Global Transdermal Drug Delivery Market Is Anticipated To Expanding At A CAGR Of 7.5% Over The Forecast Period 2017-2024
Global transdermal drug delivery market reached USD 4,200.3 Million in 2016 and is expected to reach USD 7,358.0 Million by the end of 2024, expanding at a CAGR of 7.5% over the forecast period i.e. 2017-2024. Factors such as growing pharmaceutical industry, increasing global population, rising number of chronic patients are likely to aid the growth of transdermal drug delivery market.
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North America is slated to account for a leading share of 33.7% in the terms of revenue by 2024 in the transdermal drug delivery market. The growth in the region is anticipated to be fostered by the high spending on healthcare in the region. Besides, high adoption rate of advance technologies is also expected to impel the growth of transdermal drug delivery market in the North America region. U.S. is the prominent market in the region.
Europe market is expected to expand at a CAGR of 6.6% during the forecast period i.e. 2017-2024. Further, U.K. & Germany are the major contributor to the growth of transdermal drug delivery market.
In addition to this, U.K. transdermal drug delivery market is expected to reach USD 249.1 Million by the end of 2024 from USD 149.1 Million in 2016. Further, U.K. is anticipated to flourish at a CAGR of 6.8% over the forecast period. U.K. transdermal drug delivery market contributed around 12.2% market share of total Europe transdermal drug delivery market in 2016. Further, U.K. is projected to capture 12.4% market share by 2024. U.K. transdermal drug delivery market expected to achieve Y-o-Y growth rate of 7.9% in 2024 as compared to previous year.
Global transdermal drug delivery market is segmented on the basis of application into cardiovascular, CNS, pain management, dermatology and others. Cardiovascular transdermal drug delivery (23.5% share in 2016) occupies the largest market of transdermal drug delivery across the globe. Further, global cardiovascular transdermal drug delivery market is anticipated to reach USD 1,911.3 Million by the end of 2024 from USD 987.2 Million in 2016.
Electric current segment is further sub-segmented into electroporation and iontophoresis, out of which, iontophoresis segment with 60.6% share is anticipated to have the largest share by 2024. Additionally, iontophoresis sub-segment accounted for USD 635.6 Million in 2016 and is forecasted to reach USD 1,232.1 Million by the end of 2024. Further, iontophoresis segment is forecasted to observe a growth rate of 1.9x over the forecast period.
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