The global thin film drugs market size is projected to reach USD 16.27 billion in 2028. Fortune Business Insights™ published this information in a new study, titled, “Thin Film Drugs Market, 2021-2028.” The study further mentions that the market stood at USD 7.35 billion in 2020. It is expected to showcase a CAGR of 10.5% in the forecast period between 2021-2028. The surging geriatric population across the globe is anticipated to affect growth positively. As per the United Nations, in 2017, the global old age population was 962 million. It is estimated to double by the end of 2050 and reach 2.1 billion. Hence, the prevalence of Alzheimer’s and Parkinson’s diseases will also increase rapidly, thereby accelerating the demand for thin film drugs.
Rising Focus on Developing COVID-19 Vaccine to Impact Growth Negatively
Several pharmaceutical companies are currently focusing on inventing a vaccine that would fight against the COVID-19 pandemic. It has resulted in disruptions of research and development activities associated with thin film drugs in various parts of the world. It is expected to hamper growth of the market in the near future. Our research reports will help you find the best strategy to uplift your businesses amid this pandemic.
Development of Cannabis-based Drugs to Propel Growth
The rising technological advancements occurring in the field of drug delivery systems is set to spur the thin film drugs market growth in the upcoming years. Additionally, numerous start-up firms are investing in the development of cannabis-based drugs. XPhyto Pharma, for instance, is likely to create around 13 drugs by using the thin firm drug delivery method. In Europe, the study is in Phase II clinical trial as of February 2021. However, the lack of high investments in emerging economies may obstruct growth.
Retail Pharmacy Segment to Dominate Backed by Easy Availability of Drugs
Our analysts have segmented the market on the basis of product, disease indication, distribution channels, and geography. By product, it is fragmented into transdermal film drugs and oral thin film (OTF) drugs. Based on the disease indication, it is divided into opioid dependence, migraine, schizophrenia, and others. Below is a glimpse of the distribution channel criterion:
By Distribution Channels: it is segregated into hospital pharmacy, retail pharmacy, and others. Amongst these, the retail pharmacy segment dominated in 2020 by earning the largest thin film drugs market share. This growth is attributable to the easy availability of thin film drug delivery models in retail pharmacies because of their possession of generic molecules.