Transdermal Skin Patches Global Market Opportunities And Strategies To 2032

This report describes and explains the transdermal skin patches market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global transdermal skin patches market reached a value of nearly $7,103.24 million in 2022, having grown at a compound annual growth rate (CAGR) of 4.50% since 2017. The market is expected to grow from $7,103.24 million in 2022 to $8,433.64 million in 2027 at a rate of 3.49%. The market is then expected to grow at a CAGR of 4.12% from 2027 and reach $10,321.10 million in 2032.

Growth in the historic period resulted from the increasing incidence of cardiovascular diseases, strong economic growth in emerging markets, the increase in pharmaceutical R&D expenditure and increased healthcare expenditure. Factors that negatively affected growth in the historic period were low healthcare awareness, low healthcare reimbursements, high costs of drugs and the coronavirus pandemic.

Going forward, the increase in smoking cessation, the rapid growth in the aging population, the increasing healthcare expenditure and the increase in cardiovascular diseases will drive the growth. Factors that could hinder the growth of the transdermal skin patches market in the future include side effects of transdermal skin patches, stringent regulatory approvals, the Russia-Ukraine war and the rise in interest rates.

The transdermal skin patches market is segmented by product into matrix, drug in adhesive, reservoir and vapor. The drug in adhesive market was the largest segment of the transdermal skin patches market segmented by product, accounting for 41.49% of the total in 2022. Going forward, the reservoir segment is expected to be the fastest growing segment in the transdermal skin patches market segmented by product, at a CAGR of 5.36% during 2022-2027.

The transdermal skin patches market is segmented by type into fentanyl transdermal patch, nicotine transdermal patch, estradiol transdermal patch, clonidine transdermal patch, testosterone transdermal patch and other types. The other types market was the largest segment of the transdermal skin patches market segmented by type, accounting for 35.63% of the total in 2022. Going forward, the fentanyl transdermal patch segment is expected to be the fastest growing segment in the transdermal skin patches market segmented by type, at a CAGR of 3.75% during 2022-2027.

The transdermal skin patches market is segmented by application into pain relief, nicotine cessation, hormone replacement therapy, neurological disorders, cardiovascular disorders and other applications. The pain relief market was the largest segment of the transdermal skin patches market segmented by application, accounting for 27.35% of the total in 2022. Going forward, the hormone replacement therapy segment is expected to be the fastest growing segment in the transdermal skin patches market segmented by application, at a CAGR of 5.73% during 2022-2027.

North America was the largest region in the transdermal skin patches market, accounting for 35.22% of the total in 2022. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the transdermal skin patches market will be South America and Asia Pacific where growth will be at CAGRs of 6.60% and 4.77% respectively.

The transdermal skin patches market is fragmented, with a large number of small players. The top ten competitors in the market made up to 24.10% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. Novartis was the largest competitor with 8.35% share of the market, followed by Hisamitsu Pharmaceutical Co., Inc with 6.41%, Henan Lingrui Pharmaceutical with 2.70%, Teva Pharmaceuticals with 2.34%, Luye Pharma Group Ltd. with 1.74%, Purdue Pharma L.P. with 1.41%, Nitto Denko Corporation with 0.44%, AdhexPharma with 0.38%, Noven Pharmaceuticals with 0.23% and Teikoku Pharma with 0.11%.

The top opportunities in the transdermal skin patches market segmented by product will arise in the drug in adhesive segment, which will gain $670.59 million of global annual sales by 2027. The top opportunities in the transdermal skin patches market segmented by type will arise in the fentanyl transdermal patch segment, which will gain $446.42 million of global annual sales by 2027. The top opportunities in the transdermal skin patches market segmented by application will arise in the hormone replacement therapy segment, which will gain $359.25 million of global annual sales by 2027. The transdermal skin patches market size will gain the most in the USA at $227.24 million

Market-trend-based strategies for the transdermal skin patches market include technological advancement in transdermal skin patches, advancements in diabetes transdermal patches, robust research and development activities, product innovation, collaborations and partnerships, wearable skin patches, advancements in microneedle patches for vaccination and new iontophoresis patches.

Player-adopted strategies in the transdermal skin patches market include enhancing business operations through the launch of new products and strengthening business capabilities through securing new regulatory approvals.

To take advantage of the opportunities, the publisher recommends the transdermal skin patches companies to focus on technological advancement in transdermal skin patches, focus on advancements in diabetes transdermal patches, focus on product innovation, focus on development of new iontophoresis patches, focus on fast-growing transdermal patch types, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to focus on fast-growing applications, focus on people quitting smoking and target the aging population.