Topical Drug Delivery Market Will Grow At Highest Pace Owing To Rising Self-Administration Of Drugs

ashwinicmi

posted on 5 months ago — updated on 1 second ago

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The topical drug delivery market comprises medications that are applied directly to the skin or mucous membranes to treat various conditions locally.

Topical Drug Delivery Market Will Grow At Highest Pace Owing To Rising Self-Administration Of Drugs

Topical drugs provide several advantages over oral medications such as direct application to targeted areas for site-specific action, rapid onset of action, and avoidance of first-pass liver metabolism. Topical drugs are widely used to treat dermatological conditions like acne, psoriasis, fungal infections, wounds, and burns. Self-administration of topical drugs is an emerging trend owing to patient preference for convenience and control over treatment.

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. Johnson & Johnson and Novartis lead the market with strong portfolio of innovative topical drugs.The rising geriatric population suffering from age-related conditions and increasing demand for topical over oral drugs due to better safety and tolerability are fueling market growth.Technological advancements in formulation & drug delivery technologies like liposomes, nanoparticles, and niosomes have enhanced permeation ability, effectiveness, and stability of topical drug products.

Market Trends

Growing demand for combination therapies: There is increased focus on combination products that deliver multiple active ingredients for synergistic treatment. This trend is driven by the need for improved efficacy.

Rise of specialized Topical Drug Delivery Market Demand : Novel site-specific formulations are being developed using 3D printing, microneedles, and other innovative techniques for targeted delivery to acute sites. This ensures maximum concentration of drugs at target areas.

Market Opportunities
Self-administrable/user-friendly formulations: Demand is increasing for more user-friendly formulations like sprays, rolls-ons, and gels that enable convenient self-application without medical supervision.

Emerging markets: Developing countries offer significant growth potential driven by expanding patient access through generic drugs and improving healthcare infrastructure.

The COVID-19 pandemic has significantly impacted the growth of the topical drug delivery market. Due to lockdowns imposed globally, there was disruption in the supply chain and manufacturing of topical drugs. This led to shortage of raw materials and finished products, negatively impacting market revenues initially. However, as the pandemic intensified, the demand for topical formulations for pain, dermatology, and wound management increased from those treating COVID-19 as well as other patients. This provided some offset to the declines seen earlier. Going forward, as vaccine rollout progresses, supply chain disturbances are expected to reduce. However, changes in healthcare infrastructure and priorities brought due to COVID-19 will have long term effects on this market. Telemedicine and remote consulting is expected to rise permanently in non-critical cases, reducing dependency on hospital/clinic visits for minor ailments. This will weaken demand from the hospital/institutional segment post-COVID. Governments are also prioritizing resources for pandemic management over chronic/non-communicable diseases for now. Hence non-critical therapeutic areas under topical drugs may see delayed recovery. Innovation in long acting and enhanced efficacy formulations focusing on pandemic related needs can boost market prospects in the coming years.

The geographical region where the topical drug delivery market in terms of value is most concentrated currently is North America. This region accounts for over 40% of the global market value due to high healthcare expenditures, availability of advanced treatments and large patient population affected by illnesses like dermatitis and wound care. Europe is the second largest regional market. However, Asia Pacific region is poised to be the fastest growing market for topical drug delivery during the forecast period. This is owing to rising healthcare standards, growing medical tourism, increasing investments by global players and rising incidence of chronic diseases in developing nations like India and China.