Topical Drug Delivery Market Size is valued at USD 208.25 billion in 2022 and is predicted to reach USD 418.70 billion by the year 2031 at a 8.1% CAGR during the forecast period for 2023-2031.
Key Industry Insights & Findings from the Report:
- The main reasons driving this market's growth are the rising rates of minor illnesses like acne and psoriasis as well as skin diseases like eczema.
- Transdermal delivery of biologics is one of the newest trends in the topical medication delivery sector. Big molecules can be delivered transdermal with significant patient benefits, including painless medicine administration and economical care.
- North America dominated the market and accounted for a global revenue share in 2023.
- The topical medicine delivery market is expected to face challenges from technical obstacles related to skin permeability and irritation.
The application of drugs or therapeutic agents directly to the skin or mucous membranes for the targeted treatment of various medical problems is referred to as topical drug delivery. The increased incidence of skin conditions including psoriasis and eczema, as well as minor ailments like acne, are the main drivers of this market's expansion. Additionally, it is anticipated that the rising usage of medications to treat diabetic neuropathic pain and foot ulcers, as well as the rising occurrences of burn injuries, diabetes prevalence, and eye illnesses, would all contribute to the market growth. Moreover, the transdermal patch, a non-invasive method of drug delivery, has seen a rise in popularity and widespread use in the market.
The entire market is expected to develop as a result of this adoption pattern. The primary market driver is also believed to be the tendency towards self-care or self-treatment at the point of care.
However, lockdowns, travel restrictions, and other issues caused interruptions in the pharmaceutical supply chain. The pandemic caused numerous clinical trials for innovative medicine formulations or delivery technologies to be postponed or interrupted. This might have delayed the release of ground-breaking topical products.
Competitive Landscape
Some of the Topical Drug Delivery Market players are:
- 3M (US)
- AbbVie Inc. (US)
- Bausch Health Companies Inc. (Canada)
- Bayer AG (Germany)
- Boehringer Ingelheim International GmBH (Germany)
- Bristol Myers Squibb (US)
- Cipla (India)
- CMP Pharma, Inc. (Germany)
- Crescita Therpeautics Inc. (Canada)
- Encore Dermatology, Inc. (US)
- Galderma (Switzerland)
- GlaxoSmithKline Plc. (UK)
- Glenmark Pharmaceuticals Ltd. (India)
- Hisamitsu Pharmaceuticals Inc. (Japan)
- Johnson & Johnson Private Limited (US)
- Lavipharm (Greece)
- Lead Chemical Co., Ltd. (Japan)
- Merck & Co. Inc.. (Germany)
- Novartis International AG (Switzerland)
- Pfizer Inc. (US)
- Prosolus Inc. (US)
- Purdue Pharma L.P. (US)
- Rusan Pharma Ltd. (India)
- Teva Pharmaceuticals Industries Ltd. (Israel)
- Viatris Inc. (Mylan N.V.) (US)
Market Segmentation:
The Topical Drug Delivery Market is categorized based on product, route of administration, and facility of use. The product category comprises semi-solid, solid, liquid, and transdermal products. The semi-solid formulations segment includes creams, ointments, lotions, gels, and pastes. By liquid formulations, the market is segmented into suspensions and solutions.
The solid formulations segment includes powders and suppositories. By liquid formulations, the market is segmented into suspensions and solutions. Based on transdermal products, the market is segmented as transdermal patches and transdermal semi-solids. Route of administration, the market category comprises ophthalmic drug delivery, rectal drug delivery, dermal drug delivery, vaginal drug delivery, and nasal drug delivery. Facility of use category includes homecare settings, hospitals clinics, burn centers, and other facilities.
Based On Product, The Semi-Solid Formulations Segment Is Accounted As A Major Contributor In The Topical Drug Delivery Market.
The semi-solid formulations category is expected to hold a significant share of the global Topical Drug Delivery Market in 2022. The semi-solid medication segment will develop the fastest and be the largest market during the projection period due to reasons such as the ease of application of semi-solid medications and their capacity to deliver a broad variety of therapeutic molecules. Semi-solid formulations are practical for patients because they are simple to spread and apply to the skin. Higher patient acceptance and compliance are a result of their non-invasiveness and comfortable application.
The Burn Centers Segment Witnessed Growth At A Rapid Rate
The burn centers segment is projected to grow at a rapid rate in the global Topical Drug Delivery Market. The rise in the number of burn care facilities is due to the much higher risk of mortality and morbidity that are related to burn patients. For deep second- and third-degree burns, topical treatments include silver sulfadiazine cream, nanocrystalline silver dressings, mafenide acetate cream, and hypochlorous antiseptic solutions, which are recommended in burn centers. Therefore, the market offers prospects for growth as a result of the rise in burn care facilities.
In The Region, The North America Topical Drug Delivery Market Holds A Significant Revenue Share.
The North America Topical Drug Delivery Market is expected to register the highest market share in terms of revenue in the near future. This is mainly due to rising demand for self-administered medications, greater preference for painless drug delivery, and the development of skin conditions. Moreover, the region's dominance is mostly due to the high frequency of skin illnesses and rising spending on topical dermatological products. However, during the forecast period, Asia-Pacific is anticipated to experience a significant growth rate. The Asia-Pacific topical medication delivery market has grown owing to the rising demand from developing nations like China and India, as well as an increase in the number of people with skin diseases.
Recent Developments:
- In December 2023, Bausch Health, LAVAL, QC, The company's innovative topical prescription medication, DUOBRIITM (0.01% w/w halobetasol propionate and 0.045% w/w tazarotene), is now available to patients enrolled in Quebec's public drug plan administered by the Régie de l'assurance maladie du Québec (RAMQ). This medication is intended to help adult patients with moderate to chronic plaque psoriasis by reducing their symptoms. A branch of Bausch Health Companies Inc., Bausch Health, Canada made this announcement.
Topical Drug Delivery Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 208.25 Bn |
|
Revenue Forecast In 2031 |
USD 418.70 Bn |
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Growth Rate CAGR |
CAGR of 8.1% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product, Route Of Administration, And Facility Of Use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
Galderma (Switzerland), Johnson & Johnson Private Limited (US), GlaxoSmithKline Plc. (UK), Glenmark Pharmaceuticals Ltd. (India), Rusan Pharma Ltd. (India), Bausch Health Companies Inc. (Canada), Hisamitsu Pharmaceuticals Inc. (Japan), Cipla (India), Bayer AG (Germany), Viatris Inc. (Mylan N.V.) (US), 3M (US), Merck & Co.Inc.. (Germany), Crescita Therpeautics Inc. (Canada), Novartis International AG (Switzerland), Boehringer Ingelheim International GmBH (Germany), Pfizer Inc. (US), Teva Pharmaceuticals Industries Ltd. (Israel), Bristol Myers Squibb (US), Lavipharm (Greece), AbbVie Inc. (US), CMP Pharma, Inc. (Germany), Encore Dermatology, Inc. (US), Prosolus Inc. (US), Lead Chemical Co., Ltd. (Japan), and Purdue Pharma L.P. (US). |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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