Surge in population across the world has given way to a steep increase in demand for geriatric medications and treatments. At the same time, the number of patient pool suffering from chronic syndromes such as arthritis, heart ailments, and diabetes has also amplified to a significant extent. These factors have escalated the adoption of transdermal drug delivery systems in more than one way.
According to Allied Market Research, the global market is anticipated to cite a remarkable CAGR from 2021 to 2030. The ongoing research & development activities and increasing acceptance of these expedients have facilitated the growth of the transdermal drug delivery systems market for years to come. As for example, the U.S FDA had come up with a new act for Adlarity, a weekly transdermal patch, in early 2021, for the treatment of individuals suffering from dementia.
On the other hand, soaring demand for self-administration of medications has been highly beneficial for the growth of the market. For instance, individuals with diabetes call for long-standing treatment, since insulin has to be headed up through the patient's body with the aid of injections in a persistent mode. And, the increasing patient preference, over the last decade, for pain-free drug management has given way to a considerable rise in the adoption rate of cohesive skin patches that administer medicines.
In keeping with the Department of Economic & Social Affairs, United Nations, in the year 2017, the total number of individuals aged sixty years and above was more than nine-hundred million, which is beyond twice as huge as it was back in 1980. Moreover, the number of geriatric population is projected to get even twofold by the year 2050, almost reaching more than two billion, which in turn is projected to increase the count of geriatric diseases, thus impacting the transdermal drug delivery systems market positively.
COVID-19 Analysis:
During the COVID-19 pandemic lockdown, various players in the transdermal drug delivery systems market reduced their business in countries, such as China, the U.S., and India owing to disruption of supply chain. This break directly impacted the transdermal drug delivery systems manufacturing companies. In addition, extensive focus of major countries on development of vaccines also negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to boost the transdermal drug delivery systems market growth.
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As per Centers for Disease Control & Prevention, six in every ten adults in the United States tend to have chronic health syndromes and four in every ten individuals suffer from two or more chronic issues. This has considerably amplified the expenditure on healthcare services. Moreover, as stated by the U.S. Centers for Medicare and Medicaid Services, the overall healthcare outlays in America accounted for more than four trillion dollar, garnering a surge of almost ten percent and contributing to above nineteen percent of GDP in 2020 in the United States.
The transdermal drug delivery systems market witnessed significant growth in the past decade, owing to increase in number of patients suffering from chronic diseases and rapid growth of the pharmaceutical industry. A number of players in the transdermal drug delivery systems market are expanding their business to strengthen their foothold in the global market. By type of delivery, the passive segment dominated the transdermal drug delivery systems market in 2020, in terms of revenue. This is attributed to rise in increased spending on healthcare facilities. Depending on application, the motion sickness segment is expected to grow at a higher CAGR during the forecast period, owing to rise in number of travelers
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