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Thin film Drug manufacturing Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The thin film drug manufacturing market size is expected to see strong growth in the next few years. It will grow to $11.28 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%” - The Business Research Company
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Are We Experiencing Significant Growth in the Thin Film Drug Manufacturing Market?
The thin film drug manufacturing market size has exhibited robust growth in recent years. Projected to grow from $7.33 billion in 2023 to $7.98 billion in 2024, the market is expected to register a compound annual growth rate CAGR of 8.9%. Past growth can be attributed to the increasing patient demand for convenient drug delivery, rising prevalence of chronic diseases, regulatory approvals for innovative dosage forms, escalating healthcare costs driving demand for cost-effective solutions, and improvements in the bioavailability and efficacy of thin film formulations.
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What Is the Anticipated Market Size and Growth Rate in the Thin Film Drug Manufacturing Market?
The thin film drug manufacturing market is forecasted to see significant growth in the coming years. Expected to grow to $11.28 billion by 2028, a compound annual growth rate CAGR of 9.0% is anticipated. Growth in the future can be attributed to an increase in the prevalence of chronic conditions, advancements in formulation science and materials engineering, rising demand for personalized and targeted drug delivery, supportive regulatory policies, and the increasing adoption of e-commerce for drug distribution.
The market is also influenced by several emerging trends. Advancements in smart and responsive drug delivery systems, increased focus on combining multiple drugs in a single film, the evolution of more sustainable and eco-friendly manufacturing processes, the integration of digital technologies with thin film drug delivery, and the development of innovative solutions for taste masking and improved patient experience are expected to shape the industry's landscape.
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Could Aging Population Contribute to the Growth of Thin Film Drug Manufacturing Market?
The growth of the thin film drug manufacturing market is expected to be driven by the increase in the global elderly population. Thin film manufacturing helps pave the way for improved medication adherence, ease of use, precise dosage control, rapid dissolution, and enhanced stability-all vital features for older adults' medication management. The rise in the global elderly population is influenced by extended life expectancies, medical advancements, improved nutrition, and changes in family structures and societal norms, ultimately driving the demand for thin film drug manufacturing.
Which Companies Are Key Players in the Thin Film Drug Manufacturing Market?
Major companies operating in the thin film drug manufacturing market include Novartis AG, Merck KGaA, Dr. Reddy's Laboratories, Indivior PLC, LTS Lohmann Therapie-Systeme AG, Aquestive Therapeutics, Zim Laboratories Ltd, Tapemark, AdhexPharma, MonoSol Rx, Aavishkar Oral Strips Pvt Ltd., APR Applied Pharma Research SA, Cynapsus Therapeutics Inc., Jurata Thin Film Inc., Nova Thin Film Pharmaceuticals LLC, Vektor Pharma TF GmbH, TFF Pharmaceuticals Inc., NAL Pharma, IntelGenx Corp, D.K. Livkon Healthcare Pvt Ltd.
How Are Key Players Shaping the Future of the Thin Film Drug Manufacturing Market?
Major players operating in the thin film drug manufacturing market are focusing on developing innovative products, such as oral thin film technologies, to enhance patient compliance and ease of use. Generations of rapidly dissolving films offer a convenient, effective, and user-friendly substitute for traditional oral dosage forms. In April 2023, IntelGenx Corporation, a Canada-based pharmaceutical company, announced the Food and Drug Administration FDA approval of RIZAFILM for the treatment of acute migraines, indicating the power of innovation in shaping the future of thin film drug manufacturing.
How Is the Thin Film Drug Manufacturing Market Segmented?
The thin film drug manufacturing market is segmented –
1 By Type: Oral Thin Film, Transdermal Film, Other Types
2 By Disease Indication: Schizophrenia, Migraine, Opioid Dependence, Nausea And Vomiting, Other Disease Indications
3 By Distribution Channel: Hospital Pharmacies, Drug Stores, Retail Pharmacies, E-Commerce.
Which Regions Are Highest Consumers of Thin Film Drug Manufacturing?
North America was the largest region in the thin film drug manufacturing market in 2023. The regions covered in the thin film drug manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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