According to the research report titled ‘Global Transdermal Drug Delivery System Market Size study, by Type (Transdermal Patches, Transdermal Semisolids), by Applications (Pain Management, Hormonal Applications, Central Nervous System Disorders, Cardiovascular Diseases, Other Applications), by End use (Home Care Settings, Hospitals & Clinics) and Regional Forecasts 2021-2027’, available with Market Study Report, global transdermal drug delivery system market size was remunerated USD 6.2 billion in 2020 and is expected to multiply at a CAGR of 4.5% over 2021-2027, subsequently reaching USD 8.4 billion by the end of the forecast period.
 

Technological advancements in the field, booming geriatric population, and rising prevalence of chronic diseases are the key factors fueling global transdermal drug delivery system market growth. Besides, collaborations between drug delivery firms and pharmaceutical companies are significantly contributing to the market development.
 

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Statista reported about 17.9 million deaths worldwide in 2019 due to cardiovascular diseases of various forms, and there were 18 million fatalities in 2020. Thus, increasing patient population is likely to boost product demand, further adding to the industry progression.
 

Notably, transdermal drug delivery systems can be used as an alternative to oral intravascular, subcutaneous, and transmucosal routes to transport medications through the skin for therapeutic purposes.
 

Leading companies are undertaking strategic initiatives to strengthen their presence in this vertical further augmenting global transdermal drug delivery system industry share. In fact, Luye Pharma Group acquired world rights to Bayer AG's Apleek contraception transdermal patch in August 2018. Similar moves by other industry participants is anticipated to propel the market growth.
 

On the downside, drug failure and recalls of transdermal drug delivery systems are likely to hamper the overall industry expansion.
 

Moving on to regional front, North America, Asia Pacific, Europe, and Latin America are the leading contributors to the overall market remuneration. Of these, North America currently leads worldwide transdermal drug delivery system industry share, owing to rising pervasiveness of targeted diseases like chronic pain, cardiovascular diseases, and central nervous system conditions in the region.
 

On the other hand, Asia Pacific industry is projected to amplify by the year 2027, creditable to increasing number of research activities related to these systems.
 

Major contenders in global transdermal drug delivery system market sphere are Acrux Ltd., GlaxoSmithKline plc, Bristol Myers Squibb Company, Bayer AG, Boehringer Ingelheim GmbH, Johnson & Johnson, Novartis AG, Echo Therapeutics, Mylan N.V., and Hisamitsu Pharmaceutical Co. Inc.