The global thin film drugs market size was valued at USD 7.35 billion in 2020 and is projected to grow from USD 8.16 billion in 2021 to USD 16.27 billion in 2028, exhibiting a CAGR of 10.5% in the 2021-2028 period.
The Thin Film Drugs Market research report for 2028 highlights the important market trends in the industry. In addition to looking at entry barriers, sales channels, distributors, and Porter's Five Forces Analysis, this market analysis also looks at market size, market share, growth rate, future trends, market drivers, opportunities, challenges, and risks. The research shows changes in CAGR figures over the market's projection period. The leading brands or companies are generally accountable for the modifications in the market landscape through their innovations, product launches, joint ventures, mergers, and acquisitions, which modify the perception of the industry's global face.
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This Thin Film Drugs Market Report provides its clients with authentic data that aids in making important decisions by providing a market outlook. This report also keeps track of all recent market advancements and innovations. It provides information on the challenges faced when starting a business and offers advice on how to deal with impending difficulties.
Major Market Players Profiled in the Report include:
- Pfizer, Inc.(U.S.)
- Allergan (Ireland)
- ZIM Laboratories Limited (India)
- Novartis AG (Switzerland)
- Aquestive Therapeutics (U.S)
- Sumitomo Dainippon Pharma Co. Ltd. (Japan)
- IntelGenx Corp (Canada)
- Wolters Kluwer (Netherlands)
- XPhyto Pharma (Germany)
- Other Prominent Players
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Market Drivers:
Cannabis-based drug development to spur growth
The market for thin film drugs is expected to grow in the coming years as a result of the increasing technological developments taking place in the area of drug delivery systems. Numerous startup companies are also funding the creation of cannabis-based medicines. For instance, XPhyto Pharma anticipates using the thin firm drug delivery method to produce about 13 different medications. As of February 2021, the study is undergoing a Phase II clinical trial in Europe. Growth could be hampered, though, by the absence of significant investments in emerging economies.
Segments:
Retail Pharmacy Segment to Dominate Supported by Simple Drug Access
Based on the product, disease indication, distribution channels, and geographic regions, our analysts have segmented the market. It is divided into transdermal film drugs and oral thin film (OTF) drugs based on the final product. It is divided into opiate dependence, migraine, schizophrenia, and other conditions based on the disease indication. An example of the distribution channel criterion is given below:
Hospital pharmacies, retail pharmacies, and other types of pharmacies are divided according to distribution channels. In 2020, the retail pharmacy market segment dominated this group by capturing the largest market share for thin film drugs. Thin film drug delivery models are easily accessible in retail pharmacies due to their possession of generic molecules, which is responsible for this growth.
Regional Perspectives:
European growth will be boosted by government initiatives to develop novel drug delivery systems.
North America: In terms of revenue, the region brought in 2.66 billion USD in 2020. It is anticipated to experience significant growth, driven by the rising incidence of neurological diseases like Alzheimer's and Parkinson's disease in the United States. According to the Alzheimer's Association, 5.8 million Americans 65 years of age and older had Alzheimer's dementia as of 2020. Growth would also be aided by the increasing number of schizophrenia cases in the area.
Europe: The region's expanding research and development efforts to produce thin film medications will support growth. Along with this, the escalating government funding and initiatives to develop novel drug delivery systems would speed up growth.
Asia Pacific: Due to rising infrastructure spending on healthcare and an ageing population, the region is expected to experience stable growth. Additionally, the growing understanding of the advantages of using these drugs would support regional development.
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Questions Answered in the Thin Film Drugs Market Research Report
- Which are the leading players active in the Thin Film Drugs Market size?
- What are the detailed impacts of COVID-19 on the market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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