Albany, NY -- (SBWire) -- 04/25/2019 --Global Thin Film Drug Manufacturing Market: Snapshot
The thin film drugs were recorded with high market acceptance due to its ease of application and high effectiveness. Moreover, developed economies such as the U.S. and countries in Europe recorded significant sale of thin film drugs. Thin film drugs achieve the desired therapeutic results. Therefore, they have gained attention in the market as a potential treatment option. According to the research report, the global thin film drug manufacturing market is expected to be worth US$15,984.3 mn by the end of 2024 from US$7,337.8 mn in 2015. During the forecast years of 2016 and 2024, the global market is projected to exhibit a CAGR of 9.0%.
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Demand for thin film drugs is increasing globally, leading to considerable research and development activities in the segment. The Journal of Controlled Release 2015 stated the market for oral thin film products exists with around 10 prescription products and around 29 such thin film products under clinical trials. Thus, the thin film drug manufacturing market is anticipated to expand considerably during the forecast period.
Oral Thin Films to Remain Popular due to Ease of Handling
On the basis of product type, the global thin film drug manufacturing market is segmented into oral thin film, transdermal thin film, and others such as ocular thin film among others. The report indicates that the oral thin film segment will be the most promising one as it comes with maximum advantages. These films deliver drugs through the oral mucosa and are known for ease of transportation, skipping the hepatic first pass effect, convenience of handling, and quick onset of action. In light of these benefits, the oral thin film segment is likely to surge at a significant CAGR of 18.3% between 2016 and 2024. Soaring revenue of this segment is attributable to the growing number of clinical trials and higher number of prescription products. On the other hand, the transdermal thin film segment is also poised to emerge with a substantial share in the global market by the end of the forecast period.
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North America Emerges as Leading Regional Market
By geography, global thin film drug manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, the and Middle East and Africa. In 2016, North America and Europe accounted for the largest share of the thin film drug manufacturing market. The U.S. dominated the thin film drug manufacturing market in North America, accounting for around 85.3% share in 2016. This dominance is majorly due factors such technological advancements in pharmaceutical research with rising demand of novel drug delivery. The extensive investments in research and development are also likely to benefit the regional market.
However, Europe is saturated and growing at slow steady rate while Asia Pacific is anticipated to witness the fast growth during the forecast period with major contribution of countries such as India, Japan and China. New product launches with broaden applications, favorable regulations, and growing awareness are likely to drive the market in Asia Pacific during the forecast period.
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Some of the key players in the global thin film drug manufacturing market are Pfizer, Inc., Novartis AG, Wolters Kluwer, Solvay, Allergan plc. Sumitomo Dainippon Pharma Co., Ltd., IntelGenx Corp. The global thin film drug manufacturing market is dominated only by few players, which makes the competitive landscape highly consolidated.
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Thin Film Drug Manufacturing Market Is Slated to Grow Rapidly in the Coming Years