Topical Drugs Market Size to Surpass USD 217.9 Billion by 2030

According to Vision Research Reports, the global topical drugs market was valued at USD 97.51 billion in 2021 and it is predicted to surpass around USD 217.9 billion by 2030 with a CAGR of 9.35% from 2022 to 2030.

Report Highlights

• The semi-solid formulations type segment dominated the global industry in 2021 and accounted for the largest revenue share of 62.07%.
• The liquid formulations drugs segment is expected to register lucrative growth during the forecast period.
• The dermal drug delivery segment dominated the industry in 2021 and accounted for the largest share of more than 53.8% of the global revenue.
• The hospitals & clinics segment dominated the industry in 2021 and accounted for the largest revenue share.
• North America dominated the industry in 2021 and accounted for the maximum share of 42.1% of the global revenue.
• The Asia Pacific regional market is expected to witness the fastest CAGR during the forecast period.

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The key factors contributing to the industry growth include the increased prevalence of skin disorders coupled with strategic collaborations between key players. The increasing prevalence of skin infections, such as psoriasis, atopic dermatitis, and eczema, coupled with the rising demand for eye and ear therapies is expected to drive the demand for transdermal or dermal medicines during the forecast period. For instance, in October 2021, AbbVie Inc. received FDA approval for Vuity, a pilocarpine HCl ophthalmic solution for treating presbyopia.

In addition, according to the NCBI, the prevalence of psoriasis is nearly 1.92% and 1.5% among European and North American populations. The launch of topical medicines to treat skin diseases is also anticipated to propel the demand for dermal drugs. For instance, in September 2020, Bausch Health, Canada launched a novel antipsoriatic agent, Duobrii lotion for psoriasis patients.Advancements in technology and increased acquisitions and mergers activities among key players, such as Alcon, Inc. and Novartis AG, are anticipated to boost the industry’s growth. For instance, in June 2022, Novartis AG acquired Kedalion Therapeutics, thereby acquiring AcuStream technology to facilitate accurate dermal delivery of ophthalmic medicines.

Moreover, in May 2022, Alcon Inc. acquired Eysuvis (loteprednol etabonate suspension) for topical ophthalmic use from Kala Pharmaceuticals, Inc., thereby adding to its existing portfolio of dry eye drugs.A high incidence of burn injuries is expected to render high utilization of topical medicines in treating burn injuries. For instance, according to the WHO, an estimated 11 million burn injuries occur annually worldwide, out of which about 180,000 cases are fatal. Various topical agents are used in treating burn injuries including silver sulfadiazine cream, bismuth-impregnated petroleum gauze, cerium nitrate, mafenide acetate, and nanocrystalline silver among others.

Scope of The Report

Type Insights

On the basis of types, the industry has been further categorized into semi-solid formulations, liquid formulations, solid formulations, and transdermal products. The semi-solid formulations type segment dominated the global industry in 2021 and accounted for the largest revenue share of 62.07% of the overall revenue owing to various strategic collaborations and expansion activities by industry players. For instance, in April 2022, Incyte and Maruho Co. Ltd. formed a strategic alliance agreement for the development, manufacturing, and marketing of ruxolitinib cream for the treatment of dermatology diseases.

Moreover, in June 2021, MedPharm Ltd. expanded its CDMO services in semi-solid and liquid manufacturing by inaugurating a manufacturing facility in North Carolina. These strategic initiatives are expected to bolster industry growth in years to come. The liquid formulations drugs segment is expected to register lucrative growth during the forecast period due to the acquisition of advanced technology and the launch of liquid formulations drugs by key players. For instance, in January 2022, Journey Medical Corp. signed an agreement with Vyne Therapeutics, Inc. to acquire its Molecular Stabilizing Technology franchise. The franchise is inclusive of two topical monocycline drugs, namely Amzeeq and Zilxi. Moreover, in June 2022, Zylo Therapeutics raised USD 5.22 million to advance its Z-pod topical delivery particles.

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Route Of Administration Insights

On the basis of route of administration, the global industry has been further classified into dermal drug delivery, ophthalmic drug delivery, rectal drug delivery, vaginal drug delivery, and nasal drug delivery. The dermal drug delivery segment dominated the industry in 2021 and accounted for the largest share of more than 53.8% of the global revenue. The high revenue share of this segment can be attributed to the ease of application, non-invasive nature, and increased utilization of transdermal patches. Increased incidence of tobacco smokers willing to quit is expected to drive the use of nicotine transdermal patches.

For instance, according to the Centers for Disease Control and Prevention (CDC), in 2021, nearly 65% of youth consuming tobacco products were willing to quit all tobacco products. The dermal drug delivery segment is anticipated to expand further at the fastest growth rate retaining its leading industry position throughout the forecast period. This growth can be credited to the increased utilization of dermal drug delivery for chronic pain and migraine treatment. The launch of transdermal patches for managing chronic pain is expected to drive the segment growth further. For instance, transdermal buprenorphine patches are used for chronic postoperative pain control.

End-use Insights

On the basis of end-uses, the industry has been further divided into home care settings, hospitals & clinics, burn centers, and other facilities. The other facilities segment is estimated to register the fastest CAGR of 10.2% during the forecast years. This is attributed to the rising health awareness and product advancements. For instance, in February 2020, the FDA approved three topical drugs, namely Voltaren Arthritis Pain topical gel for temporary pain relief from arthritis and Pataday Once/Twice Daily Relief solution/drops for itchy or red eyes. These approvals are expected to increase the utilization of topical drugs in diagnostic centers settings and drive industry growth over the years to come. On the other hand, the hospitals & clinics segment dominated the industry in 2021 and accounted for the largest revenue share.

The segment is estimated to expand further at a steady CAGR retaining its leading position throughout the forecast years. The segment growth can be attributed to the increased hospital visits for skin disorders. For instance, according to Dermatology Research and Practice, about two-thirds of hospital visits among pediatric patients were due to skin infections, eczema, and hypersensitivity in Nepal. Moreover, according to the Journal of the European Academy of Dermatology and Venereology, the incidence of hospitalization of patients with psoriasis has increased from 17.9 per 100,000 patients in 1998 to about 52 per 100,000 patients in 2018, indicating increased hospital visits.

Regional Insights

North America dominated the industry in 2021 and accounted for the maximum share of 42.1% of the global revenue. The high prevalence of skin diseases and increased spending on topical dermatological products are the main factors for the dominance of the region. For instance, according to the American Medical Association, the prevalence of psoriasis among U.S. adults aged 20 or above was about 3% which accounts for nearly 7.55 million U.S. population. Moreover, according to ResearchGate GmbH, annual spending on topical drugs in the U.S. has increased by about 61% in the duration of 2011-2015, of which topical corticosteroids and antifungal medications contributed the highest spending.

The Asia Pacific regional market is expected to witness the fastest CAGR during the forecast period. The growth of the region is attributed to the strategic partnerships among leading players to manufacture topical products in the region. For instance, in January 2022, Kyowa Kirin Co. Ltd. submitted a New Drug Application to MHLW for marketing approval of mitomycin C, a topical ophthalmic drug indicated for glaucoma surgery. In addition, in March 2021, Japan Tobacco, Inc. and Torii Pharmaceuticals Co. Ltd. received production and marketing approval for Corectim ointment indicated for pediatric atopic dermatitis in Japan.

Key Players

• Bayer AG
• Cipla Inc.
• GSK Group of Companies
• Johnson & Johnson Private Ltd.
• Novartis AG
• Bausch Health Companies Inc.
• Hisamitsu Pharmaceuticals Co. Inc.
• Merck & Co., Inc.
• Glenmark Pharmaceuticals Ltd.
• MedPharm Ltd.

Market Segmentation

• By Type Outlook
  • Semi-solid formulations
    • Creams
    • Ointments
    • Lotions
    • Gel
    • Pastes
  • Liquid Formulations
    • Suspensions
    • Solutions
  • Solid Formulations
    • Powders
    • Suppositories
  • Transdermal Products
    • Transdermal Patches
    • Transdermal Semi-solids
• By Route of Administration Outlook
  • Dermal Drug Delivery
  • Ophthalmic Drug Delivery
  • Rectal Drug Delivery
  • Vaginal Drug Delivery
  • Nasal Drug Delivery
• By End-use Outlook
  • Home Care Settings
  • Hospitals & Clinics
  • Burn Centers
  • Other Facilities
• By Regional Outlook
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

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