Topical Drug Delivery Market will grow at highest pace owing to rising preference for localized therapy

 

Topical Drug Delivery Market

Topical Drug Delivery comprises the administration of pharmaceutical active ingredients to the skin, eye or mucosa. The products are formulated for topical administration in various dosage forms like semi-solid, liquid, and solid formulations for superficial or transdermal drug delivery. Topical drug delivery has numerous advantages over other forms of delivery like targeted delivery which reduces systemic absorption and unwanted effects. It provides advantages such as self-administration, needle-free delivery, and ease of use. With the growing demand for localized and targeted therapy, topical drug delivery has emerged as a suitable alternative for conventional routes of administration in conditions like dermatology, ophthalmology, and other localized disorders.

The Global Topical Drug Delivery Market is estimated to be valued at US$ 124.90 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 To 2031.

Key Takeaways
Key players operating in the Topical Drug Delivery are Johnson & Johnson, Pfizer Inc., Novartis International AG, GSK plc, Bayer AG, Merck & Co., Inc., Sanofi, Teva Pharmaceutical Industries Ltd., AbbVie Inc., Eli Lilly and Company, Galderma Laboratories, L.P., Viatris Inc., Sun Pharmaceutical Industries Ltd., Perrigo Company plc, Bausch Health Companies Inc., Taro Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals Ltd., and Almirall S.A.

The growing demand for topical drugs can be attributed to the increasing prevalence of skin diseases and disorders such as acne, dermatitis, psoriasis, wound healing and other infections. Topical Drug Delivery Market Size As per the International Federation of Psoriasis Associations, over 125 million people worldwide suffer from psoriasis. This has fuelled the demand for localized and targeted drugs.

Technological advancements in topical drug formulations including transdermal drug delivery systems, use of nanotechnology and personalized medicines have augmented efficient transdermal drug delivery. Noval drug delivery mechanisms like ethosomes, transfersomes and polymeric nanoparticles have enabled enhanced efficacy and stability of active ingredients.

Market Trends
The increasing focus on advanced topical drug delivery systems and emergence of new carriers have revolutionized the segment. Novel technologies like lipid-based nanocarriers, hydrogels, and polymer-based nanocarriers have facilitated controlled and sustained release, boosting efficacy.

Recent advancements include the development of active and passive patch systems, gels, and foams incorporating nanotechnology and stimuli-responsive polymers. Patches and films provide formulated drugs at pre-determined rates for prolonged periods.

Market Opportunities
Growing demand for generic topical drugs due to patent expiries of blockbuster brands will open lucrative opportunities. As per estimates over US$ 10 Bn worth of branded topical drugs will lose exclusivity between 2018 to 2024.

Increasing focus on developing topical biologics, peptides and cell-based therapies for various conditions like psoriasis, atopic dermatitis, wound healing presents a remunerative avenue. They offer high potency and new mechanisms of action.

The COVID-19 pandemic has significantly impacted the growth of the topical drug delivery market. During the pandemic, many medical facilities shifted their focus to treating COVID cases, leading to postponement of non-essential treatments and procedures. This negatively impacted the demand for topical drugs in categories such as dermatology and ophthalmology. Additionally, social distancing measures and lockdowns restricted people's movement, reducing patient visits to physicians and limiting product availability through pharmacy channels. The supply chain disruptions during the initial months of 2020 further hindered new product development and launches.

However, as the pandemic has progressed, some trends emerged that provided new opportunities for topical drug delivery growth. There was increased demand for prescription and over-the-counter topical drugs used for wound care, pain relief, and infection control. The availability of telemedicine further facilitated access to prescription topical drugs. Pharmaceutical companies responded to the crisis by increasing production of essential drugs, developing new formulations suitable for pandemic conditions, and strengthening omni-channel distribution networks. Going forward, continued digitalization of healthcare and focus on drug delivery methods requiring minimal healthcare resource utilization are expected to benefit the topical drug delivery market growth in the post-COVID era.

In terms of geography, North America currently accounts for the largest share of the global topical drug delivery market, both in terms of value and volume. This is attributed to factors such as high healthcare expenditure, availability of advanced treatment options, and presence of major market players in the region. Within North America, the United States holds the major market share due to high disease prevalence and strong demand for prescription and OTC topical drugs. The Asia Pacific region is expected to witness the fastest growth during the forecast period due to increasing patient awareness, healthcare investments, and rapidly developing pharmaceutical industry in countries like India and China.

For the topical drug delivery market, Western Europe accounts for the second largest regional market globally due to advanced healthcare facilities and rising research funding for new product development. Within Western Europe, Germany has emerged as the largest market due to high per capita healthcare spending and presence of leading topical drug manufacturers. Another fast growing region for this market is Latin America, driven by economic growth, healthcare reforms, and rising demand for affordable treatments. Brazil and Mexico specifically are expected to provide significant opportunities for topical drug delivery market participants.

Get more insights on This Topic- Topical Drug Delivery Market

Comments

Post a Comment

Popular posts from this blog

Cellulose Films is the largest segment driving the growth of Cellulose Plastics Market

Image
  Cellulose Plastics Market The global Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Cellulose plastics are bioplastics made from cellulose, one of the most abundant organic polymer on Earth. They are produced from plant materials like wood and agricultural residues. Cellulose plastics offer advantages like biodegradability, recyclability and sustainability. They are widely used in agriculture films, food packaging and textiles. Market key trends: One of the key trend in the cellulose plastics market is growing demand for biodegradable and sustainable packaging solutions. Rising environmental concerns regarding widespread use of conventional plastics is driving the demand for eco-friendly cellulose plastics. Strict government regulations prohibiting use of single use p...
Read more

Electronic Warfare Market Poised to Witness High Growth Owing to Increasing Usage of EW Systems Across Military and Defense Sectors

Image
Electronic Warfare Market Electronic warfare (EW) systems are used for detecting, deceiving or damaging enemy’s communication and radar systems. It involves deliberate emission or suppression of electromagnetic energy to maintain information dominance. EW systems find wide applications across military, including land, sea, air and space operations for counteracting threats from armed forces of other nations. The need for situational awareness and gaining tactical advantage over opponents has catalyzed demand from armed forces globally. The global electronic warfare market is estimated to be valued at US$ 18.45 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.  Key players operating in the electronic warfare market are BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Co...
Read more

Poultry Keeping Machinery connected with market drivers for automation

Image
  Poultry Keeping Machinery Market The global Poultry Keeping Machinery Market is estimated to be valued at US$ 4,866.90 Mn in 2022 and is expected to exhibit a 3.4% CAGR over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Poultry keeping machinery are used for rearing poultry birds for commercial meat and egg production. Poultry keeping machinery includes equipment such as cage systems, feeders, waterers, egg collection systems, heating and cooling systems and ventilation systems. Poultry cages provide shelter to the birds and make the feeding and waste collection process efficient. Automatic feeders and waterers ensure the availability of nutritional feed and water to birds on a regular basis. Egg collection systems collect eggs from the cages to avoid breakage during collection. Heating, cooling and ventilation systems maintain optimum temperature and provide fresh air. The equipment allows large scale...
Read more