The Topical Drug Delivery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Topical Drug Delivery Global Market Report 2024, The topical drug delivery market size has grown rapidly in recent years. It will grow from $152.77 billion in 2023 to $168.19 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. 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 $252.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. 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..
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.
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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
Technological advancement is a key trend gaining popularity in the topical drug delivery market. Major companies operating in the topical drug delivery market are developing innovative products with advanced technologies to strengthen their position in the topical drug delivery global market. For instance, in April 2022, Sol-Gel Technologies Ltd., an Israel-based dermatology company, and Galderma S.A., a Switzerland-based pharmaceutical company specializing in dermatological treatments and skin care products, introduced Epsolay (benzoyl peroxide, cream, 5%), utilizing Sol-Gel’s microencapsulation technology for the treatment of inflammatory lesions of rosacea, which is patent protected until 2040. Sol-gel microencapsulation provides the advantage of entrapping molecules by forming inclusion complexes between essential oils (Eos) as guest molecules and beta-cyclodextrin as host in porous silica, making it more stable and resistant to environmental conditions. Silica acts as a protector for EOs.
The topical drug delivery market report table of contents includes:
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