by The topical drug delivery market provides localized and targeted treatment for various dermatology conditions. Topical drug delivery products include semisolids such as creams, ointments, gels, and others that are applied directly to the skin.
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 market 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.
The growing prevalence of skin diseases and disorders is driving the demand for Topical Drug Delivery Market Size. According to the American Academy of Dermatology, over 100 million Americans have had some form of skin disease in 2019. Topical drugs provide a non-invasive mode of treatment to target diseased areas, boosting the market growth.
Strategic collaborations betweenleading players also contribute to the international expansion of the topical drug delivery market.
Market key trends
Product differentiation through advanced drug delivery technologies is a key trend in the topical drug delivery market. Nanoparticle-, microparticle-, and liposome-based formulations help maximize active absorption and retention in the skin. Transdermal patches and gels are designed for sustained and controlled release of drugs over a prolonged duration. These innovations aim to improve efficacy, safety, and patient compliance.
Porter’s Analysis
Threat of new entrants: The topical drug delivery market requires high investments in R&D for new product development which makes the barrier of entry high.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several topical drug delivery options available for various therapeutic applications.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials used in topical drug manufacturing.
Threat of new substitutes: The threat of new substitutes is moderate as other delivery routes like oral and injection are used for localized treatment but have certain limitations over topical delivery.
Competitive rivalry: The market is competitive with the presence of many global and local players.
The North American region holds the major market share in the topical drug delivery market in terms of value owing to the increasing prevalence of skin diseases, rising awareness regarding various topical drugs, and high healthcare spending.
The Asia Pacific region is anticipated to register the highest CAGR during the forecast period. This is attributed to factors such as the rising geriatric population, growing research activities, and improving healthcare infrastructure in emerging Asian countries like India and China.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
