Transparency Market Research (TMR) has observed that the completion in the Saudi Arabia transdermal skin patches is between moderate to high. Just about a handful of players have a strong presence in the overall market due to a high-level of expertise. The leading players, Johnson & Johnson, Novartis AG, and Teva Pharmaceutical Industries Ltd., held a collective share of about 22% in the overall market in 2016. This has significantly intensified the competition.
According to the research report, The Saudi Arabia Transdermal Skin Patches Market is expected to be worth US$67.41 mn by 2025 from US$44.96 mn in 2016. During the forecast years of 2017 and 2025, the global market is projected to surge at a CAGR of 4.7%. Out of the various products, the market will be led by the matrix segment, which is expected to account for a share of 35.1% in the overall market by the end of 2025. Amongst the distribution channels, the hospital pharmacies are expected to dominate the overall market over the forecast period.
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Emerging Trend of Self-administration of Medication Bolsters Market Growth
The increasing expenditure on healthcare and rising awareness about diseases and disorders have augmented the sales of transdermal skin patches across Saudi Arabia. These patches are extensively being used to route drug administration for a localized joint or a muscle conditions. These patches are gaining steady momentum as they offer greater advantages in comparison to other drug delivery methods. Analysts anticipate that these patches will continue to be in high demand as they are known to by-pass the liver first-pass metabolism, which oral products are incapable of. As growing number of people are realizing this benefit, the demand for transdermal skin patches is seen to be escalating in Saudi Arabia.
The usage of transdermal skin patches also eliminates the need for injections, which further reduces the risk of cross contamination and infections. In case of adverse effect to the medication, these patches can be quickly removed as well. The growing number of geriatrics and accessibility to convenient healthcare have augmented the demand for transdermal skin patches in recent years. Growing investments in research and development of transdermal skin patches have also had a positive influence on the revenue of the overall market. The emerging trend of self-administration of medications at home is expected to bolster the uptake of these patches in the foreseeable future.
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Side-effects of Transdermal Skin Patches Restrain Market Growth
Despite the strong market drivers, the Saudi Arabia transdermal skin patches market is likely to be restrained by a few factors. For instance, the increasing abuse of transdermal patches as a quick treatment for disabling severe pain has become a serious restraint for the Saudi Arabia market. In extreme cases, these patches have also resulted in deaths, which have now become a cause of major concern amongst health experts. Additionally, these skin patches are also known to have side-effects such as discoloration of skin, dizziness, and severe redness. Thus, all of these factors are expected to result in a major hurdle for the Saudi Arabia transdermal skin patches in the years to come.
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