Oral thin film market to grow at a CAGR of 9.2% during the forecast period, notes TMR study
ALBANY, NY, March 7, 2022 /PRNewswire/ — The global oral thin film market was worth US$2.6 billion in 2019. The market is expected to grow at a CAGR of 9.2% during the forecast period, 2020 to 2030. The oral thin films market is expected to reach a valuation of US$6.6 billion by 2030. The global oral thin film market is expected to be driven by extensive R&D activities, increase in demand for thin film drug delivery systems, and strategic collaborations between new technology owners and major pharmaceutical companies during the forecast period.
Oral thin films with large surface areas have rapid disintegration, wetting and dissolution, resulting in additional potential for pharmaceutical companies. They are taking advantage of the business prospects to treat migraines and schizophrenia as neurological diseases are expected to generate the most revenue in the global oral thin films market.
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The mechanical qualities of drug-eluting oral thin films, such as tear strength and elongation at break, are key aspects for handling, production, and shipping, and are considered by manufacturers. . Oral thin films are being developed with the goal of achieving precise dosing and flexibility, allowing them to be perforated as well as manipulated in size and thickness for the delivery of extremely uniform dosages.
Key Findings of the Market Report
- Thin-film drug delivery technologies are becoming increasingly popular due to advantages such as larger surface area, precise medicine, and pleasing color and flavor over standard drug delivery systems. Patients and healthcare professionals are said to prefer thin film drugs because they are patient friendly and provide high quality results. Patients benefit from oral thin-film medications because they are easy to store and transport. Moreover, these provide an exact and precise dosage, which gives the desired beneficial result. As a result, the thin film drug delivery system market has attracted a lot of interest. The global market has been further triggered by a high degree of acceptability and incredible benefits.
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- Based on product type, in 2019, the global oral thin film market was dominated by sublingual films, and this trend is expected to persist during the forecast period. The category is likely to grow due to a robust product pipeline, significant research initiatives, and growing market acceptance of sublingual film.
- In 2019, the neurological disease category accounted for a major share of the global oral thin film market based on indications. The category is likely to be driven by an increase in the incidence of neurological diseases.
- In 2019, the retail pharmacy distribution channel category dominated the market, driven by growth in the number of retail pharmacies in developing countries, higher propensity for retail pharmacies among end users and availability of a wide variety of items.
- During the forecast period, North America is expected to occupy a dominant position in the global market. The regional market is driven by higher product availability, adoption of oral thin films, and existence of multiple vendors compared to other regions.
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Global Oral Thin Films Market: Growth Drivers
- As more and more people adopt sedentary lifestyles, companies are developing oral thin films that change the dosage of supplements. Pharmaceutical companies in the global market have noticed the simple yet quick method of producing oral strips compared to capsules and tablets.
- Attributed to the dominance of regional and global companies and increasing demand for oral thin films, the market for Asia Pacific is likely to grow at a high CAGR during the forecast period. China and Japan are considered profitable regions for the global market. In these countries, there is a large population of elderly patients with dysphagia, along with an increase in healthcare expenditure, which is likely to propel the regional market.
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Global Oral Thin Films Market: Key Players
Some of the major players in the market are
- Kyu Pharmaceutical Co Ltd
- Sunovion Pharmaceuticals, Inc.
- LIVKON Pharmaceuticals pvt. ltd.
- ZIM Laboratories Limited
- Aquestive Therapeutics, Inc.
- Pharmaceutical Cure
Global Oral Thin Films Market: Segmentation
- Sublingual film
- Quick dissolving oral film
- Mouth film
- pain management
- Neurological disorders
- Nausea Vomiting
- Opioid addiction
- Hospital pharmacies
- Retail pharmacies
- Online pharmacies
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