Topical Drug Delivery Market - Emerging Innovations to Boost Global Revenue Growth

This study helps you to define, describe, and forecast the topical drug delivery market by product, route of administration, facility of use, and region

(EMAILWIRE.COM, March 16, 2021 ) Topical Drug Delivery Mechanism Market Dynamics

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.

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 Topical Drug Delivery 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.

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Expected Growth in Revenue:

The topical drug delivery market 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.

COVID-19 Impact on Global Topical Drug Delivery Market

According to our findings, the Topical Drug Delivery Mechanism Market is expected to grow at an approximate CAGR of 6-7% during the next two years. According to our analysis, the below factors are playing a key role in shaping the growth of the global market;

# The number of COVID-19 cases has been increasing at an alarming rate in the US. The need for improved patient care and the adoption of drugs such as vitamin C, multivitamins, and antivirals, to improve immunity levels, have surged as a result.

# Due to the rapid spread of COVID-19 and increasing fear, drugs are being stocked by various end users and patients. This is expected to boost the growth of the topical drug delivery market from 2020–2021. Various companies have witnessed an increase in revenue in Q1 2020 as compared to Q1 2019. For example, AbbVie reported an increase of 16.8% in its revenue during this period. Similarly, Amgen recorded a revenue of USD 6,161 million in Q1 2020, an 11% increase as compared to Q1 2019 (USD 5,286 million).

# Raw materials required for manufacturing drugs (such as drug components, equipment used in manufacturing) are at the risk of a supply shortage due to the temporary lockdown of manufacturing sites in areas affected by COVID-19 or travel restrictions impacting shipments.

# The normalization of the global economy is expected to proceed slowly, with a gradual increase in the manufacturing and transportation of raw materials and associated equipment; this will lead to market growth from Q1 2021.

Research Methodologies Followed:

Secondary Research:

This research study involved the use of comprehensive secondary sources; directories and databases such as D&B, Bloomberg Business, and Factiva; and white papers, annual reports, and company house documents. Secondary research was used to identify and collect information for this extensive, technical, market-oriented, and commercial study of the global topical drug delivery market. It was also used to obtain important information about the top players, market classification, and segmentation according to industry trends to the bottom-most level, geographic markets, technology perspectives, and key developments related to the market. A database of the key industry leaders was also prepared using secondary research.

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Primary Research:

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, manufacturing managers, and related key executives from various key companies and organizations operating in the global topical drug delivery market. The primary sources from the demand side include purchase and sales managers, research organizations, and pharmaceutical and biotechnology companies.

North America is expected to hold the largest share for players operating in the topical drug delivery market

North America accounted for the largest share of the topical drug delivery market in 2019. Factors such as presence of a highly developed healthcare system and a large number of topical drug-manufacturing companies in the country are among the few factors expected to contribute to the growth of this market. Furthermore, the growing geriatric population in the US, high disposable incomes, increasing preference for pain-free drug delivery solutions, and the availability of advanced and effective technology are driving market growth in North America.

Global Leaders:

The prominent players in Topical Drug Delivery Mechanism Market are Johnson & Johnson (US), Nestle SA (Switzerland), Novartis AG (Switzerland), GlaxoSmithKline (UK), Bausch Health Companies (Canada), Merck & Co (US), and Bayer AG (Germany).

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