The transdermal skin patches market consists of sales of transdermal skin patches products and related services used to provide medicine to the human body through patches. Transdermal skin patches involve the use of adhesive patches made up of polymers that contains drugs. The drugs from these patches are absorbed into the body and eventually into the blood stream eliminating the drug delivery through pill, or injections.
Global Transdermal Skin Patches Market Size And Drivers:
The global transdermal skin patches market is expected to grow from $6.15 billion in 2020 to $6.54 billion in 2021 at a compound annual growth rate (CAGR) of 6.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The transdermal skin patches market is expected to reach $7.67 billion in 2025 at a CAGR of 4%. The advances in the modern technologies contribute to the growth of transdermal skin patches market.
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Trends In The Global Transdermal Skin Patches Market
Major companies in the market are increasingly opting for acquisitions and collaborations to enhance and expand their footprint for the growth of the transdermal skin patches market. The strategic merger and acquisition and collaboration followed by the players in the transdermal skin patches market allows the companies to take technological advantage by acquiring the technology which allows them to get ahead in the competition. For instance, in 2019, Canoa Inc., a Delaware based healthcare and pharmaceuticals company, acquired ProSolus® Inc. To enhance its position and development of new products in transdermal space. ProSolus headquartered in the USA is a pharmaceutical company that provides transdermal solutions. Similarly, in 2019, Mylan, a pharmaceutical company providing transdermal skin patches, with Upjohn, a subsidiary of Pfizer announced the formation of a new company named Viatris. The aim of the new collaboration is to provide more innovative medicines to the patients globally. Pfizer is a multinational pharmaceutical company. Thus, companies operating in the transdermal skin patch market are following the strategic collaborations and acquisitions to have a competitive edge.
Global Transdermal Skin Patches Market Segments:
The global transdermal patches market is further segmented –
By Product: Matrix, Drug In Adhesive, Reservoir, Vapor
By Type: Fentanyl Transdermal Patch, Nicotine Transdermal Patch, Buprenorphine Transdermal Patch, Clonidine Transdermal Patch, Oxybutynin Transdermal Patch, Others
By Application: Pain Relief, Nicotine Cessation, Hormone Replacement Therapy, Neurological Disorders, Cardiovascular Disorders, Others
By Geography: The global transdermal skin patch market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Transdermal Skin Patches Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides transdermal skin patches market overviews, analyzes and forecasts market size and growth for the global transdermal skin patches market, transdermal skin patches market share, transdermal skin patches market players, transdermal skin patches market segments and geographies, transdermal skin patches market’s leading competitors’ revenues, profiles and market shares. The transdermal skin patches market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
