by Topical drug products deliver drugs to a specific location on or in the body. This keeps drugs at the application site and minimizes systemic absorption and systemic side effects. Topical drug delivery is used for treating many diseases, disorders and injuries affecting the skin such as psoriasis, dermatitis, cutaneous fungal infections, acne, wounds and burns. The advantages of using topical drug delivery systems include direct application on target area, avoidance of first-pass hepatic metabolism and ease of application and termination of treatment. The need for effective topical drug delivery has been increasing owing to the growing prevalence of skin diseases and injuries across the world.
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 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 globally is driving the demand for effective topical drug delivery systems. According to the American Academy of Dermatology, over 100 million Americans have had some form of skin disease in 2019. The increasing cases of acne, psoriasis, dermatitis and other skin conditions are augmenting the market growth.
Topical Drug Delivery Market Demand solution providers are expanding their presence globally especially in emerging markets of Asia Pacific, Latin America, Middle East and Africa to tap the business opportunities. Various collaborations and partnerships among pharmaceutical companies and topical drug delivery product manufacturers are helping accelerate the global expansion.
Market Key Trends
The rise in skin infections and injuries due to increasing pollution and changing lifestyle is a major trend contributing to the growth of topical drug delivery market. Pollution is exacerbating various inflammatory skin conditions, thereby generating demand for effective topical treatments. Innovation in topical drug delivery technologies including nanotechnology, liposomes, secur formulation and transdermal drug delivery systems is also a key trend shaping the market.
Porter’s Analysis
Threat of new entrants: Low costs of entry in topical drug delivery market but established players enjoy economies of scale and brand loyalty advantages.
Bargaining power of buyers: Buyers have moderate bargaining power as they can choose from wide range of products offered by various manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and differentiation in manufacturing of raw materials.
Threat of new substitutes: Threat of substitutes is moderate as new innovative products can replace existing products.
Competitive rivalry: High as the market is fragmented with presence of many global and local players competing on basis of product quality, pricing and innovation.
Geographical regions with highest market value include North America and Europe. North America dominates the market owing to high healthcare expenditure and increasing prevalence of skin diseases.
Asia Pacific region is expected to grow at fastest CAGR during the forecast period due to increasing healthcare spending, growing awareness about topical medication and rapidly developing economy in countries like China and India.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
