Burlingame, May 15, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global topical drug delivery market is estimated to be valued at US$ 88.54 Bn in 2022 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024-2031, Topical drug delivery refers to application of drugs through various routes of administration at or near the disease site or organ. It is used for local or systemic treatment through skin, including ophthalmic, rectal, vaginal, and nasal routes.
The Full Study is Readily Available | Get Sample Pages of this Report: https://www.coherentmarketinsights.com/insight/request-sample/6789
Market Dynamics:
The topical drug delivery market is driven by increasing preference for non-invasive treatment methods and growing demand for self-administration of drugs. Non-invasive delivery methods such as topical drug delivery reduce systemic side effects by ensuring localized drug action. This has increased the preference for topical drugs among consumers and healthcare professionals for minor medical conditions. Furthermore, topical drug delivery provides self-administration of medications, which empowers patients and drives compliance.
Topical Drug Delivery Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $124.90 billion |
| Estimated Value by 2031 | $229.91 billion |
| Growth Rate | Poised to grow at a CAGR of 9.1% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Formulation, By Route of Administration, By Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increased prevalence of chronic diseases • Advent of personalized treatment options |
| Restraints & Challenges | • Increased prevalence of chronic diseases • Advent of personalized treatment options |
Market Trends:
Growing demand for solid topical drugs and advent of smart and interactive transport systems are some of the key trends in the topical drug delivery market. Solid topical formulations such as ointments, gels, and pastes are highly preferred over semi-solid or liquid formulations as they are easier to apply and get absorbed by the skin. Leading manufacturers are focusing on developing innovative solid topical drug delivery systems to increase market share. Furthermore, the integration of smart and interactive technologies with topical drug delivery systems is also gaining traction. Patches equipped with sensors, microelectronics and feedback systems provide customized care, enhanced efficiency and improve patient compliance.
Immediate Delivery Available | Buy This Premium Research Report@ https://www.coherentmarketinsights.com/insight/buy-now/6789
Market Opportunities:
The liquid formulation segment currently holds the largest share of the topical drug delivery market due to its ease of application and absorption. Liquid drugs can be easily applied to the skin and penetrate deeper layers for faster relief of pain, itching and other symptoms. Creams and ointments find vast application in treatment of various dermatological disorders.
The dermal route of administration dominates the topical drug delivery market as it provides a non-invasive method for drug delivery directly to the skin. Application of drugs onto the skin ensures localized drug distribution for targeted treatment of skin diseases while avoiding systemic side effects. Ointments, gels, and creams are widely used for dermal delivery of drugs.
Recent Developments:
In January 2024, ZORYVE topical foam, 0.3% was introduced by Arcutis Biotherapeutics Inc., to treat seborrheic dermatitis in individuals nine year of age and older. ZORUVE, a once-daily steroid-free foam and the first medication approved for the mechanism of action in more than 20 years.
In November 2023, a phase 2b clonal trial that was double-blind, vehicle-controlled, and randomizer was recently released by NFlection Therapeutics Inc., with promising topline results.
Key Market Takeaways:
The topical drug delivery market is anticipated to witness a CAGR of 9.1% during the forecast period 2024-2031, owing to the growing prevalence of skin diseases and the rising demand for non-invasive drug delivery solutions.
On the basis of formulation, the liquid formulation segment is expected to hold a dominant position, accounting for over 35% market share in 2024 owing to the ease of application and enhanced skin permeation properties of liquids.
By route of administration, the dermal route is expected to hold a dominant position over the forecast period, due to its non-invasive nature and ability to deliver drugs directly at the site of application for localized treatment.
On the basis of distribution channel, hospital pharmacies are expected to hold the largest share due to the rising number of hospital visits for skin disease treatment.
Regionally, North America is expected to dominate the topical drug delivery market, owing to the increasing healthcare expenditure and growing awareness about topical drugs in the region.
The key players operating in the topical drug delivery market include Johnson & Johnson, Pfizer Inc., Novartis Internation AG, GSK plc, Bayers AG, Merck & Co., Inc., Sanofi, Teva Pharmaceutical Industries Ltd., AbbVie Inc., Eli Lilly and Company, Galderma Laboratories, LP., Viatris Inc., and Sun Pharmaceutical Industries Ltd. Strategic collaborations and new product launches are some of the activities adopted by market players.
Personalized your customization here: https://www.coherentmarketinsights.com/insight/request-customization/6789
Market Segmentation
By Formulation:
-
- Liquid Formulations
- Semi-Solid Formulations
- Solid Formulations
- Transdermal Patches
By Route of Administration:
-
- Dermal
- Rectal
- Vaginal
- Others
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
Browse More Insights:
The liposome drug delivery market is estimated to be valued at USD 5,482.2 Mn in 2024 and is expected to reach USD 9,935.6 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031.
The multi dose drug vial adapters market is estimated to be valued at USD 1,104.1 Mn in 2024 and is expected to reach USD 1,765.7 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031.
The dyspareunia treatment market is estimated to be valued at USD 754.1 Mn in 2024 and is expected to reach USD 1,035.4 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Global trenbolone enanthate market is estimated to be valued at USD 75.6 Mn in 2024 and is expected to reach USD 91.5 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 2.8% from 2024 to 2031.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
