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(Medical-NewsWire.com, April 10, 2019 ) Market growth is largely driven by the global increase in the prevalence of chronic diseases. In addition, technological advancements in transdermal drug delivery systems are also expected to support market growth in the coming years.
The transdermal patches segment is expected to grow at the highest CAGR during the forecast period
On the basis of type, the transdermal drug delivery systems market is segmented into transdermal patches and transdermal semisolids. In 2018, the transdermal patches segment is expected to account for the larger share of the transdermal drug delivery systems market. This drug delivery system offers several advantages, such as reduced dosing frequency, improved bioavailability, reduced adverse events, and drug input termination at any point by the removal of the patch. Also, the use of patches results in increased patient compliance due to their non-invasive nature and painless application. These factors are expected to drive market growth.
By application, the pain management segment is estimated to hold the largest share of the transdermal drug delivery systems market
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Based on applications, the market is segmented into five categories pain management, central nervous system disorders, hormonal applications, cardiovascular diseases, and other applications (smoking cessation, motion sickness, and overactive bladder treatment). In 2018, the pain management segment is expected to account for the largest share of the transdermal drug delivery systems market. The large share of this segment can be attributed to the high burden of chronic pain worldwide and the growing availability of transdermal products for pain management.
Home care settings segment is expected to grow at the fastest rate during the forecast period
On the basis of end users, the transdermal drug delivery systems market is segmented into home care settings and hospitals & clinics. The home care settings segment is expected to grow at a higher CAGR during the forecast period. The high growth in this segment can be attributed to the increase in self-administration of medication at home, rapid growth in the geriatric population across the globe, and the growing need for cost-effective drug administration.
North America is expected to hold the largest market share during the forecast period
North America is the major revenue generating region in the transdermal drug delivery systems market. The transdermal drug delivery systems market in the region is driven by the rising prevalence of targeted diseases (such as chronic pain, central nervous system disorders, and cardiovascular diseases) in the region, the increasing use of contraceptives, and the increasing number of research activities related to transdermal drug delivery systems.
The key players in the transdermal drug delivery systems market are Hisamitsu Pharmaceutical (Japan), Mylan (US), UCB (Belgium), Novartis (Switzerland), GlaxoSmithKline (UK), Boehringer Ingelheim (Germany), Johnson & Johnson (US), Endo International (Ireland), and Purdue Pharma (US).
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