Overview and Scope
The topical drug delivery market refers to the procedure of delivering a drug from a product on the skin to a local target site to produce a therapeutic effect. Topical drug deliveries are used to provide medication that is applied to the skin to treat different conditions.
Sizing and Forecast
The topical drug delivery market size has grown rapidly in recent years. It will grow from <b>$152.77 billion in 2023 to $168.19 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. </b> The growth in the historic period can be attributed to skin conditions and disorder, aging population, consumer preference for non-invasive treatment, widespread skin infections, consumer awareness and self-care..
The topical drug delivery market size is expected to see rapid growth in the next few years. It will grow to <b>$252.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. </b> The growth in the forecast period can be attributed to rise of transdermal patches, innovations in formulations, personalized medicine, telemedicine and remote consultations, growing incidence of chronic diseases.. Major trends in the forecast period include advanced formulations, personalized dermatology,5g-enabled devices, enhanced compliance solutions, incorporation of sensors..
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Segmentation & Regional Insights
The topical drug delivery market covered in this report is segmented –
1) By Product Type: Semi-Solid Formulations, Liquid Formulations, Solid Formulations, Transdermal Products
2) By Route Of Administration: Dermal Drug Delivery, Ophthalmic Drug Delivery, Rectal Drug Delivery, Vaginal Drug Delivery, Nasal Drug Delivery
3) By End User: Hospitals, Clinics, Home Healthcare, Diagnostic Centers, Other End Users
<b>North America</b> was the largest region in the topical drug delivery market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the topical drug delivery market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing prevalence of diabetes is expected to propel the growth of the topical drug delivery market going forward. Diabetes is a group of diseases that affect how the body uses blood sugar and result in high blood sugar levels. Topical drug delivery helps diabetes patients by administering medicines that can bypass hepatic first-pass metabolism. For instance, in December 2021, according to the statistics published by International Diabetes Federation, a Belgium-based, non-profit diabetes association 2021, 537 million adults (20-79 years) recorded living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide will have diabetes. Therefore, the growing prevalence of diabetes is driving the growth of the topical drug delivery market.
Key Industry Players
Major companies operating in the topical drug delivery market include <b> Glenmark Pharmaceuticals Ltd., Galderma SA, Johnson & Johnson Private Limited, GlaxoSmithKline PLC., Bausch Health Companies Inc., Nestlé SA, Novartis AG, Merck & Co., Hisamitsu Pharmaceuticals, Bayer AG, Cipla Limited, Viatris Inc., 3M Company, Crescita Therpeautics Inc., Boehringer Ingelheim International GmBH, Pfizer Inc., Teva Pharmaceuticals Industries Ltd., Bristol Myers Squibb, Lead Chemical Co. Ltd., Purdue Pharma L.P., Lavipharm SA, AbbVie Inc., CMP Pharma Inc., Encore Dermatology Inc., Prosolus Inc., Rusan Pharma Ltd., Mylan N.V., LEO Pharma A/S, Almirall S.A., Sun Pharmaceutical Industries Ltd., Fougera Pharmaceuticals Inc., Perrigo Company plc, Taro Pharmaceutical Industries Ltd., MedPharm Ltd. </b>
The topical drug delivery market report table of contents includes:
1. Executive Summary
2.Topical Drug Delivery Market Characteristics
3.Topical Drug Delivery Market Trends And Strategies
4.Topical Drug Delivery market analysis
5.Topical Drug Delivery Market Size And Growth
6.Topical Drug Delivery Segmentation
7.Topical Drug Delivery Regional And Country Analysis
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27.Topical Drug Delivery Competitive Landscape And Company Profiles
28.Topical Drug Delivery Key Mergers And Acquisitions
29.Topical Drug Delivery Future Outlook and Potential Analysis
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