North America Transdermal Medical Patch Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Single Layer Drug-in-Adhesive, Multi-layer Drug-in-Adhesive, Reservoir, Vapor Patch, and Matrix), Application (Neurologic Conditions, Pain Management, Nicotine Cessation, Cardiovascular Disorders, Hormonal Therapy, and Others), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies)
The North America transdermal medical patch market is expected to grow from US$ 3,498.63 million in 2023 to US$ 4,324.69 million by 2028. It is estimated to register a CAGR of 4.3% from 2023 to 2028.
Growing Consumption of Tobacco Fuels North America Transdermal Medical Patch MarketIn the US, tobacco is one of the significant causes of disease, disability, and death. According to the data published by CDC in 2021, an estimated 28.3 million adults smoke cigarettes in the US. Nearly 1,600 people (younger than 18 years) smoke their first cigarette every day in the US, and nearly half a million Americans die prematurely due to secondhand smoke exposure. As per the same source, e-cigarettes are the most frequently used tobacco products among high and middle school students. CDC also states that the US spends more than US$ 225 billion on medical care each year to treat smoking-related diseases in adults.
Nicotine replacement therapy (NRT) has proven to help people seeking to quit smoking. It makes use of nicotine patches that deliver modest nicotine dosages to relieve cravings. Nicotine is progressively absorbed through the skin once nicotine patches are applied. Smokers with a greater dependence level can use the most robust patches, while those with a lower dependence level can use a lesser dosage. The critical advantage of nicotine patches over acute NRT formulations (gum, nasal spray, oral inhaler, and tablet) is the simplicity of compliance, rather than consuming a medicine throughout the day.
Thus, the increasing consumption of tobacco leads to increasing demand for nicotine patches, thereby driving the growth of the transdermal medical patch market.
North America Transdermal Medical Patch Market OverviewThe North American transdermal medical patch market is segmented into the US, Canada, and Mexico. In 2022, the US held the largest share of the North America transdermal medical patch market. The rising number of patients suffering from chronic conditions and increasing activities in research and development are the key factors propelling the market for transdermal medical patches.
North America Transdermal Medical Patch Market Revenue and Forecast to 2028 (US$ Million)
North America Transdermal Medical Patch Market SegmentationThe North America transdermal medical patch market is segmented into type, application, distribution channel, and country.
Based on type, the market is segmented into single-layer drug in-adhesive, multi-layer drug in-adhesive, reservoir, vapor patch, and matrix. The matrix segment registered the largest market share in 2023.
Based on application, the market is segmented into neurologic conditions, pain management, nicotine cessation, cardiovascular disorders, hormonal therapy, and others. The pain management segment held the largest market share in 2023.
Based on distribution channel, the North America transdermal medical patch market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment held the largest market share in 2023.
Based on country, the North America transdermal medical patch market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2023.
Boehringer Ingelheim International GmbH, Corium, LLC, Endo International Inc, Hisamitsu Pharmaceutical Co Inc, Johnsons and Johnsons, Medline Industries LP, Novartis AG, Teva Pharmaceutical Industries Ltd., UCB SA, and Viatris Inc are the leading companies operating in the transdermal medical patch market in the region.
Reasons to BuySave and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America transdermal medical patch market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the North America transdermal medical patch market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the transdermal medical patch market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution