Albany, NY -- (SBWIRE) -- 09/22/2017 -- A report by Transparency Market Research predicts the global market for thin film manufacturing to rise at a healthy CAGR of 9.0%. At this rate, the market, which was worth US$7.338 bn in 2015 is expected to become worth US$15.984 bn by 2024.
The different types of products available in the global thin film manufacturing market are transdermal thin film and oral thin film, among others, namely ocular thin film. Among them, the oral thin film segment will likely see maximum uptake on account of its many advantages such as the ability to deliver drugs through the oral mucosa, ease of transportation and ease of handling, negating the hepatic first pass effect, and quick onset of action. As a result, the segment is expected to register a robust CAGR of 18.3% from 2016 to 2024.
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Geographically, the key segments of the global thin film drug manufacturing market are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. At present, North America is a market leader with a dominant share. The U.S. primarily drives the market in North America on the back of technological progress in pharmaceutical research and growing demand of novel drug delivery. In fact, the U.S. accounted for almost 85.3% share in 2016.
Lack of Drawbacks of Conventional Medicine Makes Thin Film Drugs Popular
The thin film drugs are witnessing widespread sales, especially in European countries and the U.S., due to their ease of application and high effectiveness in achieving the required therapeutic results. They do not have the drawbacks of conventional forms of dosages such as difficulty of administration, lower bioavailability, and non-compliance of patients. Instead, they bring about exact dosages which helps to achieve the desired outcome. All these unique perceived benefits are predicted to have a positive impact on the market in the next couple of years.
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Demand for thin film drugs is also seeing an upswing worldwide on account of thrust on research and development, particularly of innovative polymeric thin films.
A recent key trend noticeable in the market is the shifting of gaze by most savvy players to the lucrative Asia Pacific market which is expected to expand at a cracking pace in the foreseeable future, powered by countries of Japan, India, and China. The market in the region is expected to be driven by new product launches having wider applications, supportive regulations, and rising awareness.
The global thin film drug manufacturing market has been witnessing healthy competition on account of a wave of consolidation among existing players. Some such prominent players operating in the market are MonoSol Rx, Indivior Plc., ZIM Laboratories Limited., and IntelGenx Corp.
In a bid to stay ahead of competition in the global thin film drug manufacturing market, these players are investing heavily in research and development to come up with technologically superior products. They are also expanding their production facilities to cater to the increasing demand worldwide. Further, they are attempting to expand their geographical outreach by adopting sagacious expansion strategies.
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