Topical Drug Delivery Market Size to Worth US$ 161.59 BN by 2029

According to Report, the global topical drug delivery market size is projected to be worth around US$ 161.59 billion by 2029 and growing at a CAGR of 6.7% from 2022 to 2030.

Demand for topical drug delivery remains strong in 2021. Some sales insight revealing the strong growth of topical drug delivery market during the past few years are listed below:

• The global topical drug delivery market size is expected to reach at US$172.54 billion by 2030
• Every year around 2 to 3 million non-melanoma skin cancer cases are diagnosed and around 0.1 million melanoma skin cancer cases
• The prevalence of psoriasis across the globe ranges between 0.1% and 11.5%
• Approximately 537 million individuals aged 20 to 79 years were living with diabetes in 2021
• The total number of diabetic population is projected to reach around 783 million globally by 2045

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Leading Regions Market Review

North America is home to some of the leading pharmaceutical companies. The higher investments by the pharma companies in the development of numerous innovative drugs and drug delivery solutions have fostered the growth of the topical drug delivery market. The rising prevalence of various chronic diseases in US is expected to foster the market growth. As per the GLOBOCAN report by International Agency for Research on Cancer, approximately 105,000 new melanoma skin cancer cases were registered in North America in 2020 and this figure is projected to reach 142,000 by 2040. Therefore, the rising burden of skin related diseases in North America is boosting the growth of the topical drug delivery market. Further, the US FDA plays a crucial role in product approvals and regulatory frameworks related to the drug delivery solutions. The demand for the patches increased significantly in North America during the COVID-19 pandemic. US was among the worst hit nation due to the COVID disease. Moreover, the surging demand for the topical drug delivery solutions in the homecare settings is expected to further fuel the market growth during the forecast period.

Report Scope of the Topical Drug Delivery Market

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What are the key trends in the Global Topical Drug Delivery Market?

The home care setting segment in the global topical drug delivery market is gaining a rapid traction. The affordability and convenience associated with the topical drugs for homecare administration is the major factor behind it. Further, the patients who require long-term care prefer for the home care treatment owing to the low costs associated with the home care treatment, which is expected to fuel the demand for the topical drug delivery. Furthermore, the delivering biologics drugs through transdermal route are gaining a rapid traction and are becoming a popular trend in the market. The transdermal delivery of large molecules is an alternative to subcutaneous and intramuscular routes of administration, which offers painless drug delivery to patients. Hence its demand is expected to surge significantly during the forecast period.

What are the key challenges in the Global Topical Drug Delivery Market?

The presence of alternative drug delivery solutions is a major challenge for the topical drug delivery market. The oral drug delivery and injectable are the popular form of drug delivery systems. The advantages and convenience of use associated with the oral drug delivery and injectable is a major threat to the topical drug delivery market. Moreover, the use of topical drug delivery solutions may result in adverse reactions and skin irritation. The skin irritation caused by the use of topical drug delivery systems may restrict the growth of the topical drug delivery market.

Asia Pacific Forecast the Strongest Growth Rate of XX% during the Forecast Year (2021-2030)

The rising incidence of skin related diseases among the population is expected to boost the growth of the Asia Pacific topical drug delivery market. The surging uses of contraceptives and rising focus of the pharma companies on the research and development of innovative and smart transdermal drug delivery solutions are the prominent drivers of the topical drug delivery market. Further, the rising healthcare expenditure, rising disposable income, rising investments in the region by the top pharmaceutical companies, and rapidly growing geriatric population is anticipated to support the growth of the topical drug delivery market in Asia Pacific. The extreme hot weather conditions in some of the nations in Asia Pacific are fueling the number of skin disease patients. Moreover, the rising popularity of the home care use of topical drug delivery is expected to create growth opportunities for the market players in the forthcoming future.

Top Topical Drug Delivery Manufacturers in 2020

Johnson & Johnson, Novartis International AG, F. Hoffmann-La Roche AG, Pfizer Inc., Bayer AG, Antares Pharma, Inc., GlaxoSmithKline plc, 3M (US), Merck & Co., Inc., Sanofi, and Amgen, Inc. are the prominent market players operating in the global topical drug delivery market.

Market Segmentation

By Product

• Semi-Solid Formulations
  • Creams
  • Ointments
  • Lotions
  • Gels
  • Pastes
• Liquid Formulations
  • Solutions
  • Suspensions
• Solid Formulations
  • Powders
  • Suppositories
• Transdermal Products
  • Transdermal Patches
  • Transdermal Semi-solids

By Route of Administration

• Oral
• Injectable
• Topical
• Ocular
• Pulmonary
• Implantable
• Transmucosal
• Nasal

By Application

• Infectious Diseases
• Cancer
• Cardiovascular Diseases
• Diabetes
• Respiratory Diseases
• Central Nervous System Disorders
• Autoimmune Diseases
• Other Applications

By End User

• Home Care Settings
• Hospitals & Clinics
• Burn Centers
• Other Facilities

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

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