Oral Thin Film Drugs Market-Highlights
Oral thin film drugs have gained popularity as a method of drug delivery due to its ability to dissolve rapidly on contact with saliva. The global oral thin film (OTF) drugs market is on a trajectory to scale valuation of USD 4,068.7 Mn at a CAGR of 10.50% over the forecast period of 2018-2023, reveals Market Research Future (MRFR) in a detailed research report.
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Demand for faster drug action has fuelled the demand for oral thin film (OTF) drugs. Hydrophilic polymers present in oral thin film drugs dissolve faster and gets infused in the bloodstream when comes in contact with oral mucosa. Owing to its superior property of quicker absorption, they serve as better alternatives for other forms of medicine.
High demand from the geriatric and pediatric population is a significant driver for the growth of the oral thin film drugs market. Children, as well as the aged populace group, require advanced drug delivery methods since administering medicines to them can be difficult at times owing to their physical inabilities. These medicines are of immense benefit to patients who are bedridden or offer no cooperation. In addition, they are the perfect method for drug delivery to pediatric cases as they do not require swallowing.
On the contrary, the inability of oral thin film drugs to be administered in high doses and chances of drugs causing an ulcer or irritating mucosa might hinder the growth of the market. Moreover, complex and lengthy approval procedures before launching and stringent regulatory norms further deter the growth of the market. However, oral thin film drugs market has vast opportunities for expansion in the developing regions. The governments in the developing regions are investing heavily on R&D of oral thin film drugs which is expected to attract a lot of investment from key players.
Oral Thin Film Drugs Market Segmentation
The global oral thin film drugs market has been segmented based on product, disease indication, and distribution channel.
By product, the market has been segmented into sublingual and fast dissolving buccal film.
By disease indication, the market has been segmented into opioid dependence, migraine, schizophrenia, and nausea and vomiting, and others.
By distribution channel, the market has been segmented into hospital pharmacies, retail pharmacies, online drug stores, and others.
Oral Thin Film Drugs Market Regional Analysis
The key markets for oral thin film drugs include the Americas, Europe, Asia Pacific, and the Middle East & Africa.
In 2017, the Americas stood at the pole position of the global oral thin film drugs market. The presence of key players in the region, high expenditure on healthcare in countries such as the US and Canada, and the booming population in the region fuels the growth of the Americas market. Also, the growth of retail pharmacies in the region can help the Americas market achieve a CAGR of 10.72% over the forecast period.
High government support and availability of healthcare funds support the growth of the Europe market for oral thin film drugs. The strong economies of France, Germany, and the UK are expected to assist the Europe market to to expand at a CAGR of 9.44% over the forecast period.
The Asia Pacific market is projected to exhibit robust growth and reach USD 543.3 Mn by the end of 2023. Fast developing economies of India, China, and Japan, changing healthcare sector in the region, and the growth of the geriatric population in the region favors the growth of Asia Pacific oral thin film drugs market.
The Middle East & Africa market is expected to witness sluggish growth owing o slow economic development in the African region. However, a High healthcare budget in the Gulf countries is expected to drive the market over the forecast period.
Oral Thin Film Drugs Market Competitive Landscape
GlaxoSmithKline Plc (U.K.), Johnson & Johnson Services, Inc. (U.S.), LTS Lohmann Therapie-Systeme AG (Germany), Indivior Plc (U.S.), Novartis AG (Switzerland), CURE Pharmaceutical (U.S.), Pfizer Inc. (U.S.) are the prominent players operating in the global oral thin film drugs market.
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