Portland, OR -- (SBWIRE) -- 07/06/2017 -- According to a new report published by Allied Market Research, titled, "Transdermal Drug Delivery Systems Market by Type of Delivery System and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global transdermal drug delivery systems market was valued at $ 32,516 million in 2016, and is projected to reach $61,689 million by 2023, growing at a CAGR of 9.5% from 2017 to 2023. The passive system segment held more than three-fifths share of the total market in 2016.

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Transdermal drug delivery systems are used to deliver drug through intact skin at a controlled rate into the systemic circulation. Increase in geriatric population and rise in number of patients suffering from chronic disorders, such as hypertension, diabetes, and angina, are expected to drive the market growth. Moreover, surge in adoption of new delivery system technologies, such as ultrasound, boosts the market growth. However, disadvantages of these delivery systems, such as irritation at the site of application and edema, are expected to impede the market growth.

The passive system segment is expected to dominate the market throughout the analysis period, owing to increase in the incidence of chronic disorders, such as hypertension. The active system segment is expected to register highest CAGR of 12.8% during the forecast period.

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Key Findings of the Transdermal Drug Delivery Systems Market:

-Reservoir system segment is projected to grow at a CAGR of 7.3% during the forecast period.

-Matrix system contributed for nearly two-third share of the global passive transdermal drug delivery systems market, in 2016.

-Structure-based drug delivery system segment is expected to register the highest CAGR of 13.3% during the analysis period.

-Cardiovascular disorders segment is expected to grow at the highest CAGR of 10.8% during the forecast period.

-Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific transdermal drug delivery systems market in 2016.

Asia-Pacific is projected to register the highest CAGR of 10.1% during the forecast period, owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (India and China) to cater to the unmet medical needs. Technological advancements to develop cost-effective technologies in these nations offer a lucrative opportunity for the market growth.

Key Players of Market:

The major companies profiled in the report includes Novartis AG, Johnson & Johnson, Mylan N.V., Boehringer Ingelheim GmbH, Bayer AG, Bristol-Myers Squibb Company, GlaxoSmithKline plc., Acrux Limited, Echo Therapeutics, Inc., and Endo Pharmaceuticals Inc.