Recording the size of around US$100 Bn in the year 2020, global topical drug delivery market is expected to rise high in the next few years. Skin injuries seem to be accounting for the largest revenue contribution to the market.
Increasing Incidences of Burn Injuries, and Skin Disease Prevalence Influence Topical Drug Delivery Market Growth
Rising prevalence of skin diseases and burn injuries have fuelled the use of topical drug delivery products. Burn injuries are one of the major types of traumas, and a significant cause of death worldwide. According to the WHO, around 180,000 deaths due to burns are recorded every year on the global front. In addition, wounds due to burns have a high probability to translate into disabilities, thus impacting the life of the individual. Furthermore, rising common skin conditions including benign tumours, acne, cancers, eczema (atopic dermatitis), contact dermatitis and psoriasis are a major concern among individuals, especially aged people. Rising prevalence of skin diseases have fuelled the use of non-invasive products to reduce the aftereffects of the disease. For instance, according to American Academy of Dermatology, one out of four individuals in the United States suffers from skin disease(s) that accounts to approximately US$75 Bn in terms of costs apropos to medical, preventative, and non-prescription and prescription drugs. In this backdrop, use of topical products to treat skin diseases and burns is expected to increase, consequently aiding the topical drug delivery market growth.
Inclination Toward Self-administration of Drugs Complements Topical Drug Delivery Market
Rising inclination towards home care settings and self administration is expected to open new avenues of growth for topical drug delivery market. Increasing geriatric population is one of the crucial factors influencing this trend which is driving the demand for transdermal, nasal, and other drug delivery systems. Moreover, home care settings can be effective post-diagnosis, for both patients, and caregivers. More importantly, the cost of healthcare and its burden is significantly reduced owing to availability of topical drug delivery products such as ointments, lotions, patches, creams, gels, and powders that can be used for targeted injuries without clinical support. That said, home healthcare and self administration of drugs is expected to influence market growth on the global front.
Transdermal Products to Gain High Traction in Global Topical Drug Delivery Market
Demand for transdermal products is expected to increase significantly in the forthcoming years. This is mainly owing to their perceived advantages including prolonged time duration of drug effect, major reduction in the dosing frequency, uniformity in plasma level, flexibility in terminating the administration of drug without discomfort and no adverse impact on patients. Among transdermal products, use of patches has been on an upswing. Transdermal patches facilitate effective drug delivery and are easy to apply, have simple treatment regimes, are non-invasive and avoid first-pass and peak dose effects. As an alternative to other routs of administration, transdermal patches provide prolonged drug delivery in a controlled manner with convenience and ease of administration. These factors have propelled the use of transdermal patches in turn complementing the growth of the topical drug delivery market.
North America Projected to Account for a Major Share in Topical Drug Delivery Market
North America is expected to account for a significant share in the topical drug delivery market. This can be attributed towards rising number of skin disorders and rising cases of major and minor skin injuries. For instance, according to the American Academy of Dermatology (AAD), acne is one of the most common skin disorders affecting approximately 50 million individuals in the United States. Likewise, 1 in 10 individuals are likely to develop atopic dermatitis. Atopic dermatitis affects around 25% of the children and 2-3% adult population. Also, as per GLOBOCAN, in 2020, around 105,000 new melanoma skin cancer cases were registered in the region. This count is anticipated to touch 142,000 by end of 2040. In addition, increasing spending on topical derma products on the back of stable rise in the GDP per capita is also expected to influence growth of the topical drug delivery market in the region in the forthcoming years.
Furthermore, the COVID 19 outbreak has embossed a strong influence on the topical drug delivery market in North America. The outbreak resulted in the development of novel treatments and products. For instance, in 2020, the US FDA gave approval for T3X, an over the counter ointment developed by an US pharmaceutical company – Advanced Penetration Technology. This ointment was approved and considered effective against the SARS - CoV 2 virus. Additionally, rising approvals for new launches by companies in the region are likely to influence the growth of topical drug delivery market. For instance, in 2020, FDA gave approval for Winlevi cream which was developed by Cassiopea SpA to treat acne. These factors continue to drive growth of topical drug delivery market in the region.
Topical Drug Delivery Market: Competitive Landscape
Capacity expansions, agreements, acquisitions, collaborations, and new product launches have been the most adopted growth strategies by companies in the topical drug delivery market. A few of the major players in topical drug delivery market include Galderma, Novartis International AG, Teva Pharmaceuticals Industries Ltd., Cipla, Pfizer Inc., Rusan Pharma Ltd., Bristol Myers Squibb, and AbbVie Inc.
Recent Notable Developments
The Global Topical Drug Delivery Market Is Segmented As Below:
By Facility of Use
By Route of Administration
Key Elements Included In The Study: Global Topical Drug Delivery Market
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