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Topical Drug Delivery Global Market Report 2023
Major players in the topical drug delivery market are Glenmark Pharmaceuticals Ltd., Galderma SA, Johnson & Johnson Private Limited, GlaxoSmithKline PLC., Bausch Health Companies Inc., Cipla Ltd., Bayer AG, 3M, Merck & CoInc.
New York, March 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Topical Drug Delivery Global Market Report 2023" - https://www.reportlinker.com/p06433440/?utm_source=GNW
, Crescita Therpeautics Inc., Novartis International AG, Taro Pharmaceutical Industries Ltd., Valeant Pharmaceuticals International Inc., Encore Dermatology Inc., Medpharm Group Limited, SkinVisible Pharmaceuticals Inc., Hisamitsu Pharmaceutical Co Inc and Pfizer Inc.
The global topical drug delivery market grew from $137.93 billion in 2022 to $150.69 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The topical drug delivery market is expected to grow to $210.39 billion in 2027 at a CAGR of 8.7%.
The topical drug delivery market includes revenues earned by entities by lotions, gels, patches, and powders. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included
The topical drug delivery market refers to the procedure of delivering a drug from a product on the skin to a local target site to produce a therapeutic effect. The topical drug deliveries are used to provide medication that are applied to the skin, to treat different conditions.
North America was the largest region in the topical drug delivery market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the topical drug delivery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The types of products in topical drug delivery are semi-solid formulations, liquid formulations, solid formulations, and transdermal products.Semi-solid formulations refer to a group of medications referred to as semi-solids, including creams, gels, ointments, suppositories, and other unique topical dose forms.
The route of administration includes dermal drug delivery, ophthalmic drug delivery, rectal drug delivery, vaginal drug delivery, and nasal drug delivery. The various end users include hospitals, clinics, home healthcare, diagnostic centers, and other end users.
The growing prevalence of diabetes is expected to propel the growth of the topical drug delivery market going forward.Diabetes is a group of diseases that affect how the body uses blood sugar and results in high blood sugar levels.
Topical drug delivery helps diabetes patients by administering medicines that can bypass hepatic first-pass metabolism. For instance, In December 2021, according to the statistics published by International Diabetes Federation, a Belgium-based, non-profit diabetes association 2021, 537 million adults (20-79 years) recorded living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide will have diabetes. Therefore, the growing prevalence of diabetes is driving the growth of the topical drug delivery market.
Technological advancement is a key trend gaining popularity in the topical drug delivery market.Major companies operating in the topical drug delivery market are developing innovative products with advanced technologies to strengthen their position in the topical drug delivery market.
For instance, in April 2022, Sol-Gel Technologies Ltd., an Israel-based dermatology company, and Galderma S.A., a Switzerland-based pharmaceutical company specializing in dermatological treatments and skin care products, introduced Epsolay (benzoyl peroxide, cream, 5%), utilizing Sol-Gel’s microencapsulation technology for the treatment of inflammatory lesions of rosacea, which is patent protected until 2040. Sol-gel microencapsulation provides the advantage of entrapping molecules by forming inclusion complexes between essential oils (Eos) as guest molecules and beta-cyclodextrin as host in porous silica, making it more stable and resistant to environmental conditions. Silica acts as a protector for EOs.
In June 2022, Novartis AG, a Switzerland-based pharmaceutical company, acquired Kedalion Therapeutics and its AcuStream technology for an undisclosed amount.This acquisition enhances the Novartis ophthalmics portfolio, advancing efforts to investigate transformative ophthalmic methods to address unmet patient needs in front-of-eye conditions.
Kedalion Therapeutics is a US-based clinical-stage, venture-funded ophthalmic drug company operating in the topical drug delivery market.
The countries covered in the topical drug delivery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The topical drug delivery market research report is one of a series of new reports that provides topical drug delivery market statistics, including topical drug delivery industry global market size, regional shares, competitors with a topical drug delivery market share, detailed topical drug delivery market segments, market trends and opportunities, and any further data you may need to thrive in the topical drug delivery industry. This topical drug delivery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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