According to the new market research report, "Topical Drug Delivery Market by Type (Semisolids (Creams, Ointments, Gels, Lotions, Liquids, Solids, Transdermal Products), Route (Dermal, Rectal, Vaginal), Patient Care Setting (Homecare, Hospital, Burn Center) COVID-19 Impact - Global Forecast to 2025" is projected to reach USD 129.8 billion by 2025 from USD 95.2 billion in 2020, at a CAGR of 6.4% during the forecast period.
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Global Industry Growth Boosting Factors:
The growth of this market is majorly driven by the high prevalence of skin and soft tissue infections, the increasing prevalence of eye diseases, and burns. However, the presence of alternative drug delivery modes such as oral and injectable routes is expected to restrain the growth of this market during the forecast period.
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Driver: High prevalence of skin diseases
According to the Global Burden of Disease Project, skin diseases such as psoriasis, eczema, skin cancer, and vitiligo continue to be the fourth-leading cause of nonfatal disease burden worldwide and affect a large proportion of the global population. According to the WHO, between 2 and 3 million cases of non-melanoma skin cancer and 132,000 cases of melanoma skin cancer are diagnosed annually across the globe. Furthermore, the prevalence of psoriasis worldwide ranges between 0.09% and 11.43%, making it a serious global problem with at least 100 million individuals affected worldwide (Source: WHO 2016). As topical drug delivery is the first line of treatment for the majority of skin diseases, the demand for advanced topical products is expected to increase in the coming years.
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Restraint: Preference for alternative modes of drug delivery
Several alternative drug delivery modes are available for patients and end users. The benefits of these alternatives over topical drug delivery form a key restraint to the growth of this market. Of these, the oral route is the most preferred as it is easy to use, convenient, cost-effective, safe, and acceptable. Furthermore, orally administered drugs can be conveniently stored and are portable, economical, noninvasive, and safe. No special training is required for the administration of these drugs as compared to topical formulations. Injectables also witness widespread use—for example, insulin injections for diabetics to self-administer.
Opportunity: Delivery of biologics through the transdermal route
The delivery of biologics through the transdermal route is one of the emerging trends in the topical drug delivery market. The transdermal delivery of large molecules as an alternative to intramuscular, subcutaneous, or intravenous routes of administration is expected to provide significant patient benefits, such as painless drug delivery and cost-effective treatment.
Challenge: Technical barriers related to skin irritation and permeability
The potential for local adverse reactions and skin irritation is a significant challenge for topical drug delivery formulation and transdermal systems. However, the emergence of novel techniques for skin permeation and the development of methods to reduce skin irritation would help widen the topical drug delivery formulations and transdermal systems market for hydrophilic compounds, macromolecules, and conventional drugs for new therapeutic indications.
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