by The global topical drug delivery market witnessed remarkable growth, recording a size of around US$100 billion in the year 2020. This market is poised for continued expansion in the coming years, with skin injuries emerging as the primary driver of revenue.
Skin Injuries and Skin Diseases Fuel Market Growth
The topical drug delivery market is experiencing significant growth due to the rising prevalence of skin diseases and burn injuries. Burn injuries, in particular, are a major global health concern, with the World Health Organization (WHO) reporting approximately 180,000 burn-related deaths annually worldwide. These injuries often lead to disabilities, impacting individuals quality of life.
Additionally, common skin conditions such as benign tumors, acne, cancers, eczema (atopic dermatitis), contact dermatitis, and psoriasis are affecting a substantial portion of the population, especially among the elderly. According to the American Academy of Dermatology, one in four individuals in the United States suffers from skin diseases, resulting in approximately US$75 billion in healthcare costs related to medical treatment, prevention, and prescription drugs. The demand for topical products to treat skin diseases and burns is expected to rise, further boosting the growth of the topical drug delivery market.
Rising Preference for Self-Administration
The topical drug delivery market is also benefitting from the growing trend of self-administration and home care settings. The increasing elderly population is a key driver of this trend, as it is driving demand for transdermal, nasal, and other drug delivery systems. Home care settings are effective post-diagnosis for both patients and caregivers, reducing healthcare costs significantly. Topical drug delivery products, such as ointments, lotions, patches, creams, gels, and powders, are readily available for targeted injuries without the need for clinical support. As a result, the shift towards home healthcare and self-administration is expected to contribute to global market growth.
Transdermal Products in High Demand
Transdermal products are anticipated to experience substantial demand in the coming years due to their perceived advantages. These advantages include prolonged drug effect duration, reduced dosing frequency, uniform plasma level maintenance, ease of terminating drug administration without discomfort, and absence of adverse effects on patients. Among transdermal products, transdermal patches have gained significant popularity due to their effective drug delivery, easy application, simple treatment regimens, non-invasiveness, and avoidance of first-pass and peak dose effects. Transdermal patches offer controlled and convenient prolonged drug delivery, driving the growth of the topical drug delivery market.
North America Leads the Way
North America is projected to hold a major share in the topical drug delivery market, driven by the increasing prevalence of skin disorders and skin injuries. Skin disorders such as acne, atopic dermatitis, and skin cancer are common in the region, affecting millions of individuals. Moreover, the COVID-19 outbreak has further influenced the market, leading to the development and approval of novel treatments and products. For instance, the US FDA approved T3X, an over-the-counter ointment effective against the SARS-CoV-2 virus. Additionally, regulatory approvals for new launches, like Winlevi cream for acne treatment, continue to drive market growth in the region.
Competitive Landscape
Key players in the topical drug delivery market include Galderma, Novartis International AG, Teva Pharmaceuticals Industries Ltd., Cipla, Pfizer Inc., Rusan Pharma Ltd., Bristol Myers Squibb, and AbbVie Inc. These companies have adopted strategies such as capacity expansions, agreements, acquisitions, collaborations, and new product launches to enhance their market presence and meet the growing demand for topical drug delivery products.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/topical-drug-delivery-market
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This press release first seen on Brilad
COMTEX_442320061/2840/2023-10-23T08:21:17
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.