The transdermal drug delivery systems (TDDS) market is expected to reach US$49.370 billion by 2024 from US$37.790 billion in 2018 growing at a CAGR of 4.56%. Transdermal drug delivery involves delivering medications in systemic circulation through the skin at a controlled rate, thereby, maintaining effective plasma level concentration of the drug in the body over a prolonged period of time. The drugs are usually applied in the form of an ointment, patches or plaster which is then absorbed into the systemic circulation. Certain factors are taken into consideration while delivering drugs through the skin, this includes skin age, condition, physicochemical factors, and environmental factors. The drug delivery is non-invasive and bypass first-pass metabolism, thus, increasing the bioavailability of the drug. The market growth is attributed to the growing adoption of the TDDS due to the various advantages offered by TDDS which include prolonged therapeutic effect, reduced side-effects, improved bioavailability, better patient compliance and easy termination of drug therapy. However, the inability of the skin to absorb a large range of medications will restrain the market during the forecast period.
Prevalence of chronic diseases.
Increasing health expenditure worldwide.
Stringent regulations regarding the approval of medical devices.
On January 10, 2017, 3M Drug Delivery Systems announced that it has entered into a new phase of an ongoing collaboration with Panacea Pharmaceuticals, Inc. on new cancer vaccine to be delivered directly into the dermis/skin through 3M™ Hollow Microstructured Transdermal System (HMTS).
On 21st May 2019, Mercia Technologies PLC invested £2 million in the Medherant Limited which is the clinical-stage developer of innovative transdermal delivery products for pain and CNS diseases with its unique TEPI Patch® technology.
The major players profiled in the global transdermal drug delivery systems (TDDS)market include 3M, ProSolus, Inc., Zosano Pharma Corporation, Medherant Limited, Tapemark, Toyochem Co. Ltd., Delivra Corp, Epinamics GmbH, and AdhexPharma among others.
The global transdermal drug delivery systems (TDDS) market has been analyzed through the following segments:
Gels and Ointments
Hospitals and Clinics
Home Care Settings
Middle East and Africa