The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, May 11, 2023 /PRNewswire/ -- As per The Business Research Company's Transdermal Skin Patches Global Market Report 2023, the global transdermal skin patches market size will grow from $7.1 billion in 2022 to $7.42 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The transdermal patch market size is then expected to grow from $8.4 billion in 2027 at a CAGR of more than 3%.
The rapidly increasing aging population is expected to propel the transdermal skin patches market growth going forward. The aging population refers to persons, aged 60 and above. Transdermal skin patches are a good alternative route of administration for the geriatric population, who are polymedicated, and ensure a constant rate of drug administration and prolonged action. For instance, according to the World Health Organization, 80% of older people are expected to live in low- and middle-income countries by 2050. 1 in 6 people in the world will be aged 60 years or over by 2030. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Therefore, the increasing size of the aging population will drive the growth of the transdermal skin patches market.
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Major transdermal skin patch companies are focused on product innovations and developing new product solutions to strengthen their position in the market. For instance, in 2022, Corium, a commercial-stage biopharmaceutical company launched transdermal patch, Adlarity for treating Alzheimer's. Aldarity, a one-weekly patch, delivers consistent doses of donepezil through the skin. Further, in April 2021, BASF SE, a Germany-based chemical company, introduced Sacred Patch®, a new transdermal skin patch with a skincare active component to promote emotional well-being. Sacred Patch is based on BASF's MicroPatch® technology and is designed to maximize the value of the valuable algal extract sacran.
In addition, companies in the transdermal skin patches market are focusing on diabetes transdermal patches to capitalize on expanding investment prospects. Diabetes skin patches provide a noninvasive sampling of interstitial glucose levels and has the potential to revolutionize this process. For instance, in 2021, the University of Bath, England, a public research university developed a transdermal patch that is capable of testing glucose from the interstitial fluid without the need of measuring blood glucose itself.
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North America was the largest region in the transdermal skin patches market, accounting for 35.2% of the total in 2022, as per the transdermal skin patches analysis. The transdermal skin patches market size will gain the most in the USA at $227.24 million. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the transdermal skin patches market will be South America and Asia Pacific.
The transdermal skin patches market report describes and explains the transdermal skin patches market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
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