Topical Drug Delivery Market Analysis, Size, Growth and Forecast to 2023

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 and 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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The global topical drug delivery market is segmented on the basis of the product type, route of administration, indication for which the drug is used and its end users. Based on product type the market is segmented into formulations and devices, formulations are further sub-segmented into solid, liquid and semi-solid formulations, and devices. Semi-solid formulations include ointment, cream, gel lotion and paste and had a major contribution in the global topical drug delivery market in 2016, as compared to other sub-segments. The major factors driving the growth of semi-solid formulations include increasing rate of blood donations and rise in the number of surgical procedures such as organ transplantation where these formulations are widely used.

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.

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North America held the largest share of the global topical drug delivery market in 2016, mainly due to the presence of large number of pharmaceutical companies. However, the topical drug delivery market in the Asia-Pacific is expected to witness the highest growth during the forecast period (2017-2023). The high growth in the Asia-Pacific can be attributed to the rising ageing population, increasing healthcare expenditure, rising disposable income, and growing focus of global pharmaceutical companies on the markets in emerging economies of the region. According to the information published by Pharmaceuticals Research and Manufacturers of America (PhRMA), the member organizations of PhRMA spent approximately $58.8 billion on R&D, accounting for the larger part of all the biopharmaceutical R&D spending in the U.S., in 2015. Thus, the well-established pharmaceutical industry in the U.S. is a favorable factor for the growth of the North America topical drug delivery industry.

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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