Topical Drug Delivery Market Trends, Business Strategies and Opportunities with Key Players Analysis 2024 - Top Key Players are (Crescita Therapeutics Inc., Bayer AG, Cipla Limited, Galderma S.A, GlaxoSmithKline PLC, Allergan PLC)

Drugs that are applied to a local area on the body are known as topical drugs. Many creams and balms that are used for skin treatment are frequently called topical drug. Topical drug delivery market offers an alternative drug delivery system to treat many diseases and related conditions such as psoriasis, ringworm, rashes & blisters and others. The topical drug delivery has turned out to be progressively essential in the pharmaceutical industry. Eye drops for ophthalmic use and various drugs utilized for inward breath in respiratory conditions such as asthma are also frequently known as topical medications. Topical medications have a local effect that means the effect of the drug will be only in the area where the drug has been applied; however, some topical medications can also have a systemic effect.

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There are various factors that drive the growth of the topical drug delivery market including the increasing prevalence of dermal diseases, development of high technology in topical drug delivery systems, high number of cases of burn injuries, and increasing prevalence of diabetes, globally. According to the World Health Organization (WHO), the prevalence of diabetes among adults over 18 years of age has risen from 4.7% in 1980 to 8.5% in 2014, globally. Also, the WHO estimates that, diabetes would be the seventh leading cause of death, by 2030.

The factors that could serve as an opportunity for the players in topical drug delivery market are the increasing innovations in the field of science that have led to the development of biologics which can be used for transdermal delivery of drugs. Moreover, larger players in the topical drug delivery industry are acquiring smaller firms to gain increased market share in this field and also to acquire their technologies made in the field of topical drug delivery.

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The high emergence and prevalence of novel diseases has led to the development of new medicines, and different companies are collaborating to strengthen their position in the market.

In January 2017, the United States Food and Drug Administration approved Rhofade (oxymetazoline hydrochloride) manufactured by Allergan plc for the topical treatment of persistent facial erythema associated with rosacea in adults. Rhofade is cream based formulation intended for topical administration.

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Some of the other key players operating in the global topical drug delivery market include Crescita Therapeutics Inc., SOLVAY S.A., Bayer AG, Cipla Limited, Galderma S.A, GlaxoSmithKline PLC, Janssen Global Services, LLC. (Johnson and Johnson), Novartis International AG, Sienna Biopharmaceuticals, Inc., Allergan PLC.

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