Topical Drug Delivery Market Predicted to Flourish, Surpassing US $100 Billion in 2020
Increasing Skin Injuries and Skin Disease Prevalence Drive Growth of Global Topical Drug Delivery Market
The global topical drug delivery market, valued at over US $100 billion in 2020, is anticipated to experience robust growth in the coming years. A significant contribution to this growth is attributed to the increasing cases of skin injuries, making it a substantial revenue generator for the market. The rise in skin diseases and burn injuries has propelled the utilization of topical drug delivery products, which are emerging as effective remedies for these conditions.
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Growing Incidences of Burn Injuries and Skin Diseases Fuel Topical Drug Delivery Market Growth
The escalating prevalence of burn injuries and skin diseases has triggered the adoption of topical drug delivery products. Burn injuries, a major cause of death globally, claim approximately 180,000 lives each year, as reported by the World Health Organization (WHO). Burns can result in severe disabilities, emphasizing the need for effective treatments. Additionally, skin conditions such as acne, eczema, and psoriasis are on the rise, particularly among the elderly population. In the United States alone, skin diseases account for substantial costs totaling around $75 billion, according to the American Academy of Dermatology. With the intention of minimizing the impact of skin diseases and burns, the demand for non-invasive topical solutions is increasing, which, in turn, is driving the growth of the topical drug delivery market.
Preference for Self-administration of Drugs Boosts Topical Drug Delivery Market
The growing preference for self-administration and home care settings is poised to create new growth avenues for the topical drug delivery market. This trend is influenced by an aging population, leading to increased demand for transdermal, nasal, and other drug delivery systems that enable self-administration. Home care settings offer convenience and reduced healthcare costs, facilitated by topical drug delivery products such as patches, creams, gels, and powders that provide targeted treatment without the need for clinical intervention. This shift toward self-administration is expected to significantly impact the global market’s growth trajectory.
Transdermal Products to Garner Significant Traction in the Global Topical Drug Delivery Market
The demand for transdermal products is projected to witness substantial growth in the coming years, with transdermal patches leading the way. Transdermal patches offer several advantages, including prolonged drug effect duration, reduced dosing frequency, consistent plasma levels, ease of administration, and avoidance of first-pass and peak dose effects. These patches provide controlled and sustained drug delivery, making them an attractive alternative to other administration routes. The convenience, ease of use, and prolonged drug delivery benefits offered by transdermal patches contribute to the growth of the topical drug delivery market.
North America Expected to Command Significant Market Share
North America is projected to hold a substantial share in the topical drug delivery market. The region’s high prevalence of skin disorders and skin injuries drives the demand for effective topical solutions. For instance, acne affects around 50 million individuals in the United States, and atopic dermatitis affects 25% of children and 2-3% of adults, as reported by the American Academy of Dermatology. Furthermore, the region witnessed over 105,000 new cases of melanoma skin cancer in 2020, with projections indicating an increase to 142,000 by 2040, as per GLOBOCAN data. Rising spending on topical dermatology products and continuous product approvals are expected to drive the topical drug delivery market’s growth in North America.
Impact of COVID-19 on the Topical Drug Delivery Market in North America
The COVID-19 pandemic has exerted a strong influence on the topical drug delivery market in North America. The outbreak prompted the development of novel treatments and products, exemplified by the US FDA’s approval of the T3X over-the-counter ointment developed by Advanced Penetration Technology to combat the SARS-CoV-2 virus. Increased approvals for new product launches, such as Winlevi cream by Cassiopea SpA for acne treatment, continue to drive the growth of the topical drug delivery market in the region.
Topical Drug Delivery Market: Competitive Landscape
The competitive landscape of the topical drug delivery market is marked by capacity expansions, agreements, acquisitions, collaborations, and new product launches. Leading players in the market include Galderma, Novartis International AG, Teva Pharmaceuticals Industries Ltd., Cipla, Pfizer Inc., Rusan Pharma Ltd., Bristol Myers Squibb, and AbbVie Inc. These companies are actively contributing to the growth of the topical drug delivery market through innovative solutions and strategic initiatives.
Browse Topical Drug Delivery Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/topical-drug-delivery-market
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