According to FutureWise analysis the market for Transdermal Drug Delivery System in 2023 is US$ 7.1 billion, and is expected to reach US$ 10.27 billion by 2031 at a CAGR of 4.70%.
The growth of this market has been determined by assessing the increase in the prevalence of chronic diseases and technological advancements in transdermal drug delivery systems.
The growing levels of persistent diseases have meant that there has been a boost in the biotechnology and pharmaceuticals sectors. This, in turn, has allowed for exponential growth in the market worldwide. There are several applications within these systems which are useful in various ailments ranging from hormonal disorders to pain management and cardiovascular diseases. These are all factors which will see a boost in growth opportunities for the transdermal drug in upcoming years. These significantly reduced pain in patients, non-invasiveness is what is helping to keep the market afloat. Thus, drug delivery systems contain many disadvantages such as irritation of the edema, which may restrain the global transdermal drug delivery system market growth.
The market is divided based on type, end-user and application. The transdermal patches are further fragmented into drug-in-adhesive patches, microneedle patches matrix patches, reservoir membrane patches and. The transdermal semisolids will have sprays, gels and ointments.
This study will include an outline of the drug chain industry as well as the industry environment, and then will assess the market size and finally, it's forecast.
According to the applications, the market is shown to be fragmented by different segments such as hormonal disorders, along with other such ailments, smoking cessation and overactive bladder treatment. In the year 2020, the pain management segment is predicted to reach the largest of the transdermal drug delivery system and the transdermal patches segment is also expected to increase at a higher rate.