Global Topical Drug Delivery market outlook 2024, Forecast To 2033

13 Feb, 2024

The topical drug delivery market has demonstrated rapid growth, rising from $152.77 billion in 2023 to $168.19 billion in 2024, with a compound annual growth rate (CAGR) of 10.1%. The growth in the historical period is attributed to factors such as skin conditions and disorders, an aging population, consumer preference for non-invasive treatment, widespread skin infections, and increased consumer awareness and self-care. Projecting into the next few years, the market is anticipated to experience rapid growth, reaching $252.48 billion in 2028 at a CAGR of 10.7%. The forecasted growth is linked to the rise of transdermal patches, innovations in formulations, personalized medicine, expansion of telemedicine and remote consultations, and the growing incidence of chronic diseases. Notable trends in this forecasted period include advancements in formulations, personalized dermatology, the integration of 5G-enabled devices, enhanced compliance solutions, and the incorporation of sensors.

Global Topical Drug Delivery Market Key Driver

The growing prevalence of diabetes is expected to drive the growth of the topical drug delivery market. In 2021, 537 million adults were recorded living with diabetes, and 6.7 million people died of diabetes. With an anticipated increase to 643 million people by 2030, the growing prevalence of diabetes propels the topical drug delivery market in 2023, 2024, and 2028.

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Global Topical Drug Delivery Market Segments

The global topical drug delivery market covered in this report is segmented –
1) By Product Type: Semi-Solid Formulations, Liquid Formulations, Solid Formulations, Transdermal Products
2) By Route Of Administration: Dermal Drug Delivery, Ophthalmic Drug Delivery, Rectal Drug Delivery, Vaginal Drug Delivery, Nasal Drug Delivery
3) By End User: Hospitals, Clinics, Home Healthcare, Diagnostic Centers, Other End Users
By Geography: 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. North Americawas the largest region in the topical drug delivery market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the topical drug delivery market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Major Topical Drug Delivery Industry Players

Glenmark Pharmaceuticals Ltd., Galderma SA, Johnson & Johnson Private Limited, GlaxoSmithKline PLC., Bausch Health Companies Inc., Nestlé SA, Novartis AG, Merck & Co., Hisamitsu Pharmaceuticals, Bayer AG, Cipla Limited, Viatris Inc., 3M Company, Crescita Therpeautics Inc., Boehringer Ingelheim International GmBH, Pfizer Inc., Teva Pharmaceuticals Industries Ltd., Bristol Myers Squibb, Lead Chemical Co. Ltd., Purdue Pharma L.P., Lavipharm SA, AbbVie Inc., CMP Pharma Inc., Encore Dermatology Inc., Prosolus Inc., Rusan Pharma Ltd., Mylan N.V., LEO Pharma A/S, Almirall S.A., Sun Pharmaceutical Industries Ltd., Fougera Pharmaceuticals Inc., Perrigo Company plc, Taro Pharmaceutical Industries Ltd., MedPharm Ltd.

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Topical Drug Delivery Market Overview

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. Topical drug deliveries are used to provide medication that is applied to the skin to treat different conditions.

Topical Drug Delivery Global Market Report 2023 provides data on the global topical drug delivery market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The topical drug delivery market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.