Asia-Pacific CBD patch market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyzes that the market is growing with a CAGR of 18.1% in the forecast period of 2021 to 2028 and is expected to reach USD 64,169.10 thousand by 2028. Rising use of CBD products and patches for pain relief and consumer awareness acts as driver for the CBD Patch market growth.
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CBD patches are transdermal patches containing cannabidiol (CBD). CBD is delivered quickly to the local area around the patch, and then it works its way through the bloodstream. The direct application of a patch on the skin allows the CBD to bypass the digestive system and increase the bio-availability of the product.
There are different types of patches available in the market according to their application. CBD patches are mostly used for the treatment of chronic pain such as neck pain, shoulder pain, lower back pain, and others. CBD patches are also used for the treatment of mental health problem such as insomnia, anxiety, and depression among others. It gives pain relief and keeps a person calm and stress-free because of which the demand for the product in the market is increasing..
The rising use of CBD patches for the treatment of chronic pain is the major driving factor in the market. The side effects associated with CBD can prove to be a challenge however the widening of research scope for medical applications of CBD patches proves to be an opportunity. The restraints by the government and medical bodies for the use of CBD for medical applications and the challenges faced due to the impact of COVID-19 on the supply chain of the raw materials are the restraining factors.
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TOP KEY PLAYERS:
Zydus Pharmaceuticals, Inc. (a subsidiary of Zydus Cadila)
Teva Pharmaceutical USA, Inc. (a subsidiary of Teva Pharmaceutical Industries Ltd.)
Takeda Pharmaceutical Company Limited
Tolmar Pharmaceuticals, Inc.
Asia-Pacific CBD Patch Market Scope and Market Size
The Asia-Pacific CBD patch market is segmented on the basis of the product, species, packaging, dosage, derivative, application, source type, end user and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
On the basis of product, the CBD patch market is segmented into reservoir, matrix and layer drug-in-adhesive. In 2021, reservoir segment is dominating the CBD Patch market due to its use in varied CBD applications.
On the basis of species, the CBD Patch market is segmented into cannabis indica, hybrid and sativa. In 2021, Cannabis Indica segment is dominating the CBD Patch market due to its high CBD and low THC percentage as compared to sativa and hybrid.
On the basis of packaging, the CBD Patch market is segmented into two to five patches, single patch and more than five patch. In 2021, two to five patches segment is dominating the CBD patch market due to its high availability.
On the basis of dosage, the CBD Patch market is segmented into below 30 mg, 30-40 mg, 40-50 mg and above 50 mg. In 2021, below 30 mg segment is dominating the CBD Patch market as the market is at its initial stages and new consumers start with low dosage.
On the basis of derivatives, the CBD Patch market is segmented into cannabidiol (CBD), tetrahydrocannabinol (THC) Others. In 2021, cannabidiol (CBD) segment is dominating the CBD Patch market owing to the restrictions on the tetrahydrocannabinol (THC) content of 0.2-0.3% depending on the country of use.
On the basis of application, the CBD Patch market is segmented into chronic pain, anxiety, arthritis, elevated mood, neurological pain and others. In 2021, chronic pain segment is dominating the CBD Patch market due to the increase of cases of chronic pain such as neck pain and shoulder pain.
On the basis of source type, the CBD Patch market is segmented into natural and synthetic. In 2021, natural segment is dominating the CBD Patch market due to the trust of consumers on the natural products as plant based products are considered safe.
On the basis of end use, the CBD Patch market is segmented into homecare setting, research and development centers, hospital, clinics, rehab centers and others. In 2021, homecare setting segment is dominating the CBD Patch market as the CBD product utilization is not yet approved in medical care.
On the basis of distribution channel, the CBD Patch market is segmented into dispensaries & pharmacies, online and conventional stores. In 2021, dispensaries & pharmacies segment is dominating the CBD Patch market due to its established supply chain from the manufacturer to consumer.
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