Oral Thin Films Market Is Estimated To Witness High Growth Owing To Increasing Preference For Patient Centric Products
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| Oral Thin Films Market |
The Oral Thin Films Market is estimated to be valued at US$ 2895.55 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
arket Overview:
Oral thin films (OTF) are thin flexible films manufactured using hydrophilic
polymers that are placed on the tongue or buccal cavity for drug delivery. Oral
thin films dissolve or disintegrate rapidly in the oral cavity within seconds
without water. They provide advantages of accurate dosing, quick absorption,
and rapid onset of action which makes them more patient compliant compared to
other conventional dosage forms.
Market key trends:
Preference for patient centric products among consumers is driving the growth
of the oral thin films market. Oral thin films provides solution for dysphagia
patients who have difficulty in swallowing conventional tablets and capsules.
They are also considered as an alternative for pediatric and geriatric
patients. Oral thin films are highly preferred over other dosage forms due to
their ease of administration without water, rapid onset of action, and accurate
dosing. Manufacturers are focusing on developing oral thin films for various
therapeutic applications such as cough, cold, headache to expand their market
share. For instance, in March 2022, IntelGenx Corp. announced the commercial
launch of prescription cannabidiol oral thin film products in the U.S. under
the brand name RIZENDOL. Thus, increasing preference for patient centric
products is expected to aid the growth of oral thin films market over the
forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as setting up
production facilities and gaining market share in the pharmaceutical industry
requires large investments and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate as oral
thin films offer convenience over traditional dosage forms. However, the
availability of alternative drug delivery technologies acts as a competitive
threat.
Bargaining power of suppliers: The bargaining power of suppliers is moderate
owing to the availability of raw material suppliers. However, suppliers may
have an advantage during crisis situations.
Threat of new substitutes: The threat of new substitutes is high due to
continuous technological advancements in drug delivery systems.
Competitive rivalry: Intense due to many pharmaceutical manufacturers offering
oral thin films.
SWOT Analysis
Strength: Oral thin films offer convenience, accurate dosing, portability, and
fast disintegration time compared to tablets and capsules. They are also easier
to swallow than conventional dosage forms.
Weakness: Higher costs of production than traditional dosage forms.Challenges
in stability and storage of oral thin films.
Opportunity: Growing preference for alternative drug delivery systems. Increasing
focus on medication among geriatric population.
Threats: Stringent regulations pertaining to pharmaceutical film production.
Risk of new drug delivery technologies replacing oral thin films.
Key Takeaways
Global
Oral Thin Films Market Demand is expected to witness high growth,
exhibiting CAGR of 8.7% over the
forecast period, due to increasing preference for non-invasive drug delivery
systems and growth of the pharmaceutical market.
Regional analysis: North America dominates the oral thin films market currently
owing to presence of major pharmaceutical manufacturers and technological
advancements. Asia Pacific is projected to witness fastest growth during the
forecast period with growing healthcare infrastructure and increasing incomes
in the region.
Key players operating in the oral thin films market are C L Pharm, Cure
Pharmaceutical, Sunovion Pharmaceuticals Inc., ZIM Laboratories Limited, NAL
Pharma, Viatris, LTS Lohmann Therapie-Systeme AG, IntelGenx Corp., and
Aquestive Therapeutics Inc., among others. C L Pharm and IntelGenx Corp. offer
extensive product portfolios for oral thin films.
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