February 25, 2024
Transdermal Skin Patches Market

The Fast-Growing Global Transdermal Skin Patches Market is Driven by Increasing Demand for Pain Management

Transdermal skin patches have gained widespread prominence in recent years as an easy and convenient way to deliver drugs through the skin for conditions such as chronic pain, hormone replacement, and neurological disorders. Containing gel or solid formulations of drugs such as fentanyl, nicotine, estrogen, and nitroglycerin, transdermal patches provide controlled drug delivery over an extended period, eliminating the need for multiple daily doses. Their advantages include sustained drug levels, reduced side effects, non-invasive delivery, and improved medication adherence compared to oral alternatives.

The global transdermal skin patches market is estimated to be valued at US$ 8,483.74 million in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the transdermal skin patches market is the increasing demand for pain management. Chronic pain is a growing public health problem affecting millions worldwide. Transdermal patches have emerged as an effective alternative to oral opioids for pain relief as they avoid problems associated with oral administration such as gastrointestinal irritation and frequent dosing. Patch formulations of fentanyl and buprenorphine are widely used for chronic pain. Manufacturers are also focusing on developing more advanced patch-based drug delivery systems for improved pain relief. For instance, the iontophoretic patch uses a small electrical current to enhance skin permeability and facilitate faster drug absorption for acute pain crises.

Porter’s Analysis

Threat of new entrants: Low, as the industry requires high capital investment and brand positioning to enter.

Bargaining power of buyers: Moderate, as buyers have multiple suppliers in the industry to choose from but suppliers also provide differentiated products.

Bargaining power of suppliers: Moderate, as key components require specialized production but suppliers also depend on buyers for continued demand.

Threat of new substitutes: Moderate, as new drug delivery methods can replace transdermal patches but patch technology also continues to improve safety and efficacy.

Competitive rivalry: High, as key players compete on innovation, new product development and market expansion to gain greater market share.

Key Takeaways

The Global Transdermal Skin Patches Market Demand is expected to witness high growth.

Regional analysis: North America currently dominates the market owing to favorable reimbursement policies and new product launches. However, Asia Pacific is emerging as the fastest growing market due to growing medical tourism and rising chronic diseases in China and India.

Key players: Key players operating in the Transdermal Skin Patches market are Omsk Carbon Group, Tokai Carbon Co., Ltd., Atlas Organics Private Limited, Continental Carbon Company, Birla Carbon, Cabot Corporation, International China Oak Investment Holdings Co., Ltd., Himadri Speciality Chemical Ltd, Philips Carbon Black Limited, Orion Engineered Carbons GmbH, Ralson. Omsk Carbon Group and Tokai Carbon Co. Ltd. are focusing on new product development.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it