An Increasing Number Of People Quitting Smoking Is A Driver Of The Transdermal Skin Patches Market
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According to The Business Research Company’s research report on the transdermal skin patches market, the increasing proportion of the population who are quitting smoking will drive the market for transdermal skin patches in the future. Smoking is one of the leading causes of preventable illness and premature death. The adult smoking rate in England was 14.9% in 2017, which is expected to reduce to between 8.5% and 11.7% by 2023. Also, by 2030, the adult prevalence of smoking is expected to come down to 5% or less. The decrease in smoking rates would drive demand for nicotine replacement therapies and increase demand for nicotine patches, driving the demand for transdermal skin patches in the forecast period.
Increasing healthcare expenditure is also predicted to upsurge the demand for the transdermal patches market. The growth in healthcare expenditure is aiding governments and organizations to spend more on prescription drugs, hospitals, and physical & clinical services, thereby driving the transdermal skin patch market. According to the National Health Expenditure Projections 2018-2027, in the USA, the national healthcare expenditure is expected to reach nearly $6.0 trillion by 2027, growing at an average rate of 5.5% annually from 2018 to 2027. Furthermore, prescription drug spending is projected to grow by 6.1% annually during 2020-2027. Consequently, this rise in healthcare spending is to increase the market for transdermal skin patches in the near future.
Transdermal patches are a non-invasive method of self-administrating medication. Transdermal drugs release a small number of drugs into the bloodstream over a long period. The drug from these patches is absorbed into the body and eventually into the blood stream eliminating the need for drug delivery through pills or injections. There are various types of transdermal patches such as fentanyl, nicotine, buprenorphine, clonidine, and oxybutynin transdermal patches, among others. These are used for various applications such as pain relief, nicotine cessation, hormone replacement therapy, neurological disorders, cardiovascular disorders and others.
The Business Research Company ’s report titled Transdermal Skin Patches Global Market Report 2021: COVID-19 Growth And Change To 2030 covers major transdermal skin patches companies, transdermal skin patches market share by company, transdermal skin patches manufacturers, transdermal skin patches market size, and transdermal skin patches market forecasts. The report also covers the global transdermal skin patches market and its segments.
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The global transdermal skin patches market size 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 patch market is expected to reach $7.67 billion in 2025 at a CAGR of 4% .
North America is the largest region in the transdermal skin patches market, accounting for 36.2% of the total in 2020. It was followed by the Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the transdermal skin patches market will be South America and Africa where growth will be at CAGRs of 7.3% and 6.6% respectively during 2020-2025. These will be followed by Asia-Pacific and Eastern Europe, where the markets are expected to register CAGRs of 5.2% and 5.1% respectively during 2020-2025.
Transdermal patch industry analysis shows that the global transdermal patches market is concentrated, with a small number of global players operating in the market. The top ten competitors in the market made up to 38.79% of the total market in 2019. Major players in the market include Novartis, Hisamitsu Pharmaceutical, Hercon Pharmaceuticals, Mylan N.V. (Viatris Inc.), and The 3M Company.
Transdermal Skin Patches Global Market Report 2021: COVID-19 Growth And Change To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast transdermal patches market size and growth for the whole market, transdermal patches market segments and transdermal patches market geographies, transdermal patches market trends, transdermal patches market drivers, transdermal patches market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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