China takes up the largest share in the market amidst rising investment in R&D.
Asia Pacific's transdermal drug delivery system market is projected to reach $1.74b by 2027 from $1.2b in 2019 amidst a growing demand for non-invasive ways to take medicine, according to a report from ReportLinker. This translates to a compound annual growth rate (CAGR) of 4.9%.
The growth of the market is also attributed to increasing prevalence of chronic diseases, as well as the high demand for self-administration of drugs. However, drug failures and recalls of transdermal drug delivery systems have hindered the market's acceleration.
China was found to be the largest market for transdermal drug delivery system, owing to a ramping up of investment in R&D for the development of the innovative of new drug delivery systems.
"The excessive population in China, coupled with the rising prevalence of chronic diseases is offering immense growth opportunities in the transdermal patches and semisolid products for the pain management market," the report stated.
However, with the geographic and economic operations between Asian countries and China, the countries are expected to witness challenge caused by COVID-19. The pandemic has badly affected supply chain, leading to a shortage of healthcare supplies in the region.
Moreover, domestic startups backed by international funding have already started witnessing back out from investors putting the development of the products in jeopardy.
The transdermal patch segment held the largest share of the market in 2019, and it is anticipated to register the highest CAGR in the market. The other segment, transdermal semisolid, includes drug-in-adhesive patches, matrix patches, reservoir membrane patches, and micro needle patches.
Such products were used the most in pain management in 2019. Further, hospitals and clinics were its biggest end users in 2019, but home care settings are expected to have the biggest growth in its use.
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