their footprint for the growth of the transdermal skin patches market. The strategic merger and acquisition and collaboration shadowed by the players in the transdermal skin patches market enables the companies to take technological benefit by obtaining the technology which enables them to get ahead in the competition. For instance, during 2019, Canoa Inc., a Delaware based healthcare and pharmaceuticals company, obtained ProSolus Inc. to improve its position and improvement of fresh products in transdermal space. ProSolus headquartered around the USA is a pharmaceutical company that delivers the transdermal solutions.
Similarly, during 2019, Mylan, a pharmaceutical company delivering transdermal skin patches, with Upjohn, a subsidiary of Pfizer broadcast the formation of a fresh company named Viatris. The focus of the fresh collaboration is to deliver more innovative medicines to the patients worldwide. Pfizer is a multinational pharmaceutical company. Thus, corporates functioning in the transdermal skin patch market are succeeding the strategic collaborations and acquisitions to have a competitive edge.
In addition, the advances in the modern technologies underwrites to the growth of transdermal skin patches market. Advances in modern technologies augment the number of drugs being provided transdermally involving small molecule hydrophobic drugs, hydrophilic drugs, and macromolecules. The fresh technological advances add to the augmented efficiency and developed use of transdermal drug delivery systems (TDDS) thus, growing the popularity and requirement for TDDS. For instance, during 2019, few technological advances in the TDDS included transdermal patch formulation enhancement, introduction of pressure-sensitive adhesives and permeation enhancers, which lead to augmented product diffusion and developed drug retention capability in larger quantities. The advances in technologies are projected to augment the requirement for transdermal patches due to its benefits thereby propelling the growth of the market. Therefore, in the coming years, it is predicted that the market of transdermal skin patched will increase around the globe more effectively.
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Ankur Gupta, Head Marketing & Communications
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