26 January 2022
Visiongain has published a new report on Topical Drug Delivery Market Report 2022-2032: Forecasts by Product (Semi-Solid, Liquid, Solid, Transdermal), by Route of Administration (Dermal, Ophthalmic, Rectal, Vaginal, Nasal), by Distribution Channel (Hospitals & Clinics, Homecare Settings, Burn Centres, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global topical drug delivery market was valued at US$ US$xx billion in 2021 and is projected to reach at a market value of US$xx billion by 2032. Rising incidence of skin cancer worldwide is creating demand for topical drugs; High prevalence of eye diseases and growing prevalence of diabetes is driving the market growth; moreover, rise in strategic initiatives such mergers and acquisitions is propelling the overall market growth of topical drug delivery market.
COVID-19 Impact on Topical Drug Delivery Market
The COVID-19 pandemic had significant negative impact on the topical drug delivery market worldwide. Due to COVID-19 pandemic and lockdown many people adopted homecare settings and basic home care for treatment of their topical disease conditions. Hospitals and clinics were majorly reserved for serious and critical patient suffering from Covid-19. Thus, the demand for the topical drugs impacted negatively until 2021. However, as the topical drug delivery market is witnessing gradual growth it is expected to grow at lucrative rate after 2022-2032. Also launch of the COVID-19 vaccine and growing awareness and decline in COVID cases in few countries are expected to boost the market growth.
High Prevalence of Eye Diseases driving the topical drug delivery market
Worldwide, about 2.2 billion people have a near vision impairment. Uncorrected refractive errors and cataracts are primary causes of vision impairment and blindness. Also, many conditions causing prominent symptoms such as itching, pain, discharge and affecting a large number of people without vision impairment. Most people with vision impairment and blindness are over the age of 50 years; but, vision loss can affect people of all age group. In 2020, it is projected 596 million people globally had distance vision impairment and a further 510 million had uncorrected near vision impairment. Majority of these people live in low-income and middle-income countries. Vision impairment poses a massive global financial burden with the annual global costs of productivity losses associated with vision impairment. High prevalence of eye diseases will increase demand of topical drugs including Antiviral, antibacterial, anti-inflammatory and others. Ophthalmic topical drug including Ciprofloxacin ophthalmic, Bacitracin, Polymyxin B and Neomycin, Tobramycin, Erythromycin used for various ophthalmic problems. Moreover, rise in prevalence of glaucoma is expected to drive the overall market for ophthalmic topical drug delivery market
Delivery of biologics through the transdermal route
The delivery of biologics through the transdermal route is one of the emerging trends in this market. The transdermal delivery of large molecules as an alternative to subcutaneous, intramuscular or intravenous routes of administration is projected to offer significant patient benefits, such as painless drug delivery and cost-effective treatment.
Application of Nanotechnology in future
Nanotechnology application for dermal drug delivery. These drugs consist of nanofiber-based dispersions produced by electrospinning. These amorphous solid dispersions (ASD) can not only recover dissolution behaviour of poorly water-soluble compounds but also offer programmable drug release profiles. Electrospun fibre-based ASDs can keep an incorporated active ingredient in the amorphous physical form for a sustained period of time thus providing an opportunity for new market entrants
Topical drugs delivery market is a highly competitive market with several global and local players. Some of the major players operating in the market are Galderma, Johnson & Johnson, GlaxoSmithKline plc (Stiefel Laboratories, Inc.), Novartis AG, Merck & Co, Bausch Health Companies Inc., Hisamitsu Pharmaceutical Co., Inc. Bayer AG, Cipla Limited, Glenmark Pharmaceuticals, Mylan N.V., Crescita Therapeutics Inc., LEO Pharma A/S and others.
All above mentioned market player have adopted various strategies comprising M&A, R&D investment, collaborations, regional expansion, and new product launches. In July 2022, LEO Pharma and X-Chem, Inc., announced their research collaboration and license agreement. Leo Pharma, which is one of the leading players in the field of dermatology is expected to explore the potential of X-Chem’s extensive research of small molecule with wide anti-inflammatory applications.
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