PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1472992
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1472992
Global topical drug delivery market is projected to witness a CAGR of 9.03% during the forecast period 2024-2031F, growing from USD 251.2 billion in 2023 to USD 501.63 billion in 2031F. Increasing research and development activities, rising incidences of cancer, infectious diseases, diabetes, respiratory diseases, and growing needle phobia support the market expansion.
The increase in global topical drug delivery market size can be attributed to the rising demand for convenient drug delivery solutions that do not cause discomfort and require a medical professional for administration. The growing prevalence of different skin diseases can also be attributed to the market expansion. The increasing incidences of burn injuries are bolstering the requirement for topical drugs for the effective management and treatment of burns.
Various research activities are underway to deliver various drugs with the help of microneedle patches to ensure improved therapeutic efficacy for treating different diseases and disorders, such as rheumatoid arthritis. Due to the painful nature of the localized administration of the drugs via an intra-articular injection, drug delivery solutions that can ensure the sustained release of anti-arthritic drugs at the inflammation site in a minimally invasive manner are required. Research is being conducted that focuses on developing microneedle patches for minimally invasive and localized delivery of methotrexate in a guinea pig model. The patch was found to ensure the sustained release of the drug and elicit a minimal immune response and a distinct reduction in rheumatoid markers and inflammation at the joints compared to those treated through conventional hypodermic injections and remained untreated.
Rising Research and Development Activities Support the Global Topical Drug Delivery Market Growth
Rising investments in different research and development activities are expected to offer lucrative growth opportunities to the market over the forecast period. The increasing emphasis on research and development activities can be attributed to the rising awareness about the various benefits offered by topical drug delivery systems, such as ease of use, ability to be self-administered, painless delivery of medication, and cost-effectiveness.
Different research activities are underway to treat rheumatoid arthritis with transdermal drug delivery systems. Utilizing transdermal drug delivery systems for treating rheumatoid arthritis will help avoid various adverse effects, suboptimal bioavailability, and nonnegligible first-pass effects and enhance patient compliance, making them a promising option. The potential offered by transdermal drug delivery systems for delivering biomacromolecules and small-molecule drugs is expected to make them an effective means of treating rheumatoid arthritis.
Increasing Incidences of Burn Injuries
The increasing incidences of burn-related injuries due to various environmental, chemical, and electrical factors are boosting the global topical drug delivery market demand. As per the estimates of the World Health Organization (WHO), approximately 180,000 deaths are caused by burns every year. The high number of cases propels the need for topical drugs to manage and treat burns effectively. With the help of topical antimicrobial agents, the threat of infections is minimized. These drugs are also used by patients who are at risk from sepsis due to the associated comorbid factors or because of the severity of the wound. The relatively easy-to-use nature of topical drugs coupled with their painless administration are other significant factors because of which they are preferred for treating burn wounds.
North America is Expected to Witness Significant Market Expansion
Growing research and development activities, a well-established healthcare sector, and novel product launches by leading market players are supporting the expansion of the market. The increasing prevalence of various skin diseases in the region is another major factor bolstering the growth of the North American topical drug delivery market. According to the estimates of the American Cancer Society, approximately 100,640 new cases of melanoma will be diagnosed in the United States in 2024. About 41,470 cases are expected to be diagnosed in women and 59,170 in men.
Increasing spending on different research and development activities by various research institutions is another major factor bolstering the market growth in the region. For instance, the Medical University of South Carolina is conducting an interventional study to analyze the effects of the topical application of Aldara on patients with oral cancer. Aldara activates immune cells to eliminate and attack cancer cells and activates toll-like receptors in oral cancer cells, resulting in the self-destruction of tumor cells. The drug is currently approved by the Food and Drug Administration (FDA) for treating melanoma and skin cancer. The study is expected to conclude in March 2024.
Semi-solid Formulations Anticipated to Account for a Significant Global Topical Drug Delivery Market Share
The ease of use associated with semi-solid formulations such as creams, lotions, ointments, gels, and pastes is one of the major factors boosting segment growth. The stability offered by these products in atmospheric conditions as opposed to their solid and liquid counterparts, coupled with their high absorption properties, are propelling the requirement of semi-solid formulations. Increasing the provision of clearance by different regulatory bodies, such as the Food and Drug Administration (FDA), for various topical creams is another major factor supporting segment expansion. For instance, in 2023, Zydus Lifesciences Limited received approval from the Food and Drug Administration (FDA) to market and manufacture Metronidazole Topical Cream, 0.75 percent. Metronidazole is used to treat rosacea and is expected to aid in reducing swelling, redness, and pimples.
Home Care Settings Boost Global Topical Drug Delivery Market Demand
The growing popularity of home care settings can be attributed to the increasing awareness of the various associated advantages. These advantages include improved treatment outcomes and medical adherence, convenient nature compared to inpatient care, and different benefits for long-term therapy. The home healthcare industry in the United States is anticipated to add over 1 million new jobs between 2019 and 2029. The segment's expansion can also be attributed to the growth of the geriatric populace. According to the World Health Organization (WHO) estimate, between 2015 and 2050, the population over 60 will increase from 12% to 22%. Due to the hassle associated with outpatient treatment and hospitalization, various patients also prefer receiving treatment in home care settings for chronic or long-lasting conditions.
Future Market Scenario (2024-2031F)
According to the global topical drug delivery market analysis, the development of noninvasive and uncomplicated therapeutic strategies and target-oriented topical therapies is necessary in the future. Recent technological advancements in the delivery of drugs via the topical route have been transformed because of a deeper understanding of the permeation pathways through the skin and the molecular-level structure of the stratum corneum.
Various leading public research universities are conducting different studies. For instance, the University of Alabama at Birmingham is conducting a randomized, placebo-controlled, single-institution, double-blind phase IIB trial of topical DFMO and topical diclofenac in subjects who have a history of skin cancer. The participants of the study are 18 or older and have extensive actinic damage and a history of non-melanoma skin cancer. The participants of the study will be randomized to topical DFMO and topical diclofenac and placebo for the topical DFMO and placebo for the topical diclofenac once daily. The study is expected to conclude in December 2024.
Key Players Landscape and Outlook
Key participants in the topical drug delivery market support the growth by increasing research and development activities and raising investments to support such activities.
In 2023, Satio, a leading provider of technology solutions for therapeutics and diagnostics, was awarded a USD 3.5 million Small Business Innovation Research (SBIR) contract by the National Institute of Health's (NIH) Advanced Research Projects Agency for Health (ARPA-H). The contract is expected to support the development of SatioRx, an inexpensive and compact drug delivery device equipped with disposable microneedle components to ensure precise delivery of drugs. Under the contract, the company expects to leverage design features from its other patch-based devices. They also plan on utilizing feasibility data from their manually operated transdermal delivery devices. With these combination, Satio plans to develop a remotely controllable next-generation device.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.