Topical Drug Delivery Market Overview
Stellar Market Research, an Topical Drug Delivery business research firm has published a report on the “Topical Drug Delivery Market”. As per the “Topical Drug Delivery report,” The Topical Drug Delivery Market was valued at US$ 115.31 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030, reaching nearly US$ 180.38 billion.
A topical drug delivery system (TDDS) refers to the method of applying medications directly to the skin for therapeutic effects. Pharmacists utilize the skin as it is one of the largest and most accessible organs in the body, making it an ideal route for delivering various medications. This delivery method typically targets specific areas of the body for localized treatment.
For in-depth information on this study, visit the following link:https://www.stellarmr.com/report/req_sample/Topical-Drug-Delivery-Market/358
Market Forecast and Key Dynamics:
The forecast for the topical drug delivery market through 2027 takes into account real production data, demand, and supply from 2020, while numbers for 2020 are estimated based on key players’ reports. Historical data from 2016 to 2019 was used for forecasting, along with the impact of global lockdowns in 2020 and 2021. A major factor driving market growth is the increasing prevalence of skin diseases such as psoriasis, eczema, and skin cancers. According to the Global Burden of Disease Project, skin conditions are the fourth leading cause of non-fatal disease burden globally, affecting a significant portion of the population. The World Health Organization reports that 2 to 3 million cases of non-melanoma skin cancer and around 132,000 cases of melanoma are diagnosed annually. Additionally, psoriasis affects between 0.09% and 11.43% of the population, impacting over 100 million people worldwide. The rising demand for advanced topical products as the primary treatment option for many skin conditions is expected to fuel market expansion.
Despite the advantages of topical drug delivery, other routes of administration present significant competition. Oral drug delivery remains the most popular due to its ease of use, convenience, affordability, and safety. Oral medications are also portable, non-invasive, and require no additional training for administration, unlike some topical treatments. Injectable drugs, such as insulin for diabetics, also pose a challenge to the growth of topical drug delivery systems.
Topical Drug Delivery Market Regional Insights
The North America region is expected to lead the Topical Drug Delivery market throughout the forecast period from 2024 to 2030, driven by several factors. The region is anticipated to experience strong growth, partially attributed to the COVID-19 pandemic. For instance, in August 2020, the US Food and Drug Administration approved “T3X,” an over-the-counter ointment developed by Advanced Penetration Technology, which was found to be effective against the SARS-CoV-2 virus, eliminating it within 30 seconds. The availability of a large number of pharmaceutical companies and drug delivery technology providers in the region is another key factor supporting market growth in North America.
Topical Drug Delivery Market Segmentation
The market is segmented by product type into Semi-solid Formulations, Liquid Formulations, Solid Formulations, and Transdermal Products. The Semi-solid Formulations segment is expected to dominate the market by 2030, driven by their ability to deliver a wide variety of drugs and their ease of application. This category includes creams, gels, ointments, and suppositories, with features like consistency, dosage homogeneity, and ease of use contributing to their popularity.
In terms of the route of administration, the market is divided into Dermal, Ophthalmic, Rectal, Vaginal, and Nasal Drug Delivery. The Dermal Drug Delivery segment is anticipated to grow rapidly due to its convenience and patient-friendly nature compared to other methods. Dermal products are subject to fewer regulations than ophthalmic products, which require sterility testing.
For facility of use, the market is segmented into Home Care Settings, Hospitals & Clinics, Burn Centers, and other facilities. Home Care Settings are projected to witness significant growth due to the simplicity and cost-effectiveness of topical treatments for home use. For patients requiring long-term care, home administration offers a more affordable and convenient option compared to inpatient care.
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Topical Drug Delivery Market Key Players
Johnson & Johnson (US)
Nestlé SA (Switzerland)
Novartis AG (Switzerland)
GlaxoSmithKline (UK)
Bausch Health Companies (Canada)
Merck & Co (US)
Bayer AG (Germany)
Hisamitsu Pharmaceutical (Japan)
Glenmark Pharmaceuticals (India)
Cipla Ltd (India)
Crescita Therapeutics Inc. (Canada)
Mylan (US)
Encore Dermatology, Inc. (US)
LEO Pharma (Denmark)
Almirall, S.A (Spain)
Aclaris Therapeutics, Inc. (US)
Taro Pharmaceutical Industries Ltd. (US)
Key questions answered in the Topical Drug Delivery Market are:
- What is Topical Drug Delivery?
- What was the Topical Drug Delivery market size in 2023?
- What is the growth rate of the Topical Drug Delivery Market?
- Which are the factors expected to drive the Topical Drug Delivery market growth?
- What are the different segments of the Topical Drug Delivery Market?
- What growth strategies are the players considering to increase their presence in Topical Drug Delivery?
- What are the upcoming industry applications and trends for the Topical Drug Delivery Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Topical Drug Delivery Market?
- What segments are covered in the Topical Drug Delivery Market?
- Who are the leading companies and what are their portfolios in Topical Drug Delivery Market?
- What segments are covered in the Topical Drug Delivery Market?
- Who are the key players in the Topical Drug Delivery market?
To access more details regarding this research, visit the following webpage:https://www.stellarmr.com/report/Topical-Drug-Delivery-Market/358
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2023)
- Past Pricing and price curve by region (2018 to 2023)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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