According to WHO, every year, almost 180,000 deaths are recorded around the world because of burns. Wounds caused by such burns are likely to result in disabilities that leave a significant impact on the life of an individual. Evidently, burn injuries are among the leading causes of death. To this end, soaring incidences of skin diseases and burn injuries are creating substantial demand for topical drug delivery products. An incessant rise in common conditions such as acne, benign tumours, cancers, contact dermatitis, and psoriasis has further fuelled the need for topical drug delivery products. The occurrence of such issues is more common among an aged segment of the population, presenting the need for non-invasive products that minimise the aftereffects of disease. Such a scenario is clearly pointing towards the lucrative growth and business opportunities floating across the topical drug delivery market.
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An Upswing in Self-administration of Drugs to Uphold Topical Drug Delivery Market Growth
With a rise in the geriatric population, the prevalence of skin issues such as benign tumours, cancer, and psoriasis has also experienced an upward shift. This, in turn, has created a significant demand for transdermal, nasal, and other drug delivery systems. Individuals are demonstrating a higher propensity to opt for home care settings and self-administration in healthcare. Significantly, home care settings are gaining prominence owing to provided efficiency post-diagnosis for patients and caregivers alike. Topical drug delivery products including ointments, patches, creams, gels, powder, and lotions are effective in treating targeted injuries without clinical support. This has curtailed the cost of healthcare and its burden at a noticeable rate. In this backdrop, the global topical drug delivery market is making strides with an uptrend in the self-administration of drugs.
Comprehensive Use of Transdermal Products Set Tone for Topical Drug Delivery Market Expansion
Extended time duration of drug effect, uniformity in plasma level, and significant reductions in dosing frequency are propelling the demand for transdermal products, specifically for patches. Notably, these products do not leave any adverse effect on patients and can be easily terminated at the time of drug administration without any discomfort. To be precise, transdermal patches are non-invasive and simple treatment regimens that ensure effective and precise drug delivery and application. It also helps in avoiding first-pass and peak dose effects. Anticipating the possible rise in the adoption of transdermal patches is ensuring influential growth across the global topical drug delivery market.
North America’s Topical Drug Delivery Market to Forge Ahead with Rising Prevalence of Skin Injuries and Disorders
North America to cement dominance in the global topical drug delivery market at the behest of rising cases of skin disorders and major/minor skin injuries. A steady rise in the GDP per capita income and robust expenditure on topical derma products is further fueling the market expansion in the region. As per the American Academy of Dermatology (AAD), almost 50 million individuals are affected by acne in the US, making it a leading skin disorder. Under such circumstances, North America is likely to witness a sharp rise in the demand for topical drug delivery products.
Prominent Market Players
Some of the highly competitive players operating at the vanguard of the global topical drug delivery market include Novartis International AG, Bristol Myers Squibb, Rusan Pharma Ltd., Galderma, Cipla, Pfizer Inc., Teva Pharmaceuticals Industries Ltd., and AbbVie Inc.
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