The Topical Drug Delivery Market size is projected to reach USD 305.6 billion by 2027, at a CAGR of 8.0 % during the forecast period.
Growth in this market is majorly driven by the high occurrence of burn injuries, expanding number of smokers around the world, growing prevalence of diabetes, and refinements in transdermal patches.
Burns have proven to be the major cause of disfigurement and disability. 8 million or more have fallen prey to disability-adjusted life years (DALYs). Increasing burn injuries in major regions across the globe have triggered a sedate demand for effective burn treatment and care. Many topical antimicrobial agents have come to the fore to treat burns.
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Drivers
Growth of the market is mainly driven by a majority of patients suffering from soft tissue infections, topical drug prescription for elderly patients for dry eye prevalence and high cases of burn injuries.
An antimicrobial agent such as silver sulfadiazine cream is used to treat second and third-degree burns. Burns have a larger burden on the population because of soaring senior citizen population. Biologics sustained via transversal route and consent of small key players is expected to present diverse opportunities across the globe for market growth in the near future.
In addition, skin disease or psoriasis affects a 0.1% or 11.5% which is making a major statement across the globe with a minimum of 100 million individuals affected globally. These are the reasons topical drug delivery market is going to elevate in the forecast period.
Restraints
Allergies to medicinal preparation such as bacitracin which is used to treat cuts, scalds and scrapes and such minor injuries present restraints to the topical drug delivery market. These are limitations to use of such medicines in the market. This causes the patient to try another form of drug delivery system or try out some other form of medicine.
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Opportunities
Product launches and procurements offer thriving opportunities for market players. Self-care and self-treatment with medication without supervision and under home care settings is expected to provide tremendous growth opportunities for players belonging to the topical drug delivery market
By facility of use
By facility of use, the topical drug market is classified into home care settings, hospitals, clinics, burn centers and other facilities.
Home care settings are predicted for further growth in the topical drug market by facility of use. The advantages here are the long-term therapy stints and with better comforts in relation to in-patient care and more fulfilling medical compliance are shaping the future of the topical drug delivery market. Increasing aging populace and a growing need for self-administration of medicines is also driving growth for the market segment in the future.
By Region
Market drivers to topical drug delivery market in Asia Pacific include local body grants and government financing for R&D activities, growing pharmaceutical industry, a varied number of research sites and growing incidences of glaucoma.
North American markets favor high growth in topical drug market because of a high number of smokers, expanding incidences of skin ailments and impetus given to transdermal patches.
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Key Developments
· In Nov 2022, when gel and emulsion are used in combined form the dosage form are referred as emulgel. Emulgels have emerged as one of the most interesting topical delivery system as it has dual release control system i.e. gel and emulsion.
· The Topical Drug Delivery industry has registered sound growth in the Middle East and Africa, with new providers and platforms being introduced at a rapid pace. Vendors in the Middle East and Africa Topical Drug Delivery market are focusing on extending their product and service portfolio in untapped segments. For instance, in October 2021, Stripe acquired Paystack, an online payment.
· In Dec 2022, Arcutis revs up ahead of critical year for topical drug delivery tech, securing $225M debt financing to invest in product launch, pivotal readouts processing company in Nigeria, to expand its presence across South Africa.
Key Players
Major players in the topical drug delivery market include Bausch Health Companies Inc., Hisamitsu Pharmaceuticals Inc., Glenmark Pharmaceuticals Ltd., Galderma, Johnson & Johnson Private Limited, GlaxoSmithKline Plc., Cipla, Bayer AG, Viatris Inc., 3M, Merck & Co.Inc., Crescita Therpeautics Inc., Novartis International AG, Boehringer Ingelheim International GmBH, Pfizer Inc.,Teva Pharmaceuticals Industries Ltd., Bristol Myers Squibb, Lead Chemical Co., Ltd., Purdue Pharma L.P., Lavipharm, AbbVie Inc., CMP Pharma, Inc. Encore Dermatology, Inc. Prosolus Inc., and Rusan Pharma Ltd. amongst others.
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