Press release
Transdermal Drug Delivery Systems Market To Rise at 14.9% CAGR During 2020 - 2030
The global transdermal drug delivery systems market size was $52,476.50 million in 2020, and is projected to reach $87,322.40 million by 2030, growing at a CAGR of 4.9% from 2021 to 2030.
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The transdermal drug delivery systems market witnessed significant growth in the past decade, owing to increase in number of patients suffering from chronic diseases and rapid growth of the pharmaceutical industry. A number of players in the transdermal drug delivery systems market are expanding their business to strengthen their foothold in the global market. By type of delivery, the passive segment dominated the transdermal drug delivery systems market in 2020, in terms of revenue. This is attributed to rise in increased spending on healthcare facilities. Depending on application, the motion sickness segment is expected to grow at a higher CAGR during the forecast period, owing to rise in number of travelers.
The rise in global geriatric population has significantly increased the demand for efficient and effective drug delivery systems. Furthermore, changing work culture and lifestyle across the globe has significantly increased the number of patients suffering from chronic diseases such as heart diseases, diabetes, and arthritis. In addition, advancements in transdermal drug delivery systems have enabled in use for delivery a wide range of medicines. Also, major companies in the industry are focused on development of more advanced and efficient transdermal drug delivery systems.
Covid-19 scenario:
The Covid-19 pandemic negatively impacted the market due to prolonged lockdown. However, the pandemic increased the importance of government healthcare facilities and healthcare spending across the globe.
Decrease in number of Covid-19 cases led to reopening of transdermal drug delivery system research facilities, which will help the market get back on track.
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However, during the COVID-19 pandemic lockdown, various players in the transdermal drug delivery systems market reduced their business in countries, such as China, the U.S., and India owing to disruption of supply chain. This break directly impacted the transdermal drug delivery systems manufacturing companies. In addition, extensive focus of major countries on development of vaccines also negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to boost the transdermal drug delivery systems market growth.
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The global transdermal drug delivery systems market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion's share in 2020, accounting for more than two-fifths of the market. However, market across Asia-Pacific is anticipated to portray the highest CAGR of 6.1% during the forecast period.
The global transdermal drug delivery systems market includes an in-depth analysis of the prime market players such as Viatris Inc., Bayer AG, Boehringer Ingelheim GmbH, Endo International plc, GlaxoSmithKline plc., Johnson & Johnson, Novartis AG, Purdue Pharma L.P., Altaris, and Hisamitsu Pharmaceutical Co. Inc.
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Onkar Sumant | Manager, Life Sciences
Allied Market Research
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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