The transdermal drug delivery system market is projected to reach USD 7.1 billion by 2023 from an estimated USD 5.7 billion in 2018, at a CAGR of 4.5% during the forecast period of 2018 to 2023, according to a new report by MarketsandMarkets™. Market growth is largely driven by the global increase in the prevalence of chronic diseases. In addition, technological advancements in transdermal drug delivery systems are also expected to support market growth in the coming years.
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Hisamitsu Pharmaceutical (Japan), Mylan (US), UCB (Belgium), Novartis (Switzerland), GlaxoSmithKline (UK), Abbvie (US), Boehringer Ingelheim (Germany), Johnson & Johnson (US), Endo International (Ireland), and Purdue Pharma (US) are the major players operating in the global transdermal drug delivery systems market. These players have adopted various growth strategies, such as product launches and enhancements; agreements, partnerships, mergers, and collaborations; acquisitions; and expansions to strengthen their presence in the global market. Product launches and partnerships have been the most widely adopted strategies by major players from 2015 to 2018. These strategies helped market players to offer innovate products and broaden their customer base.
In 2017, Hisamitsu Pharmaceutical (Japan), Mylan (US), Novartis (Switzerland), and Abbvie (US) together accounted for a share of ~55.0% of the transdermal drug delivery systems market.
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Hisamitsu Pharmaceuticals dominated the transdermal drug delivery system market in 2017. The company offers a wide range of products for the treatment of pain management. It offers transdermal patches for the treatment of pain under brand names such as Salonpas, MOHRUS TAPE, MOHRUS PAP, MOHRUS PAP XR, Estrana Tape, and Feitas. To maintain its leading position in the market, the company primarily focuses on expanding its product portfolio. For instance, the company launched Feitas, Z DICSAS, and NobiNobi Salonship FH in 2017. Moreover, the company is focusing on agreements to expand its customer base. For instance, in 2018, the company signed an agreement in the category of external pain relief products with the Tokyo Organizing Committee of the Olympic and Paralympic Games (2020).
Mylan is one of the leading players operating in the transdermal drug delivery system market. The company offers transdermal patches for birth control under the brand name Xulane. Mylan has a robust worldwide commercial presence, including the leading position in the US, Australia, and France. The company has a portfolio of more than 7,500 marketed generic, branded, and OTC products. Also, it owns 12 manufacturing and distribution facilities in the US and has its production and distribution facilities in 11 countries, including India, Australia, Japan, Ireland, Hungary, and France.
Novartis is one of the leading players operating in the transdermal drug delivery system market. The company offers transdermal patches for the treatment of all stages of Alzheimer’s disease under the brand name Exelon. Novartis has a presence in over 155 countries across North America, Europe, Asia, Africa, and Latin America. The company offers drugs for the treatment of cancer, cardiovascular diseases, dermatological conditions, and neurological disorders through its Innovative Medicines segment. In order to strengthen its position in the market, the company is strategically focusing on the development of new products by investing in research and development. In 2017, Novartis invested USD 9.0 billion on R&D. The strong focus of the company on the development of new and advanced products is expected to help it sustain its strong position in the transdermal drug delivery systems market in the coming years.
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Geographical Growth Scenario:
North America to dominate the transdermal drug delivery systems market in 2018
North America is expected to dominate the transdermal drug delivery system market in 2018. The large share of the North American transdermal drug delivery systems market can primarily be attributed to the rising prevalence of targeted diseases (such as chronic pain, central nervous system disorders, and cardiovascular diseases) in the region, the increasing use of contraceptives, and the increasing number of research activities related to transdermal drug delivery systems.
Browse Adjacent Market: Pharmaceuticals Market Research Reports & Consulting
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https://www.marketsandmarkets.com/Market-Reports/topical-drug-delivery-market-124871717.html
