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Transdermal Drug Delivery Systems Market Overview
The global transdermal drug delivery systems market was valued at more than $30 billion in 2016 and is forecasted to grow at a substantial CAGR of around 10% during the forecast period (2017-2023). This growth is characterized by some key factors such as growing aging population, increasing prevalence of chronic diseases such as hypertension, diabetes, and angina, rising adoption of new drug delivery system technologies, growing concern about painless drug delivery and benefits offered by transdermal drug delivery systems and rise in the number of patients with neurovascular disorders.
Transdermal drug delivery is a mode of drug administration through skin, in which the drugs are gradually absorbed into the systemic circulation. Based on type of delivery system, the market has been bifurcated as active and passive delivery system. The passive delivery system is expected to hold the larger share in the global market throughout the analysis period, due to increase in the prevalence of chronic disorders, such as hypertension and rising adoption of these devices. Active delivery system is expected to observe fastest growth in demand in the transdermal drug delivery systems market, with a CAGR of around 13% during the forecast period, mainly bolstered by product launches.
The transdermal drug delivery systems find application in analgesics, hormone replacement therapy, hypertension, cardiovascular disorders, motion sickness, smoking cessation and others. Analgesics was the most utilized application for transdermal drug delivery and generated approximately $10 billion revenue in 2016 and is expected to witness the a CAGR of around 9.6% during the forecast period. Further, there has been a significant increase in the use of these delivery systems in cardiovascular disorders due to the increasing number of patient base with heart disease, disadvantages of oral drug and increasing application of this system in emergency drug delivery.
Transdermal Drug Delivery Systems Market Dynamics
Growth Drivers & Restraints
Rise in the prevalence of chronic disorders is the major factors spurring the growth of the transdermal drug delivery systems market. According to the International Diabetes Federation (IDF), around 425 million people were affected by diabetes in the age group of 20-79 years in 2017, and the number is projected to increase to 629 million, by 2045.
Further, aging population and rising adoption of new drug delivery system technologies is also contributing in the growth of the transdermal drug delivery systems market. According to the United Nations Department of Economics and Social Welfares (UNDESA) report on the global aging population, number of people aged above 60 years is projected to grow from 962 million in 2017 to 2.1 billion by 2050. Also, as per the Centers of Disease control and Prevention (CDC), one in every three adults have high blood pressure in America. In addition, only 54% of the people with high BP have their condition in control.
However, disadvantages of delivery systems such as irritation and edema, natural restriction of drug entry imposed by the skin permeability and adhesion of the system to different skin types are key factors that are expected to impede the market growth.
Increasing disposable income, and continuously improving healthcare infrastructure in emerging economies are the among the striking factors that are expected to create ample growth opportunities for the players in transdermal drug delivery systems industry. In addition, emerging nations need to focus on cost-effectiveness and scalability to cater to the needs of rise in patient pool. In January 2014, the World Economic Forum in its project paper, Health Systems Leapfrogging in Emerging Economies, stated that, one-third of the global health expenditure is projected to be focused on the provision of healthcare services in the emerging markets by 2022.
Transdermal Drug Delivery Systems Market Competitive Landscape
The leading players in the transdermal drug delivery systems industry, namely, Novartis AG, Johnson & Johnson, Bayer AG, and Boehringer Ingelheim GmbH dominated the global market, accounting for a collective market share of more than 75%, in 2016. Further, Johnson & Johnson led the global transdermal drug delivery systems market with around 32% share, mainly attributable to its comprehensive product portfolio of the systems, that includes Estradiol/norethisterone, ORTHO EVRA, FENTANYL, and DURAGESIC.
Further, Novartis AG held the second position in the global transdermal drug delivery systems in 2016. The company has a strong product portfolio of transdermal drug patches, that includes rivastigmine transdermal system (EXELON PATCH), and estradiol transdermal system by the name of VIVELLE-DOT transdermal patch system. Mylan N.V. is also one of the leading players in market and was the first company to receive the approval for generic nitroglycerin, estradiol, and fentanyl transdermal systems.
The other players in the transdermal drug delivery systems market such as GlaxoSmithKline plc, Acrux Limited, Echo Therapeutics, Inc., and Endo Pharmaceuticals Inc. collectively accounted for the majority of remaining share of the overall market in 2016.