The Oral Thin Films Market is estimated to be valued at US$ 2,895.55 Mn or 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.
Market Overview:
Oral thin films are drug delivery systems used for both prescription as well as over-the-counter medications. These are thin, breathable strips that contain active pharmaceutical ingredients and dissolve rapidly in the mouth. The active ingredients from oral thin films are absorbed directly via buccal membranes inside the mouth. Oral thin films are convenient to use, especially for patients who have difficulty in swallowing conventional tablets and capsules. Some common benefits of oral thin films include precise dosing, fast dissolution, convenience, and improved patient compliance.
Market Dynamics:
Increasing preference for convenient dosing forms and rising geriatric population base are the major factors driving the growth of the oral thin films market. As per the United Nations report, the number of people aged 60 years and older is expected to more than double, from 900 million globally in 2015 to about 2 billion in 2050. Growing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular conditions where oral thin films can prove beneficial is also fueling the market growth. According to the WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Furthermore, technological advancements in thin film drug delivery technologies and growing adoption of innovative drug delivery systems are further expected to support the market growth over the forecast period. However, high manufacturing costs and complex production processes associated with oral thin films technology remain key challenges for market players.
Segment Analysis
The oral thin films market can be segmented into sublingual films and fast dissolving dental/buccal films. Among these, the sublingual films segment dominated the market in 2022 owing to the convenience of administering drugs via this route for conditions like nausea, vomiting, migraines and other indication where quick action is required. The films are also easier to carry and discreet to use compared to tablets.
PEST Analysis
Political: Regulations supporting over-the-counter medications are driving the oral thin films market. The market is also supported by regulations favoring alternative drug delivery methods.
Economic: The rising healthcare spending globally is supporting the oral thin films market growth. Affordability of these films compared to other delivery methods also boosts the market.
Social: Increasing awareness about thinner and easier to administer dosage forms is fueling the demand for oral thin films. The social stigma against tablets encourages the adoption of thin films.
Technological: Advances in thin film manufacturing technologies allow customized designs catering to varied drug, disease and patient requirements. This drives their innovation and uptake.
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 convenient dosage forms among patients and caregivers. The market size for 2023 is estimated at US$ 2895.55 Mn.
Regional analysis: North America dominated the oral thin films market in 2023 owing to technological advances and presence of major manufacturers in the region. Europe and Asia Pacific are expected to witness lucrative growth over the forecast period due to growing healthcare infrastructure and increasing disease incidence driving demand for innovative drug delivery systems.
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. Key players are focusing on collaborative product launches to consolidate their presence. For instance, in July 2022, Sunovion Pharmaceuticals Inc. and MonoSol Rx launched Latuda Oral Thin Film for treatment of schizophrenia and bipolar disorder in the US market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.