Transdermal Drug Delivery Systems Market Expected to Reach $87.3 Billion by 2030

According to a new report published by Allied Market Research, titled, “Transdermal Drug Delivery Systems Market," the transdermal drug delivery systems market size was $52.5 billion in 2020, and is estimated to reach $87.3 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030.

The rise in global geriatric population has significantly increased the demand for efficient and effective drug delivery systems. Furthermore, changing work culture and lifestyle across the globe has significantly increased the number of patients suffering from chronic diseases such as heart diseases, diabetes, and arthritis. In addition, advancements in transdermal drug delivery systems have enabled in use for delivery a wide range of medicines. Also, major companies in the industry are focused on development of more advanced and efficient transdermal drug delivery systems.

By type of delivery, the market is segmented into passive and active. Among these, the passive segment accounted for the highest transdermal drug delivery systems market share in 2020 and active segment is expected to witness significant growth during the forecast period, owing to increase in demand for geriatric medicines and increase in healthcare spending. The market is analyzed with respect to different applications in industrial verticals, such as analgesics, hormone replacement therapy, hypertension, motion sickness, smoking cessation and others. The market is mainly driven by growth of global pharmaceutical industry, rise in geriatric population, and significant increase in patients suffering from chronic diseases across the globe. However, side-effects can constraint the transdermal drug delivery systems market growth.

In 2020, North America dominated the global transdermal drug delivery systems market, in terms of revenue, accounting for around 41% share of the transdermal drug delivery systems industry, followed by Europe and Asia-Pacific. Moreover, the market in Asia-Pacific region is growing with high CAGR, owing to rise in healthcare spending and efficiency of transdermal drug delivery systems.

Furthermore, on the basis of application, the motion sickness segment is anticipated to grow rapidly, with a CAGR of 6.3% during the forecast period, owing to rise in number of patients suffering from chronic diseases and rapid growth of pharmaceutical industry. 

For instance, according to India Brand Equity Foundation, India is the largest provider of generic drugs and has a large network of 3,000 drug companies and over 10,500 manufacturing units. Furthermore, in August 2021, the Indian pharmaceutical market registered an annual growth rate of 17.7%, up from 13.7% in July 2020.  The India’s drugs and pharmaceuticals exports reached US$ 24.44 billion in FY21. In addition, in June 2021, the Ministry of Finance, allocated $26,578.3 million over the next five years for the pharmaceutical PLI scheme.

However, during the COVID-19 pandemic lockdown, various players in the transdermal drug delivery systems market reduced their business in countries, such as China, the U.S., and India owing to disruption of supply chain. This break directly impacted the transdermal drug delivery systems manufacturing companies. In addition, extensive focus of major countries on development of vaccines also negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to boost the transdermal drug delivery systems market growth.

 Key Findings of the Study

• The report provides an extensive analysis of the current and emerging transdermal drug delivery systems market trends and dynamics. 
• Depending on type of delivery, the passive dominated the transdermal drug delivery systems market, in terms of revenue in 2020 and the active segment is projected to grow at a significant CAGR during the forecast period.
• By application, the analgesics segment registered highest revenue in 2020.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the transdermal drug delivery systems market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the transdermal drug delivery systems industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
• In-depth transdermal drug delivery systems market share analysis is conducted by constructing estimations for the key segments between 2021 and 2030.