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Topical Drug Delivery Market Report Up to 2031
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The growth of the market is dependent on high prevalence of skin and soft tissue infections, and in increase in eye disease and burns. Hence the presence of alternative dug delivery modes such as oral and injectable routes is expected to restrict the growth of this market.
COVID-19 Impact on Topical Drug Delivery Market
The pandemic COVID 19 is spreading tremendously all over the world. The need of improved patient care and need of drugs such multivitamins vitamin C and antivirus to improve immunity of the patients, is in the huge demand.
Due to increase in pandemic COVID 19 the hospitals medicals and end users are maintaining the stock of various drugs which in-turn is giving boost to this market.
Market Drivers
Due to the high prevalence of skin disease such as psoriasis, skin cancer, and vitiligo which is covering the high population having these disease, as a topical drug delivery is the first line of treatment for the majority of skin diseases the demand for advanced topical products is expected to increase in further years.
The home care settings segment is growing at a rapid pace in this sector because it don’t take patients time for admitting in hospitals , the patients are being cared at home itself and they can save large cost and don’t have to disturb regular work activity of the patients.
Market Opportunities
The delivery of biologics through the transdermal route is one of the emerging trends in topical drug delivery market. The transdermal delivery of large molecules as an alternative to intramuscular, subcutaneous or intravenous routes of administration is expected to provide significant patients.
This increasing trend is encouraging the growth of topical drug delivery market.
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Competitive Landscape
Due to the rapid spread of COVID-19 and increasing distress, medicines are being stocked by various end users and patients. This is expected to boost the growth of the topical drug delivery market from 2020–2021. Various companies have witnessed an increase in revenue in Q1 2020 as compared to Q1 2019. For instance, AbbVie registered an increase of 16.8% in its revenue during this period. Likewise, Amgen reported a revenue of USD 6,161 million in Q1 of 2020, an 11% increase as compared to Q1 2019 (USD 5,286 million).
Some of the companies profiled in the report include –Johnson & Johnson (US), Nestlé SA (Switzerland), Novartis AG (Switzerland), GlaxoSmithKline (UK), Bausch Health Companies (Canada), Merck & Co (US), Bayer AG (Germany), Hisamitsu Pharmaceutical (Japan), Glenmark Pharmaceuticals (India), Cipla Ltd (India), Crescita Therapeutics Inc. (Canada), Mylan (US), Encore Dermatology, Inc. (US), LEO Pharma (Denmark), Almirall, S.A (Spain), Aclaris Therapeutics, Inc. (US), Taro Pharmaceutical Industries Ltd. (US), Teligent Pharma (US), Perrigo Pharma (US), Allergan (Ireland), Biofrontera, Inc. (US), Crown Laboratories Inc. (US), Akorn Inc. (US), Ingenus Pharmaceuticals (US), and Sun Pharmaceuticals (India).
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About Visiongain
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