As per a study named 'National, regional and worldwide epidemiology of psoriasis, in 2020, the occurrence of psoriasis in adults was anticipated to be about 30.3 per 100,000 person-years in Taiwan and around 321.0 per 100,000 person-years in Italy. The incidence of skin diseases is increasing quicker, and it is becoming a global problem. The huge burden related to the numerous skin diseases and conditions makes drug administration highly critical, which is why the increased incidence of skin conditions positively impacts the topical drug delivery market.
According to Data Bridge Market Research, the Global Topical Drug Delivery was valued at USD 101.77 billion in 2021 and is expected to reach USD 173.55 billion by 2029, registering a CAGR of 6.9% during the forecast period of 2022-2029.
"Increasing Prevalence of Skin Diseases Surge the Market Growth"
The increasing prevalence of skin diseases such as psoriasis, acne, eczema, cold sores, eczema, hives, and others are the major factors driving the market growth. For instance, as per an article published by StatPearls, in 2021, titled 'Eczema', it has been witnessed that the lifetime incidence of eczema in children is between 15-30% and 2-10% in adults. In addition to this, around 50% of the patients with severe atopic dermatitis are most likely to develop asthma, and 75% are likely to develop allergic rhinitis. Furthermore, the highest prevalence rate of acne was found in atopic dermatitis patients aged 12-18 years, and women having atopic dermatitis had a somewhat higher incidence of acne than men. Therefore, this factor boosts market growth.
What restraints the growth of the Global Topical Drug Delivery Market?
Complications of Skin and Allergic Reactions"
Numerous topical formulations are widely available over the counter, such as antibacterial and antifungal preparations, anti-inflammatory and pain relief preparations, and cleansing and moisturizing agents. Topical corticosteroids are increasingly used in several inflammatory rashes. Though, in some cases, topical corticosteroid sensitivity produces allergic reactions. Also, corticosteroid allergy may appear as an eczematous rash in a completely different area of the body from the original dermatitis. Thus, these factors impede market growth.
Segmentation: Global Topical Drug Delivery Market
The global topical drug delivery market is segmented based on the basis of product, route of administration, distribution channel and end user.
- On the basis of product, the topical drug delivery market is segmented into semi-solid formulations, liquid formulations, solid formulations and transdermal products
- On the basis of route of administration, the topical drug delivery market is segmented into dermal drug delivery, ophthalmic drug delivery, rectal drug delivery, vaginal drug delivery and nasal drug delivery.
- On the basis of distribution channel, the topical drug delivery market is segmented into direct tenders and retail.
- On the basis of end user, the topical drug delivery market is bifurcated into hospitals, clinics, home healthcare, diagnostic centers and others.
Regional Insights: North America is expected to dominate the Global Topical Drug Delivery Market
- North America dominates the market because of the presence of the large number of pharmaceutical companies and drug-delivery technology providers within the region. Additionally, as per the 2022 statistics published by the American Academy of Dermatology Association, in the U.S., acne is the most common skin disorder, affecting up to 50 million people every year. Therefore, the growing number of cases of skin disease is anticipated to increase the demand for effective topical treatments.
- Asia-Pacific is expected to grow in the forecast period of 2022-2029 due to the increase in the elderly population and the rise in disposable income of the people within the region. In addition to this, the rising healthcare spending in the region is anticipated to increase the company's activities for emerging advanced treatments, thus boosting market growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-topical-drug-delivery-market
Recent Developments in the Global Topical Drug Delivery Market
- In 2021, Almirall S.A. which is a global biopharmaceutical company building a new standard in topical medicines for autoimmune and chronic inflammatory disorders, announced that MC2 Therapeutics had granted Almirall exclusive European rights to launch Wynzora® Cream for plaque psoriasis therapy. In return, MC2 Therapeutics will be receiving for a EUR 15 million upfront payment, major sales milestone payments and double-digit royalties on Wynzora® Cream sales in Europe.
The Prominent Key Players Operating in the Global Topical Drug Delivery Market Include:
- Nestlé India Ltd.(Switzerland)
- Novartis AG (Switzerland)
- GSK plc (U.K)
- Bausch Health Companies Inc., (Canada)
- Merck & Co Inc., (U.S.)
- Bayer AG (Germany)
- Hisamitsu Pharmaceutical Co.,Inc. (Japan)
- Glenmark Pharmaceuticals Limited, (India)
- Cipla Inc., (India)
- Crescita Therapeutics (Canada)
- Mylan N.V. (U.S.)
- Encore Dermatology, (U.S.)
- LEO Pharma A/S (Denmark)
- Almirall, S.A (Spain)
- Aclaris Therapeutics, Inc. (U.S.)
- Taro Pharmaceutical Industries Ltd. (U.S.)
- Teligent (U.S.)
- Perrigo Company plc (U.S.)
- Abbvie, Inc (Ireland)
- Biofrontera, AG (U.S.)
- Akorn Operating Company LLC. (U.S.)
- Sun Pharmaceutical Industries Ltd. (India)
Above are the key players covered in the report, to know about more and exhaustive list of global topical drug delivery market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Topical Drug Delivery Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
