This study intends to unfurl the multiple facets of global thin film drugs market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Rising Consideration for Superior Potential Attributes Against Conventional Drug Delivery Methods Uplifts Thin Film Drugs Market
Growing research and development activities circling drug delivery systems continue to influence the growth of thin film drugs market. To develop novel drug delivery systems, pharmaceutical companies are focusing on investing in the thin film drug technology to leverage benefits such as faster absorption, and greater therapeutic effect. Moreover, thin film drugs have been mulled upon by companies as a better option owing to the drawbacks of conventional delivery methods. This has pushed companies to manufacture these drug delivery systems to battle critical ailments. For instance, Xphyto Pharma has been developing thin film drugs and in 2021, around 13 drugs of the company are in the second phase of the clinical trials. This factor is expected to present potential growth opportunities for global thin film drugs market.
Thin Film Drugs Market Rises High as Growing Schizophrenia Cases Worldwide Call for Advanced, Efficient Drug Delivery Systems
Rising prevalence of chronic illnesses such as schizophrenia continue to trigger the need for advanced and effective drug delivery systems. For instance, according to World Health Organization (WHO) 2022 report, schizophrenia disease affects around 24 million individuals or one in 300 individuals worldwide. In addition, as per World Population Aging 2020 report released by United Nations, there has been a rise in the geriatric population on the global front. In 2020, approximately 727 million individuals in the age range of 65 years and above were living across the globe. This has raised the possibilities of acquiring the disease among the geriatric population. In addition, according to National Institute of Mental Health and American Psychiatric Association, the risk of a person acquiring schizophrenia in their life is around 0.3% to 0.7% based on the current trends. This has significantly pushed the demand for thin film drugs to treat neural disorders.
Furthermore, on the back of growing prevalence of such diseases, pharmaceutical companies are investing in developing new formulations and are also gaining approvals from authorities to commercialize their products. For instance, in April 2022, Iglami sublingual film manufactured by BioXcel Therapeutics got approval from the US Food and Drug Administration. This oral thin film drug is developed mainly for the treatment of agitation associated with Bipolar 1 or 2 or schizophrenia disorder among adults. That said, rising prevalence of schizophrenia and its burden on the society has been driving the demand for novel therapeutics and drug delivery systems, consequently influencing the growth of the thin film drugs market.
Demand of Oral Thin Film Drugs Likely to Gain High Momentum in Global Thin Film Drugs Market
The demand and use of oral thin film drugs has been increasing lately and is expected to gain momentum in the years to follow. Since the recognition and adoption thin film technology, oral thin film drugs have gained significant traction. This is mainly owing to their functional and therapeutic benefits such as improved dosing flexibility, ease of administration and comparatively fast acting as they can enhance drug absorption in the circulatory system through sublingual absorption. This has uplifted the demand of oral thin film drugs as patients prefer non-invasive drug delivery without having to taste the actual drug while consumption. This factor remains instrumental in driving the sales of oral TFs and is expected to largely contribute towards the revenue growth of the thin film drugs market.
North America Spearheads Thin Film Drugs Market, Strong Pharma Research Base Remains Instrumental
Thin film drugs have been gaining widespread traction across developed economies in North America. This can be attributed towards growing economic strength coupled with better healthcare infrastructure and presence of major pharmaceutical companies in the region. In addition, backed by superior technological advancements and research and development activities, thin film drugs market is expected to grow at a stable rate in North America in the coming years. Pharmaceutical research, one of crucial factors influence market growth, is increasing significantly owing to rising prevalence of chronic diseases. Diseases including but not limited to schizophrenia, migraine, and opioids dependence have been rising in the region since past few years. For instance, according to Treatment Advocacy Centre, schizophrenia is a severe neurological condition of the brain and has affected around 1.1% of the overall population in the United States amounting to around 2.8 million adults aged 18 or above in the country in 2020. Likewise, NIH revealed that schizophrenia is one of the leading causes of neural disabilities increasing the economic and mental burden on an individual’s life. This initiated the need for effective therapeutic drugs for the treatment of individuals suffering from such diseases. In addition, growing demand for effective drug delivery along with adequacy continues to influence the growth of the thin film drugs market in the region. In this backdrop, developed economies in North America are likely to account for a significant revenue share in the thin film drugs market.
Thin Film Drugs Market: Competitive Scenario
Innovations, research and development, and capacity expansions have been witnessed in the thin film drugs market. For instance, in July 2022, a US based pharmaceutical company, TFF Pharmaceuticals, initiated capacity expansion by leasing a new plant in Austin. This move was mainly to meet growing customer demands and address their interests in the new thin film drugs technology. In June 2020, a patent was received by Zim Laboratories for its novel thin film drug formulation by the United States Patent and Trademark Office. In 2021, Cure Pharmaceuticals received patent approval for its CUREfilm Blue technology by the US Patent Office.
A few of the major players in global thin film drugs market include Zim Laboratories Ltd., Pfizer Inc., Aquestive Therapeutics, Tesa Labtec GmbH, Indivior PLC, Allergan, Novartis AG, XPhyto Pharma, IntelGenx Corp, and Sumitomo Dainippon Pharma Co. Ltd.
The global thin film drugs market is segmented as below:
By Product Type
By Indication Type
By Distribution Channel
Key Elements Included In The Study: Global Thin Film Drugs Market
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