Transdermal Drug Delivery Systems Market to Double in Size during 2017–2023

All these conditions require long-term medication, which is increasingly being delivered via the skin. Therefore, owing to the rising prevalence of chronic diseases, the transdermal drug delivery systems market is projected to grow from just over $30.0 billion in 2016, to more than $60.0 billion in size by 2023, at a CAGR of 9.8% during 2017–2023 (forecast period). Such devices are of two types — passive, which send the medication into the dermis simply via osmosis, and active, which use an external force, such as electricity, to accomplish the task. In 2016, the passive variants were more popular due to their easy application.

Additionally, the elderly are more susceptible to diseases than younger people, as they are considerably immunocompromised. Across the world, the population of the elderly is rapidly increasing, primarily owing to a rise in the life expectancy. The United Nations Department of Economic and Social Affairs, in its latest World Population Ageing report, claims that by 2050, the population in the age group of 65 and above will rise to 1.5 billion, from 703 million in 2019. As a result of this, the incidence of several diseases will also increase, which would lead to a higher usage of transdermal drug delivery systems.

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Across the globe, North America recorded the highest usage of such devices, due to the growing number of chronic disease patients and the increasing demand for drug delivery methods that are painless. During the forecast period, people in Asia-Pacific (APAC) are predicted to adopt such devices the most rapidly, as a result of the improving healthcare facilities, surging healthcare expenditure, high population, especially of the elderly, and increasing awareness on the technology. Within the region, the transdermal drug delivery systems market growth in India would be the fastest.

Thus, as the number of people suffering from painful conditions and diseases requiring medication increases, so would the use of devices that deliver medication through the skin, thereby making the process almost painless.

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Created on Feb 14th 2020 03:19. Viewed 271 times.

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