Prescription Transdermal Patches Market: Introduction
- Transdermal drug delivery system, also known as patches, is a non-invasive way of delivering medication into the skin or dermis surfaces. Transdermal patches have a number of advantages over oral and hypodermic injections. These provide better biocompatibility in hepatic metabolism and increase flexibility in drug administration.
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- Increase in prevalence of chronic pain, cancer pain, rise in autoimmune arthritis pain types, demand for opioids drugs/patches, such as fentanyl, and use of types of diclofenac drugs in the form of gels, patches, creams, etc., are likely to drive the use of transdermal pain management drugs
- According to the Arthritis Foundation, in 2016, in the U.S., 39 studies with 10,631 participants found that topical diclofenac provides sufficient levels of pain and relief in osteoarthritis. For instance, diclofenac sodium 1% gel used for osteoarthritis pain of hands, wrists, elbows etc.
- In the U.S., Medicare and Medicaid are government organizations that provide reimbursement for acute pain, chronic pain, cancer pain, and post-operative pain treatments. Medicare is considered to be the largest and the most important third-party government payer for chronic wound patients in the U.S.
- The global prescription transdermal patches market is projected to expand at a significant pace during the forecast period. The growth of prescription transdermal patches market can be attributed to increase in prevalence of chronic pain, cancer pain, rising prescription rate for prescription patches, and high demand for pain medicines.
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Key Drivers of Global Prescription Transdermal Patches Market
- The global prescription transdermal patches market is expected to be driven by rise in patient population experiencing chronic pain, cancer pain, increased demand for patches, and low prices, owing to patent expiration for innovative transdermal patches
- Large number of players in the industry are investing in the development of improved design sand materials for transdermal patches. For instance, in August 2015, Sparsha Pharma International Pvt. Ltd, a Hyderabad-based transdermal patch maker, launched generic version of the prescription 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 was raised from Japan-based transdermal patch maker Teikoku Pharma.
- Increase in geriatric population is likely to increase the incidence of chronic diseases such as diabetes, cancer, and bone- related disorders as old people are at greater risk of these diseases. Increase in the patient pool is expected to drive 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 Prescription Transdermal Patches Market
- North America is expected to account for a major share of the global market during the forecast period
- The use of transdermal drug delivery system has risen exponentially for pain management of certain conditions, such as cancer, as transdermal patches can deliver pain management drugs at a predetermined rate across the dermis to achieve either a local or systemic effect
- Rise in prevalence of cancer is expected to drive adoption of transdermal pain management drugs among patients for treatment of chronic pain
- According to the American Cancer Society, in 2019, 1,762,450 new cancer cases were diagnosed in the U.S.
- According to the Center for Medicare Advocacy, Lidocaine Patch 5% is FDA approved for post hepatic neuralgia and diabetic neuropathy. It is a highly effective pain reliever and its unique non-narcotic and non-addictive properties make it a benign alternative to opioids, without the risks and side effects of opioids. However, coverage denials for lidocaine pose a major problem for people who become Medicare eligible or have a private insurance plan.
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Key Players Operating in Global Prescription Transdermal Patches Market
Major players operating in the global prescription transdermal patches market are:
- Hisamitsu Pharmaceutical Co., Inc.
- Alvogen
- Icure PHARM. INC.
- Mylan N.V.
- Novartis AG
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