Oral Thin Film Market is Expected to Elevate to a Value of US$ 6.6 Bn by the End of 2030
Oral Thin Films Market: Introduction
According to the report, the global oral thin films market was valued at US$ 2.6 Bn in 2019. It is projected to expand at a CAGR of ~9% from 2020 to 2030. Oral thin film drug is a promising drug delivery dosage form, which delivers drugs by adhering to the oral mucosa.
Rise in demand for thin film drug delivery systems, considerable research & development, and strategic alliances between novel technology owners and large pharmaceutical companies are major factors that are anticipated to drive the global oral thin films market during the forecast period. North America held a major share of the global oral thin films market in 2019, due to higher penetration of the oral thin film technology and increase in focus on new product launches by industry players in the region.
The oral thin films market in Europe is expected to expand at a high CAGR of 11.2% from 2020 to 2030, due to increase in the number of geriatric patients suffering from dysphagia and rise in oral thin film introductions in the region.
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Rising Demand for Thin Film Drug Delivery System to Drive Market
The demand for thin film drug delivery system is rising due to benefits such as larger surface area, precision medication, and pleasant color & flavor over traditional drug delivery systems. Thin film drugs are reported to be the preferred choice of patients as well as medical practitioners, as they are more patient-friendly and offer good quality results. Oral thin film drugs offer high compliance to patients, and ease of storage and transportation. Moreover, these offer precise and accurate dosing with the desired effective outcome. Hence, the thin film drug delivery system market has recorded substantial attractiveness. High acceptance level and impressive advantages have further propelled the global oral thin film market.
Sublingual Films Dominated Global Market
In terms of product, the global oral thin films market has been classified into sublingual film, fast dissolving oral film, and buccal film. The sublingual film segment dominated the global oral thin films market in 2019, and the trend is projected to continue during the forecast period. Significant research activities, strong product pipeline, and high market adoption of sublingual film are expected to boost the segment during the forecast period.
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High Prevalence of Neurological Disorders to Drive Global Market
In terms of indication, the global oral thin films market has been categorized into pain management, neurological disorders, nausea & vomiting, opioid dependence, and others. The neurological disorders segment held a major share of the global oral thin films market in 2019. Rise in prevalence of neurological disorders is expected to drive the segment during the forecast period. According to the data published by the National Center for Biotechnology Information, the mean prevalence of neurological disorders was around 2,394 per 100,000 population in India.
Retail Pharmacies to be Major Distribution Channel
Based on distribution channel, the global oral thin films market has been divided into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment dominated the market in 2019, owing to higher preference for retail pharmacies among end users, easy availability of a wide range of products, and increase in the number of retail pharmacies in developing countries.
North America to Dominate Global Market; Europe to Offer Significant Opportunities
In terms of region, the global oral thin films market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a leading share of the global oral thin films market during the forecast period. Higher penetration of oral thin films, availability of the products, and presence of a large number of suppliers compared to other regions are the major factors driving the market in the region.
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The market in Asia Pacific is expected to expand at a high CAGR in the near future, owing to the presence of local as well as global players and an increase in the demand for oral thin films in the region. The oral thin films market in Europe is likely to expand at a rapid pace in the near future. Japan and China are anticipated to be lucrative markets for oral thin films during the forecast period. Presence of large geriatric patient population with dysphagia and increase in healthcare expenditure in these countries are projected to propel the market in Asia Pacific over the next few years.
Growth Strategies of Key Market Players
Key players operating in the global oral thin films market are ZIM Laboratories Limited, Indivior plc, Aquestive Therapeutics, Inc., LIVKON Pharmaceuticals pvt. Ltd., Shilpa Therapeutics Pvt. Ltd, Sunovion Pharmaceuticals, Inc., NAL Pharma, Cure Pharmaceutical, IntelGenx Corp., Dr. Reddy’s Laboratories, Kyu Pharmaceutical Co Ltd, Seoul PharmaCo, and C.L. Pharm. These companies engage in research & development to develop novel products in order to expand product offerings and customer base. In January 2021, Cure Pharmaceutical received the U.S. FDA approval for CUREfilm Blue for the treatment of erectile dysfunction (ED). It increased the commercial opportunity for Cure Pharmaceutical in the U.S.
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