According to the latest reports published by Market Research Future Reports, the global oral thin film drugs market is all set to expand at a CAGR of 10.50% from 2018 to 2023. Oral drug delivery considered as an essential part of drug delivery and pharmaceutical industry. Patients with dysphagia (which means difficulty in swallowing) require oral administration of drugs. Thus, oral thin film medication is established for a smooth swallow of medicines than capsules or tablets. The fast dissolving medicines are a better alternative than capsules, syrups, and tablets. These drugs are beneficial for patients on the go or patients with swallowing problems. To improve patient compliance various types of vaccines and hormones, the market players are continually making developments in this field, which is, in turn, contributing tremendously to the global oral thin film drugs market to rise in the years to come.
Global Oral Thin Film Drugs Market: Drivers & Trends
The boosting factor for the growth of oral thin film drugs market can be credited to the expanding geriatric population coupling with the need for advanced drug delivery methods. Even, factors such as continuous investments that are being made in research and development (R&D) by companies and manufacturers to create easy dissolvable solutions for other diseases is highly expected to spur the market growth over the assessment period. With that, the introduction of oral thin film drugs in developing countries can act as a good revenue source for the oral thin film drugs market in the years to come.
The sharp rise in the oral thin film drugs market is noticed in the numbers of the elderly population, where the demands of it are likely to evoke 2018 to 2023 (forecast period). The pharmaceutical companies and the manufacturers are actively carrying out tremendous research and development to switch from their existing drugs to the fast-dissolving oral thin films drugs. This factor is also highly valuing the market in the years to come with substantial proliferation rate.
The oral thin film drugs delivery system has been used for both systemic and local action with the help of several routes such as oral, buccal, sublingual, ocular, and transdermal routes. Thus, the production of oral thin films is continually upgraded to the next level with the advancement in technology. These are being used extensively to offer enhanced taste masking and with easy absorption. Therefore, the growing reputation of oral thin films as an emerging, and effective drug delivery system is foreseen to push the growth of the oral thin film market in the projected time.
On the flip side, the expensive cost of treatments that involves oral thin films is projected to loom over the market as a serious threat that could discourage the rise in demand for oral thin films drugs. Other factors such as the requirement of enormous research investment and challenges related to the development of drug could hamper the demand in the global oral thin films market. On the other hand, however, the market is prognosticated to exhibit stable growth with penetration rate, approval, and development of more drugs with more advanced characteristics.
Some prominent players in the oral thin film drugs market include Johnson & Johnson Services, Inc. (U.S.), Pfizer Inc. (U.S.), CURE Pharmaceutical (U.S.), Novartis AG (Switzerland), LTS Lohmann Therapie-Systeme AG (Germany), GlaxoSmithKline Plc (U.K.) and Indivior Plc (U.S.).
According to the research done by Market Research Future Reports, the global oral thin film drugs market has been segmented by product, disease indication, and distribution channel.
By the mode of product, the market is categorized into sublingual and fast dissolving buccal film.
By the mode of disease indication, the market is segmented into opioid dependence, migraine, schizophrenia, and nausea and vomiting, and others.
By the mode of distribution channel in the report includes hospital pharmacies, retail pharmacies, online drug stores, and others.
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In the reports of MRFR, geographically the oral thin film drugs market is analyzed among essential regions such as Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa.
Among these, the Americas accounts the lion's share of the market in 2017 owing to the factors such as the existence of well-known players in the healthcare sector, increased healthcare expenditure of nations such as the U.S., as well as sophisticated healthcare expenditure.
Then comes the European oral thin film drugs market, which is also expanding at a higher CAGR over the forecast period owing to some supportive government healthcare funds that are helping the patients to overcome diseases. The strong economies of France, Germany, and the U.K. generally contribute to market revenue, which will extend until 2023 as well.
The Asia Pacific region is also touted to experience a robust growth rate of the market owing to developing economies in India, China, Japan, and more, changing the healthcare sector, and increasing geriatric population.
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