Market Trends of Global Thin Film Drugs Industry
This section covers the major market trends shaping the Thin Film Drugs Market according to our research experts:
Schizophrenia is Expected to Hold a Significant Share in the Market Over the Forecast Period
Schizophrenia is characterized by delusions, hallucinations, and other cognitive difficulties, often lifelong struggles. It is a chronic and severe mental disorder affecting a person's thoughts, feelings, and behavior. The major factors boosting the segment are the increasing prevalence of Schizophrenia Schizophrenia, the increasing geriatric population, and the rising demand for effective delivery method of drugs.
For instance, according to the WHO data, in 2022, schworldwideSchizophreniafects 24 million peopleSchizophreniaworldwide annually. Also, the European Journal of Public Health, in November 2021, mentioned that among the European Union population, the estimated incidence of schizophrenia was 15.2 per 100,000 persons annually. Such prevalence of Schizophrenia is expected to contribute to the demand for thin film drugs, ultimately boosting segment growth. Furthermore, the rising geriatric population is also expected to contribute to the growth of the studied segment. Additionally, the report published by the UN in 2022 mentioned that the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. Such a rising geriatric population prone to develop schizophrenia disorders is expected to drive the growth of the studied segment over the forecast period.
Also, the increasing product approvals are expected to drive the growth of the studied segment. For instance, in April 2022, BioXcel Therapeutics received US FDA approval for the IGALM, a sublingual film for the acute treatment of agitation associated with Schizophrenia or bipolar I or II disorder in adults. This can be self-administrated by patients under the supervision of a healthcare provider.
Thus the factors mentioned above, such rising prevalence of Schizophrenia, the rising geriatric population, and increasing product approvals, are expected to drive the growth of the studied segment during the forecast period.
North America is Expected to Hold Notable Share in the Market Over the Forecast Period
North America is expected to dominate the overall thin film drug market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, advanced technologies used in pharmaceutical research, and development for the discovery of novel drug delivery techniques.
The increasing prevalence of target diseases, such as schizophrenia, migraine, opioid disorders, and others is expected to drive the demand for thin film drugs, thereby contributing to the growth of the market. For instance, the NCBI article published in June 2022, mentioned that opioid use disorders affected over 2.1 million in the United States annually. Also, American Migraine Foundation data published in February 2022, mentioned that approximately 30 million Americans are affected by migraine in 2022. Likewise, the NCBI article published in September 2021, the prevalence of migraine in Canada was to be in the range of approximately 8.3% to 10.2%, annually. Such increasing prevalence of target diseases leading to the growing demand for thin film drugs is expected to contribute to the growth of the market.
Moreover, the increasing market player activities such as strategic agreements, collaborations, partnerships, and others for the development of thin film drugs, are expected to drive the growth of the market. For instance, in March 2022, TFF Pharmaceuticals and Catalent collaborated on the generation, testing, and manufacturing of dry powder formulation using thin film freezing technology. Also, in May 2021, LTS Lohman Therapie-Systeme AG announced a feasibility agreement with Revive Therapeutics to develop and manufacture a proprietary oral psilocybin thin film strip for the treatment of mental illness.
Thus, the rising prevalence of target disorders, increasing demand for thin film drugs, and presence of market players are expected to contribute to the growth of the market in this region.
