Topical Drug Delivery Market Size Worth $158.76 Billion by 2028: The Brainy Insights
Increasing spending on dermatology medications is primarily driving the growth of global topical drug delivery market. The North America region accounted for the major market share of 42.45% in the year 2020. The growth is mainly attributed to the high prevalence of skin disorders in the U.S. country.
Newark, April 06, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global topical drug delivery market is expected to grow from USD 100.64 billion in 2020 to USD 158.76 billion by 2028, at a CAGR of 5.83% during the forecast period 2021-2028. The North America region accounted for the major market share of 42.45% in the year 2020. The growth is mainly attributed to the high prevalence of skin disorders in the U.S. country. The U.S. held the largest market share in the North America region, owing to the high adoption of topical drug delivery. On the other hand, the Asia Pacific region projected to grow at the highest CAGR of 6.9% over the forecast period. Increasing awareness about the skin related problems among the countries such as India, China, South Korean, and Japan driving the growth of the market.
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The Brainy Insights has published a new research report titled, “Topical Drug Delivery Market by Type (Semi Solid Formulation, Solid Formulation, Liquid Formulation, Transdermal Products), Route of administration (Skin, Ophthalmic, Rectal, Vaginal, Nasal), End User, Regions, and Global Forecast 2021-2028” in its research database.
The topical drug delivery market refers to the global market for pharmaceutical products that are administered through the skin. Topical drug delivery systems are used to treat a wide range of conditions, including skin diseases, pain management, and hormonal disorders. These systems are designed to deliver drugs directly to the site of action, thereby increasing their efficacy and reducing the risk of side effects.
The global topical drug delivery market is driven by the increasing prevalence of skin diseases, such as psoriasis and eczema, as well as the rising demand for pain management therapies. Other factors driving market growth include the growing geriatric population, the increasing number of patients suffering from chronic diseases, and the availability of new and advanced drug delivery technologies.
The topical drug delivery market is expected to continue to grow in the coming years, driven by factors such as increasing R&D activities, the development of new and innovative drug delivery technologies, and the growing demand for personalized medicine. However, the market may also face challenges such as the high cost of drug development and the stringent regulatory requirements governing the approval of new drugs
Major players in the global topical drug delivery market are Bausch Health Companies, Johnson & Johnson, GlaxoSmithKline, Bayer AG, Crescita Therapeutics Inc., Novartis AG, Glenmark Pharmaceuticals, Merck & Co, Hisamitsu Pharmaceutical, Cipla Ltd, and Mylan among others. The key players of global topical drug delivery market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry. In August 2019, Bausch Health Companies Inc. announced that the company had received the Food and Drug Administration (FDA) approval for DUOBRII (halobetasol propionate and tazarotene) Lotion, 0.01%/0.045%, for the topical treatment of plaque psoriasis in adults.
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The type segment is divided into semi-solid formulation, solid formulation, liquid formulation, and transdermal products. The semi-solid formulation accounted for the largest market share of 55.65% in the year 2020. The semi-solid formation includes cream, ointment, lotion, and pastes. The growth is mainly due to faster drug release and increased patient acceptability. The route of administration segment includes skin, ophthalmic, rectal, vaginal, and nasal. The ophthalmic is likely to grow at the highest CAGR of 6.8% over the forecast period. Increasing various types of eye disorders has increased demand for ophthalmic drops. Thus increased demand for eye drops diving the growth of the market. The end-user segment includes hospitals & private clinics, home care settings, and others. Home care setting is projected to grow at the highest CAGR of 6.5% over the forecast period. The increasing usage of topical drug delivery due to high convenience driving the growth of the market.
Increasing prevalence of skin disorders is one of the most key contributing factors for the growth of global topical drug delivery market. With the increasing incidences of eye and ear disorders, the demand is rising for the eye and ear drops, which results in the growth of topical drug delivery market. Furthermore, increasing spending on dermatology across the globe is likely to provide new growth opportunities. However, rising preference for the alternative mode for the drug delivery may hamper the growth of the market over the forecast period.
Scope of the Report
|Market Value (2020)||USD 100.64 Billion|
|Market Size (2028)||USD 158.76 Billion|
|CAGR (from 2021 to 2028)||5.83%|
|North America Revenue Share||42.45%|
|Historic Period||2018 to 2029|
|Forecast Year||2021 to 2028|
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