Oral Thin Films Market Key Trends And Forecast Report 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Oral Thin Films Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The oral thin films market size has grown rapidly in recent years. It will grow from $4.07 billion in 2023 to $4.6 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to patient compliance, pediatric and geriatric patients, rapid drug delivery, chronic diseases, over-the-counter (otc) medications.

The oral thin films market size is expected to see rapid growth in the next few years. It will grow to $7.65 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to specialty pharmaceuticals, precision medicine, mental health medications, oral vaccines, telemedicine services. Major trends in the forecast period include drug delivery technologies, remote care, bioavailability enhancement, travel and on-the-go usage, allergen-free formulations.

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Market Drivers and Trends:

Rising demand for thin film drug delivery systems is propelling the growth of the oral thin film market. Thin films have been identified as a potential alternative to standard dosage forms. It is a convenient, self-administrable, and fast-dissolving dosage form for the delivery of medications, which makes it a versatile drug delivery platform. Thin films are taken orally and do not require water to be swallowed to absorb a drug. OTF is more patient-friendly due to its rapid dissolution rate. Due to these reasons, the demand for thin-film drug delivery systems is increasing, which is bringing more demand for oral thin films as well. For instance, in January 2021, a Turkish Journal of Pharmaceutical Sciences report shows that the global thin-film pharmaceutical products market is expected to increase from $7 billion in 2015 to over $15 billion by the end of 2024. It estimates that there will be an increase of 117% in 10 years. Thus, increasing demand for thin film drug delivery systems is driving the growth of the oral thin film market.

Major companies operating in the oral thin films market are focusing on innovative products such as Rizaport to drive revenues in their market. Rizaport is a brand-name oral thin-film formulation that contains rizatriptan benzoate, an agonist of the 5-HT1 receptor and the active ingredient of Merck & Co.'s Maxalt. For instance, in September 2021, IntelGenx Technologies Corp. a Canada-based pharmaceutical company that specializes in the development of oral thin film drug delivery products launched Rizaport. Rizatriptan belongs to the class of chemicals called oral triptans that constrict blood vessels in the brain to treat migraine symptoms, including swelling, and is regarded as one of the most effective triptans. It releases its active ingredient in the tongue and dissolves quickly. Rizaport oral soluble film administration method, which does not require the patient to swallow a pill or drink water, in addition to its neutral flavor, offers a therapeutic alternative for migraine patients. This is particularly beneficial for patients with dysphagia (difficulty swallowing) and migraine-related nausea, which is thought to affect about 80% of migraine patients .

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Major Key Players of the Market:

ZIM Laboratories Limited, NAL Pharma, Cure Pharmaceutical Holding Corp., IntelGenx Corp., Kyu Kyu Pharmaceutical Co. Ltd., Sunovion Pharmaceuticals Inc., Seoul Pharma Co. Ltd., Aquestive Therapeutics Inc., Shilpa Therapeutics Pvt. Ltd., Mylan Inc., LIVKON Pharmaceuticals Pvt. Ltd., Panacea Biotec Ltd., Adare Pharmaceuticals Inc., APR Applied Pharma Research SA, BioDelivery Sciences International Inc., Sumitomo Dainippon Pharma Co. Ltd., Indivior PLC, LTS Lohmann Therapie-Systeme AG, Tesa Labtec GmbH, Pfizer Inc., Sanofi S.A., Merck & Co. Inc., Novartis International AG, Roche Holding AG, Johnson & Johnson, GlaxoSmithKline plc, Bayer AG, Eli Lilly and Company, AbbVie Inc., Bristol-Myers Squibb Company, Novo Nordisk A/S, AstraZeneca plc

Oral Thin Films Market 2024 Key Insights:

• The oral thin films market size is expected to see rapid growth in the next few years. It will grow to $7.65 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Rising Demand For Thin Film Drug Delivery Systems Fueling Growth In The Oral Thin Film Market
• Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers
• North America was the largest region in the oral thin film market in 2023

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