Market Trends of Transdermal Skin Patches Industry
The Pain Relief Segment is Expected Hold Significant Growth in the Transdermal Skin Patches Market During the Forecast Period
The factors attributing to the growth of the pain relief patch market are the rising prevalence of pain-related disorders, such as diabetic neuropathy, rheumatoid arthritis, osteoarthritis, migraine, and other diseases among the population. For instance, according to Statpearls updated data in February 2023, it was observed that back pain is a common ailment among adults, and up to 23% of the world's total population experience chronic low back pain. In addition, as per the same source, the target group also revealed a one-year recurrence rate of 24% to 80%, and some estimates of lifetime prevalence are as high as 84% in the adult population. Thus, the rising burden of back pain among the population is anticipated to increase the demand for transdermal patches for pain relief, thereby bolstering segment growth. Moreover, companies' rising activities in developing pain relief transdermal patches contribute to market growth during the forecast period. For instance, in November 2022, NEXGEL launched its MEDAGEL Migraine Relief Patch, developed using NEXGEL's unique hydrogel technology. The patch provides instant and long-lasting cooling relief from migraines, hormonal headaches, and fevers by pulling heat away from the body. Thus, factors such as the rising prevalence of pain-related disorders and increasing product launches are expected to drive the segment revenue in the transdermal analgesic patch market during the forecast period.
North America is Estimated to Hold Significant Market Share During the Forecast Period
The factors attributing to the market growth are the presence of key players and established healthcare infrastructure. In addition, the rising number of smokers in North America and increasing government initiatives to help people quit smoking are expected to boost the nicotine patch market in the region. The rising number of smokers in the region is expected to increase the demand in the nicotine transdermal patches market, which will enhance market growth. For instance, from the data published by the Centers for Disease Control and Prevention in March 2022, it has been observed that about 34.0% of high school students (5.22 million) and 11.3% of middle school students (1.34 million) reported ever using a tobacco product (i.e., electronic cigarettes (e-cigarettes), cigarettes, cigars, smokeless tobacco, hookahs, pipe tobacco, heated tobacco products, nicotine pouches, and bidis). Also, various initiatives taken by the government authorities and other organizations in Mexico to prevent smoking are likely to support the growth of the transdermal patch market. For instance, in April 2022, Cancun launched a new campaign about drugs aimed at United States visitors. In collaboration with the General Communication Coordination (CGC), local authorities aimed toward international tourists dubbed "Be a part of the solution". Thus, such initiatives create awareness among individuals about smoking cessation using transdermal patches, which ultimately drive the transdermal patches market in the forecast period. The increasing product launches by transdermal patch manufacturers in North America are also expected to drive the market during the forecast period. For instance, in September 2022, Corium Inc., a biopharmaceutical company, launched ADLARITY (donepezil transdermal system) in the United States to treat patients with mild, moderate, or severe dementia of Alzheimer's type. Hence, such product approvals are expected to drive the transdermal medical patch market during the forecast period. Thus, due to the increasing number of smokers in North America, rising government initiatives, and increasing transdermal patch product launches in the region, the market is expected to be driven during the forecast period.
