Topical Drug Delivery Market is Driven By Product Innovation
The topical drug delivery market involves pharmaceutical products intended for local application or local effect on the epithelial tissues of the body. These include creams, ointments, gels, lotions, pastes, foams, sprays and others that are meant to be applied directly to the skin or mucosa for both local and systemic effects. Topical drug delivery aims to deliver the drug at the site of application or nearby areas and helps avoid gastrointestinal absorption and first-pass metabolism. The topical route of administration is preferred for many conditions affecting the outer layers of the epithelium such as dermatological disorders.
The Global Topical Drug Delivery Market is estimated to be valued at US$ 124.90 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the topical drug delivery are Johnson Johnson, Pfizer Inc., Novartis International AG, GSK plc, Bayer AG, Merck Co., Inc., Sanofi, Teva Pharmaceutical Industries Ltd., AbbVie Inc., Eli Lilly and Company, Galderma Laboratories, L.P., Viatris Inc., Sun Pharmaceutical Industries Ltd., Perrigo Company plc, Bausch Health Companies Inc., Taro Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals Ltd., and Almirall S.A. The key players are focused on new product launches and approvals to strengthen their presence in the topical drug delivery market.
The global topical drug delivery market is expected to grow substantially over the forecast period owing to the growing prevalence of dermatological and other local disorders. Topical formulations offer distinct advantages over other delivery routes like direct application, avoidance of first-pass metabolism and localized drug action. This has increased the demand for topical drugs.
The Topical Drug Delivery Market Demand is expanding globally, especially in developing countries of Asia Pacific and Latin America. This is attributed to the rising healthcare spending, growing medical needs of large geriatric population and increasing awareness about topical drugs. The availability of generic topical drugs is also augmenting the market growth in emerging nations.
Market Drivers
Product innovation is one of the key drivers fuelling the growth of topical drug delivery market. Continuous research and development activities by pharmaceutical companies have led to the development of advanced topical drug delivery systems with improved efficacy, safety and patient compliance. Novel formulations like gels, foams, polymeric films and others with enhanced permeability, retention time and localization are being introduced. This is expanding the scope of topical drug delivery and increasing its adoption.
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