The transdermal drug delivery systems market valued over $30.0 billion in 2016, and it is predicted to grow significantly, with a CAGR of around 10.0%, during 2017–2023 (forecast period).
The growth of the market is attributed to the surging geriatric population, rising prevalence of chronic diseases, and increasing adoption of advanced systems. The term, transdermal drug delivery systems, refers to an advanced mode of medication that delivers drugs directly into the blood stream through the skin.
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The rising prevalence of chronic diseases is one of the major reasons for the growth of the transdermal drug delivery systems market. According to the Centers for Disease Control and Prevention (CDC), one in every three adults in the U.S. has high blood pressure. Other than this, the World Health Organization (WHO) stated that in 2015, over 1.1 billion people smoked tobacco, which leads to respiratory diseases, such as lung cancer and chronic obstructive pulmonary disease. Due to these factors, the demand for transdermal drug delivery systems is increasing globally.
Hence, technological advancements in transdermal drug delivery systems, rising prevalence of chronic diseases, and increasing investments in the healthcare sector in developing nations are driving the growth of the market.
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