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Thin Film Drug Manufacturing Market Competitive And Growth Analysis 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Thin Film Drug Manufacturing Global Market Report 2024
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According to The Business Research Company's, The thin film drug manufacturing market size has grown strongly in recent years. It will grow from $7.33 billion in 2023 to $7.98 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increasing patient demand for convenient drug delivery, the growing prevalence of chronic diseases, regulatory approvals for innovative dosage forms, rising healthcare costs and demand for cost-effective solutions, and enhancing the bioavailability and efficacy of thin film formulations.
The thin film drug manufacturing market size is expected to see strong growth in the next few years. It will grow to $11.28 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to the increasing prevalence of chronic conditions, advancements in formulation science and materials engineering, rising demand for personalized and targeted drug delivery, supportive regulatory pathways and favorable reimbursement policies, and increasing adoption of e-commerce for drug distribution. Major trends in the forecast period include advancements in smart and responsive drug delivery systems, increased focus on combining multiple drugs in a single film, the evolution of more sustainable and eco-friendly manufacturing processes, the integration of digital technologies with thin film drug delivery, and the development of innovative solutions for taste masking and improved patient experience.
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Market Drivers and Trends:
The increase in the global elderly population is expected to propel the growth of the thin-film drug manufacturing market going forward. The rise in the global elderly population is influenced by extended life expectancies, medical advancements, improved nutrition and healthcare, and changes in family structures and societal norms. Thin film drug manufacturing helps meet the needs of the growing elderly population by offering improved medication adherence, ease of use, precise dosage control, rapid dissolution, and enhanced stability, which together supports better management of chronic conditions and overall health in older adults. For instance, in January 2024, according to the Population Reference Bureau, a US-based nonprofit organization, the number of Americans ages 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050. Therefore, the increase in the global elderly population is driving the thin film drug manufacturing market.
Major companies operating in the thin film drug manufacturing market are focusing on developing innovative products, such as oral thin film technologies, to enhance patient compliance and ease of use. Oral thin film technologies involve creating rapidly dissolving films that deliver medication through the mucous membranes in the mouth for quick absorption. These films offer a convenient, effective, and user-friendly alternative to traditional oral dosage forms such as tablets and capsules. For instance, in April 2023, IntelGenx Corporation, a Canada-based pharmaceutical company, announced the Food and Drug Administration (FDA) approval of RIZAFILM for the treatment of acute migraine. This new formulation allows for rapid dissolution and absorption, potentially providing faster relief for migraines compared to traditional tablets. This innovation enhances bioavailability and offers a more convenient, user-friendly option, improving patient compliance. The thin film technology enhances patient compliance and ease of use, making it a more user-friendly alternative for managing acute migraine attacks.
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Major Key Players of the Market:
Novartis AG, Merck KGaA, Dr. Reddy's Laboratories, Indivior PLC, LTS Lohmann Therapie-Systeme AG, Aquestive Therapeutics, Zim Laboratories Ltd, Tapemark, AdhexPharma, MonoSol Rx, Aavishkar Oral Strips Pvt Ltd., APR Applied Pharma Research SA, Cynapsus Therapeutics Inc., Jurata Thin Film Inc., Nova Thin Film Pharmaceuticals LLC, Vektor Pharma TF GmbH, TFF Pharmaceuticals Inc., NAL Pharma, IntelGenx Corp, D.K. Livkon Healthcare Pvt Ltd.
Thin Film Drug Manufacturing Market 2024 Key Insights:
• The thin film drug manufacturing market size is expected to see strong growth in the next few years. It will grow to $11.28 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Growing Elderly Population Boosts Demand For Thin-Film Drug Manufacturing Solutions
• Thin Film Drug Innovations Enhance Compliance And Effectiveness
• North America was the largest region in the thin film drug manufacturing market in 2023
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