The transdermal medical patch market is expected to grow from US$ 8.24 billion in 2022 to US$ 10.79 billion by 2028; it is estimated to register a CAGR of 4.0% from 2023 to 2028.
Major factors driving the transdermal medical patch market growth increasing prevalence of chronic diseases and growing consumption of tobacco rising technological advancements, and growing focus on personalized medicines.
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.
Many market players and research institutes operating in the transdermal medical patch market are developing advanced technologies to expand their product portfolios and increase their market shares. A few of the recent developments related to transdermal medical patch market are mentioned below:
In June 2020, Hisamitsu Pharmaceutical Co., Inc. announced the approval of manufacturing and marketing for OABLOK PATCH (Generic name: oxybutynin hydrochloride, hereinafter referred to as “the product”) in Thailand.
Thus, the development is likely to introduce new trends in the transdermal medical patch market during the forecast period.
In the US, tobacco is one of the significant causes of disease, disability, and death. According to the data published by CDC in 2021, an estimated 28.3 million adults smoke cigarettes in the US. Nearly 1,600 people (younger than 18 years) smoke their first cigarette every day in the US, and nearly half a million Americans die prematurely due to secondhand smoke exposure. Another 16 million suffer from serious illnesses caused by smoking. According to the information released by the CDC in March 2022, approximately 34% of high school students (5.22 million) and 11.3% of middle school students (1.34 million) consume one form of tobacco, such as cigarettes, cigars, smokeless tobacco, hookahs, pipe tobacco, heated tobacco products, nicotine pouches, or bidis (small brown cigarettes wrapped in a leaf). As per the same source, e-cigarettes are the most frequently used tobacco products among high and middle school students. CDC also states that the US spends more than US$ 225 billion on medical care each year to treat smoking-related diseases in adults.
Nicotine replacement therapy (NRT) has proven to help people seeking to quit smoking. It makes use of nicotine patches that deliver modest nicotine dosages to relieve cravings. Nicotine is progressively absorbed through the skin once nicotine patches are applied. Smokers with a greater dependence level can use the most robust patches, while those with a lower dependence level can use a lesser dosage. The critical advantage of nicotine patches over acute NRT formulations (gum, nasal spray, oral inhaler, and tablet) is the simplicity of compliance, rather than consuming a medicine throughout the day.
Thus, the increasing consumption of tobacco leads to increasing demand for nicotine patches, thereby driving the transdermal medical patch market growth.
Transdermal Medical Patch Market, By Type-Based Insights
Based on type, the transdermal medical patch market is fragmented into single-layer drug in-adhesive, multi-layer drug in-adhesive, reservoir, vapor patch and matrix. The matrix segment held the largest market share in 2022, and the same segment is anticipated to register the highest CAGR of 5.3% during the forecast period.
Transdermal Medical Patch Market, By Application-Based Insights
Based on application, the transdermal medical patch market is fragmented into neurologic conditions, pain management, nicotine cessation, cardiovascular disorders, hormonal therapy, and others. The pain management segment held the largest market share in 2022 and neurologic conditions segment is anticipated to register the highest CAGR of 5.4% during the forecast period.
Transdermal Medical Patch Market, By Distribution Channel- Based Insights
The transdermal medical patch market, by distribution channels, the market is segregated into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment held the largest share of the market in 2022 and online pharmacies segment anticipated to register the highest CAGR of 5.9% in the market during the forecast period.
The World Health Organization (WHO), the US Census Bureau, and the US National Library of Medicine are a few of the major primary and secondary sources referred to while preparing the report on the transdermal medical patch market.