With enhanced efficiency, fast dissolving thin films are gaining significant momentum, creating growth opportunities for oral thin films market
With enhanced efficiency, fast dissolving thin films are gaining significant momentum, creating growth opportunities for oral thin films market
As per a study by Fact.MR, the global oral thin films market is exhibiting steady growth due to the increasing prevalence of neurological disorders and opioid overdoses. The trend is expected to continue for the forecast period between 2021 and 2031.
According to the report published by the National Center for Biotechnology Information, more than 2,394 per 100,000 people were suffering from neurological disorders in India. Thus, the rising incidence of neurological disorders is expected to drive the growth of the oral thin film market.
According to the World Health Organization, in the year 2018, over 5.3% of the world population aged 15 to 64 years used drugs at least once. Furthermore, around 58 million from the total of 269 million people were suffering from opioid addiction, while more than 35 million people were suffering from drug use disorders. Therefore, demand for combating such abuse is increasing, leading to rise in the demand for oral thin films.
North America accounts for the largest market share owing to the increasing population pool addressing schizophrenia medications therapies, due to their hectic lifestyles. Thanks to the highly advanced medical care and increasing healthcare expenditure, the region is expected to become a center point for the expansion of the oral thin films market.
“Increasing research regarding the development of single & multiple polymer-based films to improve drug load capacity will expand the scope for the expansion of oral thin films in the long-run,” says the Fact.MR analyst.
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Key Takeaways
- The U.S. is leading the oral thin films market on the back of rising incidence of amyotrophic lateral sclerosis (ALS) and schizophrenia in the country.
- In the year 2019, around 4400 drug poisoning deaths were recorded across England and Wales, according to a report published by the Office of National Statistics (ONS). Thus, the demand for effective treatment to curb the rising incidence of opioid addiction will create opportunities for the market in the U.K.
- Owing to increasing progress in nanotechnology-based medicine and developed medical infrastructure the market for oral thin films is expected to surge in Germany.
- The France market will emerge as a highly lucrative market due to the presence of a robust pharmaceutical industry and prominent market players.
- China is expected to exhibit high growth on the back of the presence of local as well as global key market players.
Key Drivers
- Rising prevalence of opioid addiction and neurological will fuel the demand for oral thin films.
- Rapid technological advancements in oral drug delivery are expected to surge the growth of the market.
Key Restraints
- High costs of oral thin films compared to other drugs might hamper the global market growth.
- Strict regulations and policy measures implemented by the government are restraining the growth of the oral thin films market.
- Inability of the strips to infuse a high dose of solution is negatively affecting the demand of oral thin films market growth.
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Competitive Landscape
Key players operating in the oral thin films market profiled by Fact.MR includes ZIM Laboratories Ltd., 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 Pharma Co. Ltd., and C.L. Pharm. To maintain their lead in the oral thin films market, key players are introducing new products into the market and investing in its product developments. For instance
- ZIM Laboratories Ltd. signed an exclusive licensing agreement with the Hypera Pharma Group to extensively market Vitamin D3 in a novel oral thin film in August 2020.
- In 2019, Mylan NV launched Buprenorphine and Naloxone Sublingual Film in the United States
- Dr. Reddy’s Laboratories Ltd launched the generic version of the Indivior’s Suboxone Sublingual Film in the United States in the year 2019
More Insights on the Oral Thin Films Market
Fact.MR offers unbiased analysis of the oral thin films market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (sublingual oral thin films, fast dissolving oral thin films, and buccal oral thin films), indication (pain management, neurological disorders, nausea & vomiting, opioid dependence, and others), distribution channel (hospital pharmacies, retail pharmacies, and online pharmacies), and across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR