Pune, India, June 09, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Transdermal Medical Patch Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Distribution Channel,” the market is projected to reach USD 10.79 billion by 2028 from USD 8.24 billion in 2022; it is expected to register a CAGR of 4% from 2023 to 2028. The transdermal medical patch market demand is influenced by developing healthcare facilities, the growing aging population to share key facts associated with stem cell technologies and increasing partnerships with foreign entities. The matrix segment held the largest share of the market in 2022. Also, the same segment is estimated to register the highest CAGR in the market during the forecast period.
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Global Transdermal Medical Patch Market Strategic Insights:
|Market Size Value in||USD 8.24 Billion in 2022|
|Market Size Value by||USD 10.79 Billion by 2028|
|Growth rate||CAGR of 4.0% from 2023 to 2028|
|No. of Pages||194|
|No. of Tables||83|
|No. of Charts & Figures||76|
|Historical data available||Yes|
|Segments covered||Type, Application, and Distribution Channel|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Browse key market insights spread across 194 pages with 83 list of tables & 76 list of figures from the report, "Transdermal Medical Patch Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Single Layer Drug-in-Adhesive, Multi-layer Drug-in-Adhesive, Reservoir, Vapor Patch, and Matrix), Application (Neurologic Conditions, Pain Management, Nicotine Cessation, Cardiovascular Disorders, Hormonal Therapy, and Others), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/transdermal-medical-patch-market
Global Transdermal Medical Patch Market: Competitive Landscape and Key Developments
Hisamitsu Pharmaceutical Co Inc, Medline Industries LP, Johnson & Johnson, Novartis AG, Teva Pharmaceutical Industries Ltd, UCB SA, Viatris Inc, Endo Pharmaceuticals Inc, Boehringer Ingelheim International GmbH, and Corium, LLC are a few key companies operating in the transdermal medical patch market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name. A few of the recent developments in the global transdermal medical patch market are mentioned below:
In September 2022, Corium, Inc launched ADLARITY (donepezil transdermal system) and is available for prescription in the U.S. for treating patients with mild, moderate, or severe dementia of Alzheimer's type.
In June 2022, Hisamitsu Pharmaceutical Co., Inc. been approved for the additional indications of “low back pain, humeroscapular periarthritis, cervico-omo-brachial syndrome and tenosynovitis” for ZICTHORU Tapes, transdermal, pain treatment NSAID patch in Japan. The product was approved for manufacturing and marketing approval for “analgesia in various cancer” in March 2021. This approval is based on the data of Phase III clinical studies that evaluated the efficacy and safety of the product in patients with low back pain, humeroscapular periarthritis, cervico-omo-brachial syndrome and tenosynovitis. With this approval of the additional indications, Hisamitsu expects the product to be a new option for the treatment of low back pain, humeroscapular periarthritis, cervico-omo-brachial syndrome and tenosynovitis.
In August 2021, Hisamitsu Pharmaceutical Co., Inc. has submitted a new drug application for the additional indications of “low back pain, humeroscapular periarthritis, cervico-omo-brachial syndrome and tenosynovitis” for ZICTHORU Tapes, transdermal, pain treatment NSAID patch in Japan. Hisamitsu has confirmed the efficacy and safety of the product in clinical trials in patients with low back pain and patients with humeroscapular periarthritis, cervico-omo-brachial syndrome, and tenosynovitis. The product is a systemic transdermal formulation developed using Hisamitsu’s TDDS (Transdermal Drug Delivery System) technology.
In August 2021, Hisamitsu Pharmaceutical Co., Inc. announced the approval of the additional indications of cancer pain relief for pediatric patients for FENTOS Tapes, a transdermal pain management patch in Japan. Hisamitsu Pharmaceutical conducted a clinical study in pediatric cancer pain patients (aged 2 to 19 years old) and confirmed the efficacy and safety of the product. With this approval, the product became the first strong opioid patch in Japan with an indication for pediatric cancer pain. Hisamitsu Pharmaceutical expects the product to be a new option for treating cancer pain.
The transdermal medical patch is a medicated patch that can deliver drugs through skin portals directly to the bloodstream at a predetermined rate. This is the most comfortable dosage form, it is non-invasive, avoids the gastrointestinal tract and bypasses first-pass metabolism, can have multiday therapy, and can be terminated at any time.
Increasing prevalence of chronic diseases and growing consumption of tobacco are among the major factors contributing to the transdermal medical patch market growth. However, recalls of transdermal medical patches due to drug failure hinder the transdermal medical patch market growth.
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Increasing Strategic Initiatives Will Likely Offer Opportunities to Market Players Global Transdermal Medical Patch Market Growth:
Products facilitating self-administration and home care drug delivery systems, as well as growing pharmaceutical company partnerships, are likely to accelerate the adoption of transdermal medical patches in the upcoming years. In February 2023, DuPont Healthcare collaborated with TNO Holst Centre and Pronat Medical to develop a new wearable medical adhesive concept patch for monitoring, diagnostics, or treatment. In December 2022, Henkel collaborated with Quad Industries to create a new concept enabling faster development of health patches for the medical industry.
In February 2023, Revive Therapeutics Ltd. entered into a research collaboration agreement with PharmaTher Holdings Ltd. to evaluate the delivery of 3,4-Methylenedioxymethamphetamine ("MDMA") using PharmaTher's novel microneedle patch ("MN-Patch") delivery technology. The MDMA MN-Patch enables flexible drug load capacity and combinations, controlled released delivery, and the ability to present desired pharmacokinetic and safety profiles, overcoming the potential obstacles of oral dosing.
Therefore, innovative technologies for medical patches are highly valued due to the enormous market growth potential and the need to improve the performance of these patches positively impact patient comfort and compliance. Such strategic initiatives will likely offer growth opportunities to market players and assist in attaining a significant position in the transdermal medical patch market.
Impact of COVID-19 Pandemic on Global Transdermal Medical Patch Market:
The transdermal medical patch market had witnessed a shortfall at the beginning of the COVID-19 crisis owing to factors such as disruption in supply chain and demand due to lockdown announced by the majority of countries across the world that caused disruptions in manufacturing and supply chain operations. During the pandemic the healthcare industry focused primarily on addressing the immediate challenges related to the virus, such as testing, treatment, and vaccination efforts. Non-essential medical procedures and treatments were often postponed or scaled back to prioritize COVID-19 patients. This may have had an impact on the overall demand for medical patches, particularly for nonurgent applications. On the other hand, the pandemic also highlighted the importance of remote monitoring and telemedicine solution as healthcare systems sought to limit in-person visits and reduce the risk of transmission. Furthermore, the pandemic led to an increased focus on drug delivery systems, as researchers and pharmaceutical companies explored innovative ways to administer vaccines and treatment. Medical patches that can deliver drugs or vaccine transdermal offered advantages in terms of ease-of-use patient compliance, and potentially more stable drug formulation. Overall, the impact of COVID-19 on the medical patch market in across the globe is likely to be mix of challenges and opportunity. Factors such as the specific application of the patches, regulatory considerations, healthcare systems priorities, and technological advancement will play a role in determining the market dynamics during and after the pandemic which could lead to the transdermal medical patch market growth in the forecasted period. Hence, the outbreak of COVID-19 has positively impacted the transdermal medical patch market.
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