Transdermal Medical Patch Market Size, Share and Trends Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Transdermal Medical Patch Market- (By Type (Single Drug-in-Adhesive, Multi-layer Drug-in Adhesive, Reservoir, Vapor Patch, Matrix), By Application (Neurologic conditions, Pain Management, Nicotine Cessation, Cardiovascular Disorders, Hormonal Therapy, others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Transdermal Medical Patch Market is valued at US$ 8.15 Bn in 2022, and it is expected to reach US$ 11.86 Bn by 2031, with a CAGR of 4.3% during a forecast period of 2023-2031.

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A transdermal patch refers to a pharmaceutical adhesive patch that is administered by applying it onto the surface of the skin. Over a period of time, the human body undergoes the process of absorbing the drug contained within the patch. Certain individuals may perceive the utilisation of a transdermal patch as a more convenient alternative to the ingestion of oral medication or the administration of injections. Transdermal patches refer to adhesive patches designed to provide medication directly through the skin.

This, in turn, will create enormous chances for the transdermal medical Patch market to expand. As a result, the need for transdermal medical patches is expected to increase. However, the infrastructure required for transdermal patches is costly and requires specialized equipment, skilled labour, and advanced technology. Introducing new technology and sustained Economic growth indicate the transdermal medical patch market's future growth. Businesses in the market are ramping up their operations by inventing cutting-edge technologies or expanding into developing nations, ultimately increasing competition and boosting the market growth.

List of Prominent Players in the Transdermal Medical Patch Market:
• Hisamitsu Pharmaceutical co inc
• Medline Industries LP
• Johnson & Johnson
• Novartis AG
• Teva Pharmaceutical Industries Ltd
• UCB SA
• Viatris Inc
• Endo Pharmaceutical Inc
• Boehringer ingelheim international GmbH
• Corium LLC
• Luye Pharma Group
• Teikoku Pharma
• Samyang Holdings Corporation
• Gedeon Richter PLC
• AdhexPharma
• Sparsha Pharma International Pvt Ltd.

Market Dynamics:
Drivers-
Growing demand for transdermal medical patches can be attributed to the accelerated expansion of the market for nicotine transdermal patches. In addition, e-cigarettes are the most frequently used tobacco product among high school and middle school kids from the same source, followed by pipes, cigars, smokeless pipes, cigarettes, heated tobacco products, and pipe tobacco, fueling the expansion of the transdermal medical patch industry.

Challenges:
The prime challenge is the high cost, rising skin irritation, and adopting cutting-edge technology, hindering the development of the transdermal medical patch business because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the transdermal medical patch market. However, the rising prevalence of contact dermatitis and other skin diseases at the place of application prevents the skin from absorbing various drugs. Skin's decreasing capacity to absorb various medications and an increase in the danger of contact dermatitis or other skin diseases at the application site are two factors that can impede growth.

The COVID-19 pandemic has had a significant effect on daily life. Testing, treatment, and immunization were prioritized during the pandemic because they were seen as the most immediately problematic responses. To prioritise individuals with COVID-19, non-critical medical procedures and treatments were frequently postponed or reduced. This may have affected the need for medical patches in general, especially for less urgent uses.

Regional Trends:
The North American transdermal medical patch market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future because of healthcare infrastructure, market dominance of key businesses, and an increasing number of studies being conducted here. In addition, sustained economic expansion will fuel further advancements in the transdermal medical patch industry across the region.

Besides, Europe had a considerable share in the market due to its developed economy, rapidly expanding population, and the availability of huge unexplored markets, a vast population pool, and a rising need for quality healthcare have all contributed to the region's rapid economic development in recent years. Moreover, the existence of significant market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global transdermal medical patch market.

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Recent Developments:

• In June 2023, Teikoku Pharma's dexmedetomidine transdermal device was granted a fast-track designation by the US FDA. The transdermal method developed by the business was utilised to administer dexmedetomidine for a duration of four days to effectively manage chronic pain.

• In March 2022, Corium, a biopharmaceutical business, disclosed that the FDA has granted approval for the usage of Adlarity in the treatment of individuals afflicted with varying degrees of dementia linked to Alzheimer's disease.

Segmentation of Transdermal Medical Patch Market-
By Type-
• Single Drug-in-Adhesive
• Multi-layer Drug-in Adhesive
• Reservoir
• Vapor Patch
• Matrix

By Application-
• Neurologic conditions
• Pain Management
• Nicotine Cessation
• Cardiovascular Disorders
• Hormonal Therapy
• others

By Distribution Channel-
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis of key market insights in a timely and cost-effective manner.

This release was published on openPR.