Fentanyl Transdermal Patches Market: Overview
- Fentanyl transdermal patches are used for administration in opioid-tolerant patients with severe, persistent, and moderate to severe chronic pain. These patches are utilized when an opioid analgesic is needed to be used for an extended period of time.
- Fentanyl is known to be a strong opioid agent and is considered to be 100 times more potent in comparison to morphine. Commercially, this agent is available either as a patch or a transdermal therapeutic system (TTS) that tends to supply drugs to the skin surface, and offers continuous drug delivery to body circulation for a number of days.
- In 1960, Fentanyl was first manufactured by Paul Janssen. It was approved for medical usage in the United States in the year 1968. Around the globe, it was estimated that in 2015, over 1,600 kilograms were used in health care.
- The global fentanyl transdermal patches market is projected to expand at a significant pace during the forecast period. The growth of fentanyl transdermal patches market is expected to be driven by increase in prevalence of chronic pain, cancer pain, rise in prescription rate for fentanyl patches, and high demand for OTC non-opioid or pain medicines.
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Key Drivers of Global Fentanyl Transdermal Patches Market
- The global fentanyl transdermal patches market is driven by rise in patient population experiencing chronic pain, cancer pain, increased demand for OTC patches, and low prices, owing to patent expiration for innovative transdermal patches
- Large number of players in the fentanyl transdermal patches market are investing in the development of improved sand materials for transdermal patches. For instance, in August 2015, Sparsha Pharma International Pvt. Ltd., a Hyderabad-based transdermal patch maker, launched the generic version of the fentanyl patch, a synthetic narcotic drug delivered through an adhesive patch attached to the skin, in the U.S. Sparsha Pharma invested around US$ 7 Mn to build a transdermal drug delivery development and manufacturing facility in Hyderabad, of which, US$ 4 Mn were raised from Japan-based transdermal patch maker, Teikoku Pharma.
- Increase in geriatric population is likely to propel the incidence rate of chronic diseases, such as diabetes, cancer, and bone-related disorders, as elderly people are at a greater risk of these diseases. Moreover, growth in patient pool is expected to drive the demand for transdermal pain management drugs as a treatment option against these diseases.
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North America to Hold Major Share of Global Fentanyl Transdermal Patches Market
- North America is projected to account for a prominent share of the global fentanyl transdermal patches market during the forecast period
- Use of transdermal drug delivery system has increased for pain management of certain conditions, such as cancer. Transdermal patches can deliver pain management drugs at a predetermined rate across the dermis to achieve either a local or a systemic effect.
- Rise in prevalence of cancer is likely to drive the adoption of transdermal pain management drugs for the treatment of chronic pain
- According to the American Cancer Society, in 2019, 1,762,450 new cancer cases were diagnosed in the U.S.
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Key Players Operating in Global Fentanyl Transdermal Patches Market
Major players operating in the global fentanyl transdermal patches market are:
- Hisamitsu Pharmaceutical Co., Inc.
- Alvogen
- Icure PHARM. INC.
- Mylan N.V.
- Novartis AG
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Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
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TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
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