Formulations to grow at the highest CAGR during the forecast period.
Based on product type, the topical drug delivery market is segmented into formulations, and devices. Devices segment is projected to register the highest CAGR during the forecast period. Devices includes transdermal patches and transdermal gels.
Devices (Transdermal drug delivery) could replace the injectable mode of delivery required to deliver many new biologic drugs and vaccines. Factors like improved patient compliance, noninvasive nature, elimination of hepatic first pass metabolism, enhancement of therapeutic efficiency, and maintenance of steady plasma level of the drug are contributing to the growth of the transdermal drug delivery devices market.
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The global topical drug delivery market is projected to reach USD 125.9 billion by 2021. Market growth can be attributed to factors such as rising prevalence of skin diseases, the convenience of topical drugs, high incidences of burns, rising incidence of diabetes, and growth in geriatric population. Product recalls and their negative impacts on the market are expected to restrict the adoption of topical drugs to a certain extent during the forecast period.
Growing prevalence for topical drug delivery and rapid growth in geriatric population are the major drivers for the market.
Topical drug delivery has the advantage of delivering drugs more selectively to a specific site. Moreover, the use of topical drugs helps avoid fluctuation in drug levels, improves compliance, and facilitates self-medication. As a result, the topical route is preferred over other routes of drug delivery for the treatment of many diseases/conditions. On the other hand, topical delivery involves painless administrations and minimal risk of infections. Considering these advantages, many pharmaceutical companies are developing and launching topical drugs for indications that were traditionally treated using oral or injectable drugs.
Aging is associated with decreased cellular function, which reduces the body’s natural ability to close and heal wounds. As a result, geriatric individuals are major end users of topical drugs for the treatment of wounds. Serious chronic wounds such as pressure ulcers are also very common in the elderly population. With growth in this population segment, the prevalence of several chronic diseases is expected to increase in the coming years, thus driving the demand for convenient drug delivery options, such as topical drug delivery.
However, negative impact of product recalls is restraining the market growth.
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Devices (Transdermal drug delivery) could replace the injectable mode of delivery required to deliver many new biologic drugs and vaccines. Factors like improved patient compliance, noninvasive nature, elimination of hepatic first pass metabolism, enhancement of therapeutic efficiency, and maintenance of steady plasma level of the drug are contributing to the growth of the transdermal drug delivery devices market.
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