The oral thin film pharmaceuticals market was worth USD 3.4 billion in 2022 and is expected to rise from USD 3.7 billion in 2023 to USD 7.38 billion by 2032, with a compound yearly growth rate (CAGR) of 9.01% during the forecast period (2023-2032).
Oral thin films (OTF) are filled with active substances and utilized for drug delivery through the mouth. OTF medications dissolve easily in saliva, therefore they are projected to gain popularity, thereby boosting the oral thin film drugs market in 2020. Furthermore, the minimally invasive nature of OTF medications is expected to be a key market driver. These medications are expected to have a high acceptance rate due to their ease of application and high efficiency, resulting in significant market gains during the forecast period. Furthermore, ongoing technological advancements in OTF medications are expected to increase demand and expand the market.
On the contrary, the high treatment costs are expected to stifle market expansion over the review period. However, its clinical benefits and growing geriatric population are anticipated to address underlying causes and increase demand for OTF medications.
The Oral Thin Film Drugs Market is witnessing rapid expansion due to the convenience and efficacy of thin film drug delivery. These films dissolve quickly in the mouth, providing a convenient alternative to traditional oral medications. With advancements in formulation and increasing demand for patient-friendly drug administration, the market for oral thin film drugs is poised for sustained growth.
The segment analysis of the global oral thin film drugs market is done by disease indication, product, and distribution channel.
The diseases indication based segments of the global oral thin film drugs market are migraine, schizophrenia, opioid dependence, and nausea and vomiting, and others. Among these segments, the migraine segment is estimated to grow at a robust pace during the forecast period.
The product-based segments of the global oral thin film drugs market are Fast Dissolving Buccal Film and sublingual.
The distribution channel based segments of the global oral thin film drugs market are retail pharmacies, hospital pharmacies, online drug stores, and others. The retail pharmacies are likely to procure the valuation of USD 1 9309.9 million by 2023.
Based on the region, the global oral thin film drugs market is segmented into Europe, North America, Asia-Pacific, and the Middle East and Africa.
As per the research by MRFR, the Oral Thin Film Drugs Market size is likely to be led by the Americas during the forecast period owing to the presence of globally renowned players. Further, the developed healthcare sector with increased expenditure to avail medical facilities are projected to be other potent factors in market development in the region. The analysis reveals that the expansion of retail pharmacies in the region can assist the Americas in procuring the CAGR of 10.72% during the review period.
Europe is predicted to witness robust growth during the review period owing to the increased favorable initiatives taken by the government of various developed countries situated in the region. Further, rising healthcare funds are anticipated to drive the regional market significantly.
The APAC region is estimated to be a lucrative market during the forecast period owing to the presence of developing economies. The growing geriatric population in the region is estimated to play a crucial role in augmenting the regional market.
The MEA region is likely to experience slow growth due to the presence of sluggish economies, majorly in Africa. However, the well-developed countries like the UAE, Qatar, and others can make a significant contribution owing to sufficient healthcare budget.
The renowned players of the global oral thin film drugs market are Indivior Plc (U.S.), Novartis AG (Switzerland), LTS Lohmann Therapie-Systeme AG (Germany), CURE Pharmaceutical (U.S.), GlaxoSmithKline Plc (U.K.), Pfizer Inc. (U.S.), and Johnson & Johnson Services, Inc. (U.S.).
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