Market Trends of Transdermal Skin Patches Industry
This section covers the major market trends shaping the Transdermal Skin Patches Market according to our research experts:
Pain Relief Segment Expects to Register a High CAGR in the Transdermal Skin Patches Market Over the Forecast Period
The pain-relief segment is expected to witness significant growth in the transdermal patches market over the forecast period.
The factors attributing to the segment growth are the rising prevalence of pain-related disorders, such as diabetic neuropathy, rheumatoid arthritis, osteoarthritis, migraine, and other diseases among the population. For instance, from an article published in February 2022, it was observed that back pain is a common ailment among adults and up to 23% of the total population of the world 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 pain relief patches, thereby bolstering segment growth.
Furthermore, according to the Migraine Research Foundation data updated in 2021, migraine is an extraordinarily prevalent neurological disease affecting about 39 million men, women, and children in the United States and 1 billion globally. Migraine is considered the third-most prevalent illness in the world, which is expected to raise the demand for effective patches that helps in relieving pain from migraine headaches, thereby propelling the market growth.
Moreover, the rising company activities in developing pain relief patches also contribute to the market growth over the forecast period. For instance, in November 2021, 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, owing to the factors mentioned above, the segment is expected to grow significantly during the forecast period.
North America Dominates the Market and is Expected to Continue Dominating During the Forecast Period
North America is expected to witness significant growth in the transdermal patches market over the forecast period.
The factors attributing to the market growth are the presence of key players and established healthcare infrastructure. In addition, the rising government initiatives and an increase in the number of research partnerships are also contributing to the market growth.
In North America, the United States is expected to hold the maximum share of the transdermal patches market due to supportive healthcare policies, many patients suffering from pain and other chronic diseases, and a developed healthcare market.
The rising number of smokers in the region is expected to increase the demand for nicotine transdermal patches, which is expected to increase market growth. For instance, from the data published by CDC 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 [small brown cigarettes wrapped in a leaf. Additionally, e-cigarettes are the most often used tobacco product from the same source, followed by cigarettes, cigars, smokeless tobacco, hookahs, nicotine pouches, heated tobacco products, and pipe tobacco among high school and middle school students.
According to the Canadian Lung Association 2021, tobacco is the leading cause of preventable disease and death in Canada. Each year, an estimated 48,000 Canadians die because of smoking. Countless others suffer from long-term illnesses. Despite public health education and preventive efforts, about 15% of Canadians continue to smoke, which has increased the widespread availability of drugs. The advent of new innovative drugs, such as transdermal patches, has accelerated the market's growth.
Additionally, the rising incidence of cancers, including breast and prostate cancer, is probably going to accelerate market growth greatly. For instance, according to the GLOBOCAN 2020 report, 195,499 cancer cases were reported in Mexico in 2020, with breast and prostate cancers being the most common among the population. Furthermore, according to Globocan 2020, the incidence of cancer in Mexico is predicted to rise to 254,665 cases by 2030 and 323,432 cases by 2040. Thus, the growing burden of cancer among the population is expected to increase the demand for transdermal patches with drug nanoparticles that relieve pain from cancer therapy, propelling the market growth.
Furthermore, various initiatives taken by the government authority and other organizations in Mexico to prevent smoking are likely to support the market's growth. For instance, in April 2022, Cancun launched a new campaign 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 are created awareness among individuals and drive the demand for transdermal skin patches in the country.
Moreover, the rising product launches and business strategies adopted by the companies to withhold their market position also contribute to market growth. For instance, in April 2021, BASF launched 'Sacred Patch,' a new active skincare ingredient that could help boost emotional well-being. Similarly, in 2020, Amneal Pharmaceuticals Inc. received the Abbreviated New Drug Application (ANDA) approval from the USFDA for a generic version of Butrans (buprenorphine) Transdermal System, 5 mcg/hr, 7.5 mcg/hr, 10 mcg/hr, 15 mcg/hr, and 20 mcg/hr.
Thus, owing to the factors mentioned above, the market is expected to grow significantly during the forecast period.
