The topical drug delivery market involves a non-invasive alternative for drug delivery through the skin or mucous membranes for localized or systemic therapeutic effects. Topical drugs are applied to the affected site of the body to avoid first-pass metabolism through the liver which results in rapid onset and increased bioavailability of the drug. The growing geriatric population, increasing prevalence of chronic diseases such as arthritis, cancer, and diabetes as well as rising demand for minimal invasive drug administration are some of the key factors driving the growth of the topical drug delivery market.
The global topical drug delivery market is estimated to be valued at US$ 124.90 billion in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period from 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. These key players are focusing on new product launches, mergers & acquisitions and geographical expansions to increase their market share in the topical drug delivery market.
The rising incidences of chronic skin diseases, increasing R&D activities in topical therapeutics and growing investment from key players in Topical Drug Delivery Market Size formulation are some of the key opportunities in the topical drug delivery market. Furthermore, growing demand for self-administration of drugs and increasing adoption of topical therapeutics in emerging markets of Asia Pacific and Latin America are anticipated to drive global expansion of topical drug delivery over the forecast period.
Market drivers and restrain:
One of the major drivers for topical drug delivery market is increased preference for non-invasive drug administration route by patients. Topical administration provides direct localized delivery of drug to the targeted site avoiding systemic exposure and side effects associated with other conventional drug delivery methods. Furthermore, topical drug delivery improves bioavailability of drugs, enables sustained drug release and enhances patient compliance which is further fueling the market growth.
However, strict regulatory procedures for the approval of topical drugs and inability to deliver hydrophilic drugs limit the wide applications of topical drug delivery. The complex formulation development, stability issues of drugs and limited drug payload are some of the challenges restraining the growth of topical drug delivery market.
Segment Analysis
The topical drug delivery market is dominated by semisolid formulations segment. These include creams, ointments, gels, pastes, and lotions which together account for over 50% of the topical drug delivery market share. This is because semisolid formulations provide enhanced drug delivery, are non-invasive, and easy to apply. The cream segment holds the highest market share as creams effectively deliver both hydrophilic and lipophilic drugs to the targeted area of application and get readily absorbed through the skin.
Global Analysis
North America dominated the topical drug delivery market with the highest revenue share in 2024 owing to the growing geriatric population and rising prevalence of dermatological disorders in the US and Canada. However, the Asia Pacific region is anticipated to witness the fastest growth over the forecast period. This is attributed to increasing healthcare expenditure, rising awareness about topical drug delivery, and growing patient population in emerging countries such as China and India. Additionally, improving healthcare infrastructure and expanding pharmaceutical industry in Asia Pacific will further drive the regional market during the forecast period.
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