Press release
Topical Drug Delivery Market Overview 2024-2033 - Share, Size, Insights, Forecast
Topical Drug Delivery Market
The topical drug delivery market size is expected to see rapid growth in the next few years. It will grow to $252.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to rise of transdermal patches, innovations in formulations, personalized medicine, telemedicine and remote consultations, growing incidence of chronic diseases.. Major trends in the forecast period include advanced formulations, personalized dermatology,5g-enabled devices, enhanced compliance solutions, incorporation of sensors..
Market Overview -
The topical drug delivery market refers to the procedure of delivering a drug from a product on the skin to a local target site to produce a therapeutic effect. Topical drug deliveries are used to provide medication that is applied to the skin to treat different conditions.
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Rising Diabetes Prevalence Fuels Growth Of Topical Drug Delivery Market
The growing prevalence of diabetes is expected to propel the growth of the topical drug delivery market going forward. Diabetes is a group of diseases that affect how the body uses blood sugar and result in high blood sugar levels. Topical drug delivery helps diabetes patients by administering medicines that can bypass hepatic first-pass metabolism. For instance, in December 2021, according to the statistics published by International Diabetes Federation, a Belgium-based, non-profit diabetes association 2021, 537 million adults (20-79 years) recorded living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide will have diabetes. Therefore, the growing prevalence of diabetes is driving the growth of the topical drug delivery market.
Competitive Landscape -
Major companies operating in the topical drug delivery market include Glenmark Pharmaceuticals Ltd., Galderma SA, Johnson & Johnson Private Limited, GlaxoSmithKline PLC., Bausch Health Companies Inc., Nestlé SA, Novartis AG, Merck & Co., Hisamitsu Pharmaceuticals, Bayer AG, Cipla Limited, Viatris Inc., 3M Company, Crescita Therpeautics Inc., Boehringer Ingelheim International GmBH, Pfizer Inc., Teva Pharmaceuticals Industries Ltd., Bristol Myers Squibb, Lead Chemical Co. Ltd., Purdue Pharma L.P., Lavipharm SA, AbbVie Inc., CMP Pharma Inc., Encore Dermatology Inc., Prosolus Inc., Rusan Pharma Ltd., Mylan N.V., LEO Pharma A/S, Almirall S.A., Sun Pharmaceutical Industries Ltd., Fougera Pharmaceuticals Inc., Perrigo Company plc, Taro Pharmaceutical Industries Ltd., MedPharm Ltd.
Topical Drug Delivery Market Sees Surge In Technological Advancements
Technological advancement is a key trend gaining popularity in the topical drug delivery market. Major companies operating in the topical drug delivery market are developing innovative products with advanced technologies to strengthen their position in the topical drug delivery global market. For instance, in April 2022, Sol-Gel Technologies Ltd., an Israel-based dermatology company, and Galderma S.A., a Switzerland-based pharmaceutical company specializing in dermatological treatments and skin care products, introduced Epsolay (benzoyl peroxide, cream, 5%), utilizing Sol-Gel's microencapsulation technology for the treatment of inflammatory lesions of rosacea, which is patent protected until 2040. Sol-gel microencapsulation provides the advantage of entrapping molecules by forming inclusion complexes between essential oils (Eos) as guest molecules and beta-cyclodextrin as host in porous silica, making it more stable and resistant to environmental conditions. Silica acts as a protector for EOs.
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Key Segments -
The topical drug delivery market covered in this report is segmented -
1) By Product Type: Semi-Solid Formulations, Liquid Formulations, Solid Formulations, Transdermal Products
2) By Route Of Administration: Dermal Drug Delivery, Ophthalmic Drug Delivery, Rectal Drug Delivery, Vaginal Drug Delivery, Nasal Drug Delivery
3) By End User: Hospitals, Clinics, Home Healthcare, Diagnostic Centers, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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