Global Overview of the Transdermal Skin Patches Market to 2027: Smoking Cessation Aid Segment is Expected to Record a High CAGR During Forecast Period - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Transdermal Skin Patches Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The transdermal skin patches market is expected to register a CAGR of about 4.61% during the forecast period, with a revenue of approximately USD 9,672.34 million by 2027.

The COVID-19 outbreak is expected to positively impact the transdermal skin patches market. These patches enable safe, reproducible, and controlled administration of drugs to a defined skin microenvironment. Therefore, researchers working on a potential vaccine against the new COVID-19 strain are exploring the uses of a fingertip-sized skin patch for delivery.

The major factors attributing to the market's growth are the increasing advantages of transdermal medicine over oral and ingesting medications (medications for gastrointestinal toxicity) that result in nausea and vomiting. As they are non-invasive, they decrease the inconvenience caused by intravenous or parenteral therapies.

The main advantage is that the patch provides a controlled release of the drug to the patient, usually through a perforated membrane covering the drug reservoir or by body temperature dissolving thin layers of medication embedded in the adhesive.

These patches are also used to treat migraine, hormones, pain, cardiovascular diseases, neurology disease, and smoking cessation. Currently, the transdermal route of the drug delivery system is increasing in demand due to reduced dosing frequency, improved bioavailability, reduced adverse events, and drug input termination at any point by the removal of the patch.

The growing funding and investments for drug development and new launches boost the market growth. For instance, in February 2020, the US FDA approved the Contraceptive Patch known as Twirla (Levonorgestrel and Ethinylestradiol) Transdermal System by Agile Therapeutics Inc. Hence, a significant number of clinical trials of different types of drugs are currently underway, which may positively impact the market's growth in the future.

However, the inability of the skin to absorb a range of active substances is expected to hinder the growth of the market.

Key Market Trends

Smoking Reduction and Cessation Aid Segment is Expected to Record a High CAGR During the Forecast Period

According to World Health Organization (WHO), 2020, COVID-19 is a disease that primarily attacks the lungs. Smoking damages lung function and makes it harder for the body to fight viruses and other infections. Therefore, there was an increase in the campaigning and awareness of smoking cessation during the pandemic, thus boosting the segmental growth.

The segment's growth rate is attributed to a large number of smokers globally and increasing awareness about the advantages of the transdermal route of administration of drugs for smoking cessation.

According to the World Bank 2021, around 25% of all heart disease deaths and 80% of lung cancer deaths are caused by smoking, and many others are caused by exposure to second-hand smoke. Cigarette smoking is not only the most common form of tobacco use but one of the leading preventable risk factors for premature mortality worldwide, killing more than 8 million people a year, including users and non-smokers being exposed to second-hand smoke. About 16 million Americans live with a smoking-related disease.

According to the World Health Organization 2021, over 80% of the world's 1.3 billion tobacco users live in low- and middle-income countries.

Therefore, with the increasing number of smokers worldwide, the demand for transdermal skin patches (nicotine) is expected to increase during the forecast period. The rising number of patients is expected to boost the market.

North America Dominates the Market and is Expected to Continue Dominating During the Forecast Period

North America is expected to hold the highest share throughout the forecast period. The growth is expected to be augmented by the presence of key players and established healthcare infrastructure. Beneficial government initiatives and an increase in the number of research partnerships are expected to increase the market's growth.

In this region, the United States has the maximum share due to supportive healthcare policies, a high number of patients, and a developed healthcare market. According to the Cancer Organization 2020, about 80% of lung cancers and about 80% of lung cancer deaths are due to smoking.

Lung cancer is the leading cause of cancer death in men and women. Technologies supporting transdermal patches are being enhanced uninterruptedly to make them more versatile and popular in the United States. Major companies in the market are increasingly opting for acquisitions and collaborations to enhance and expand their footprint in the transdermal skin patches market. For instance, in April 2021, BASF launched 'Sacred Patch', a new skincare active ingredient that helps boost emotional well-being.

Competitive Landscape

The transdermal skin patches market is moderately competitive. The key players are focused on adopting product innovations, product launches and approvals, R&D investment for advancements in transdermal patches, and mergers and acquisitions as their developmental strategies to sustain the competitive market environment. Some of the major companies in the market are:

• Teva Pharmaceutical Industries Ltd
• Novartis AG
• Teikoku Pharma USA Inc. (Teikoku Seiyaku Co. Ltd)
• Mylan NV (Viatris)
• 3M Company
• Luye Pharma Group
• Purdue Pharma Manufacturing LP
• Henan Lingrui Pharmaceutical Ltd
• Samyang Biopharmaceuticals Corp. (Samyang Holdings)

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