Thin film drug manufacturing market to be worth US$15,984.3 billion by 2024: Improved therapeutic output encourages healthcare industry to adopt thin film drugs.
Transparency Market Research (TMR) observes that the competition in the global Thin Film Drug Manufacturing Market is moderately high due to a significant level of consolidation. The leading players in the market are Indivior Plc., MonoSol Rx, IntelGenx Corp., and ZIM Laboratories Limited.
These players are expected to focus on research and development of advanced products to stay relevant in the competition. Expansion of production facilities and increasing geographical reach will also be key strategies adopted by the companies in the global market.
North America to Lead Market
According to the research report, the global thin film drug manufacturing market is expected to be worth $15,984.3 billion by the end of 2024 from $7,337.8 million in 2015. During the forecast years of 2016 and 2024, the global market is projected to exhibit a CAGR of 9.0 percent.
Among the various film types, the transdermal thin film is expected to surpass the revenue earnings of others. This segment accounted for a share of 73.6 percent in the global thin film drug manufacturing market in 2016 and is expected to continue its dominance in the coming years as well.
From a geographic point of view, North America is estimated to emerge as a leading regional market. As of 2016, North America thin film drug manufacturing market accounted for a share of more than 66.6 percent due a structured pharmaceutical industry in the region.
The growing demand for efficient drug delivery systems has augmented the uptake of thin film drugs due to their efficiency and effectiveness. The convenience of transportation and storage has encouraged patients to opt for these drugs. Thin film drugs also enable precise dosages to achieve desired outcomes. This factor is also expected to play an instrumental role bolstering the growth of the global market in the coming years.
The increasing investments in research and development of newer polymeric thin films as a method of drug deliver has also encouraged market growth. Thin film drugs are poised to gain attention in the healthcare industry as eliminate the disadvantages of associated with conventional forms of dosages such as inconvenience of administration, lower bioavailability, and patient non-compliance among others.
Lower Manufacturing Costs
The lower manufacturing cost of thin film drugs as compared to traditional dosage forms has proven to be integral market driver in the global market. Higher revenue margin, lower production costs, and enhanced therapeutic output have collectively resulted in lucrative growth options for the offerings in the global thin film drug market.
The ongoing efforts by pharmaceutical companies and research institutes to collaborate and achieve collective goals are also expected to translate into growth of the global thin film drug manufacturing market in the near future.
On the flip side, the global market is being stymied by a few challenges. The key restraint in the global market is the high cost associated with treatment. The high cost of thin film drugs as compared to conventional drug dosages is expected to dissuade end users.
Furthermore, the global market is also likely to be challenged by the difficult task for multi-drug delivery in the form of thin film drugs due to the varying rates of disintegration and dissolution from the intended property. The issues in delivery of medicine can have a negative impact on therapy, which is regarded as an important deterrent in the global market.
This review is based on Transparency Market Research’s report titled, “Thin Film Drug Manufacturing Market (Product – Oral Thin Film (Sublingual Film and Fully Dissolving Dental/Buccal Film), and Transdermal Thin Film; Disease Indication – Schizophrenia, Migraine, Opioid Dependence, and Nausea and Vomiting; Distribution Channel – Hospital Pharmacies, Drug Store, Retail Pharmacies, and E-Commerce) – Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2016 – 2024.”
The global thin film drug manufacturing market is segmented as follows:
Market by Product Type
- Oral Thin Film
- Sublingual Film
- Fully Dissolving Dental/Buccal Film
- Transdermal Thin Film
- Others (ocular thin film, etc.)
Market by Disease Indication
- Opioid Dependence
- Nausea & Vomiting
Market by Geography
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa
- South Africa
- Saudi Arebia
- Rest of MEA
Transparency Market Research is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. The research reports provide a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
(Source: PR Newswire)