Competition is heating up in the global thin film drug manufacturing
market owing to astute players betting big on new products by
investing heavily in cutting edge research and development. Expanding
of production facilities to satisfy the ever-surging global demand is
another strategy being deployed by them.
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To thrive in the challenging environment, players are also seen
banking upon mergers and acquisitions to tap into the synergies. This
is resulting in consolidation in the global market for thin film drug
manufacturing. Indivior Plc., MonoSol Rx, IntelGenx Corp., and ZIM
Laboratories Limited are to name a few companies that have reached a
place of prominence by banking upon the aforementioned strategies.
A recent research study by Transparency Market Research finds that
the global market for thin film drug manufacturing will likely become
worth US$15.984 bn by 2024 by rising at a solid 9.0% CAGR between
2016 and 2024. It valued the market at US$7.338 bn in 2015.
Among the different types of thin film drug manufacturing, the oral
thin film is expected to gross maximum revenue in the next few years.
This is because of its myriad benefits such as ability to administer
drugs via the oral mucosa, ease of handling and transportation,
ability to eliminate the hepatic first pass effect, and early action.
The segment is expected rise at a phenomenal two digit CAGR of 18.3%
during the forecast period. From a geographical standpoint, North
America, powered by the U.S. where superior pharmaceutical research
and growing demand of novel drug delivery is maximum, leads the
market. So much so, the U.S. held about 85.3% market share in 2016.
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Developed European nations and the U.S. are at the forefront driving
sales in the global market for thin film drugs on account of
increased awareness about their solid efficiency in bringing about
necessary therapeutic results and their ease of usage. Another reason
why their demand in these nations is soaring is because of the
absence of drawbacks of conventional forms of dosages in such novel
products. Those include complicated administration and reduced
bioavailability. On the contrary, they help administer appropriate
dosages for the exact outcome. All such factors are catalyzing growth
in the global market for thin film drug manufacturing. “Continued
research and development, especially of innovative polymeric thin
films, is also having a positive impact on the market,” adds the
lead analyst of the report.
A trend observed in the market for thin film drug manufacturing is
key players looking towards the under-tapped emerging markets,
particularly in Asia Pacific. India, Japan, and China hold out a lot
of promise and overall, the region is expected to be buoyed by
unveiling of new products, rising awareness, and supportive
regulations.
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