Global Topical Drug Delivery Market is Expecting a Major Monetary Gains by 2027
Overview of This Study:
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Major Growth Driving Factors:
Growth in this market is majorly driven by the high incidence fo burn injuries, increasing number of smokers around the world, growing prevalence of diabetes, and advancements in transdermal drug delivery systems.
Projected Revenue Surge:
The global topical drug delivery market is projected to reach USD 317.8 billion by 2027 from USD 207.4 billion in 2022, at a CAGR of 8.9%.
Market Size Estimation:
The market size estimates and forecasts provided in this study are derived through a mix of the revenue share analysis, pharmaceutical sales approach, primary interviews, and top-down approach (assessment of Individual shares of each topical drug delivery product, route of administration, and facility of use).
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Research Methodologies Followed for This Study:
Primary Research:
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side and demand side are detailed below. Industry experts such as CEOs, presidents, vice presidents, directors, marketing directors, marketing managers, and related executives from various key companies and organizations in the topical drug delivery industry were interviewed to obtain and verify both the qualitative and quantitative aspects of this research study. A robust primary research methodology has been adopted to validate the contents of the report and fill in the gaps.
Secondary Research:
This research study involved the use of comprehensive secondary sources; directories and databases such as D&B, Bloomberg Business, and Factiva; and white papers, annual reports, and companies’ house documents. Secondary research was used to identify and collect information for this extensive, technical, market-oriented, and commercial study of the topical drug delivery market. It was also used to obtain important information about the top players, market classification, and segmentation according to industry trends to the bottom-most level, geographic markets, technology perspectives, and key developments related to the market. A database of the key industry leaders was also prepared using secondary research.
Recent Developments in the Global Topical Drug Delivery Market:
# In 2022, Galderma and Taro Pharmaceutical Industries Ltd. signed a definitive agreement for Taro to acquire Alchemee, which is formerly The Proactiv Company, from Galderma. This agreement between Galderma and Taro includes Alchemee’s business and assets around the world, including the Proactiv brand. This agreement will add Proactiv to Taro’s broad portfolio of prescription and over-the-counter dermatology products.
# In 2021, GlaxoSmithKline plans to build a new global campus and innovation center in Weybridge. This campus will house the global headquarters for the new Consumer Healthcare business, including an innovation center (made up of R&D laboratories and the Consumer Healthcare Shopper Science lab) and the company’s global support function teams based in the UK.
# In 2020, Teva Pharmaceuticals Industries Ltd. expanded in Japan, it was a new strategy for its local commercial operations as it will focus on commercializing complex generics, specialty assets, and other pipeline opportunities.
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Restraint: Continuous irritation on skin and allergies caused by topical drugs
Many topical formulations are available over the counter and include antibacterial & antifungal preparations, anti-inflammatory & pain-relief preparations, and cleansing & moisturizing agents. Topical corticosteroids are used in many inflammatory rashes. However, in some cases, topical corticosteroid sensitivity produces allergic reactions. Usually, this is seen as a failure to cure dermatitis or to worsen existing dermatitis treated with corticosteroids. Very rarely, corticosteroid allergy may appear as an eczematous rash in a completely different area of the body from the original dermatitis. Some topical antibiotics may also cause contact allergies, such as bacitracin, which is used to prevent minor skin injuries such as cuts, scrapes, and burns.
Opportunity: Rising demand for self-administration and home care
Self-administration of drugs within home care settings is expected to provide significant growth opportunities for players operating in the topical drug delivery market. This is mainly due to the rising geriatric population and closing regular OPDs for a few months during COVID-19. Elderly individuals form a large consumer base for topical drugs in-home care. This factor also increases the need for inhalation, topical, and transdermal drug products designed to cater to the needs of caregivers and patients.
Transdermal drug delivery enhances the ease of administration of drugs as it uses a transdermal patch that can be easily self-administered. It provides suitable and painless self-administration for patients. This approach helps reduce healthcare costs by reducing the duration of hospital stays. Also, in the case of transdermal patches, caregivers can easily determine if a patch is placed securely. This acts as one of the main opportunities to increase the demand for transdermal patches, boosting the growth of topical drug deliveries.
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