The global market of drug products administered by topical application is expected to sustain 5.7% year-over-year growth, a research conducted by Markets and Markets shows.
The topical drug delivery market includes medicines indicated for dermal, ophthalmic, rectal, vaginal and nasal administration.
According to the research report, the market is currently worth $93.2bn (€83.94bn) and is projected to reach $123.2bn by 2024, mainly due to the high prevalence of skin diseases and diabetes, as well as the rising incidences of eye diseases and burn injuries.
The largest share of the market is likely to be accounted for by products of semi-solid formulations, such as creams, gels, ointments, pastes, and lotions, because they offer easy application and enable the intake of a wide variety of molecules, M&M states.
The dermal drug delivery segment dominated the market in 2018 and is expected to continue to do so due to the high prevalence of skin cancer. Approximately 3 million people are diagnosed with this type of cancer annually across the globe, according to the WHO.
The M&M research also found that the home care settings segment accounts for the largest share of the market, surpassing the hospital settings, due to the products’ ease of use and affordability.
Despite its projected growth, the market of topical drug delivery faces challenges, which include the technical barriers related to skin irritation and permeability, in addition to drug failures and product recalls, according to the report.
In July, US-based Altaire Pharmaceuticals proceeded with a voluntary recall of sterile ophthalmic treatments, after concerns were raised about quality assurance at its manufacturing facility.
In addition, a further factor that may restrict the market’s growth would be the preference for alternative drug delivery methods, such as oral, injectables, and pulmonary.
Emerging R&D in Japan boosts the market
The region anticipated to produce the highest revenues within the market during the forecast period will be North America, although emerging markets such as China and India are expected to offer potential growth opportunities, the report suggests.
However, Japan is expected to witness the highest annual growth rate and this can be attributed to the rising geriatric population, increasing the uptake of generic drugs.
Additionally, the research shows the growing number of product approvals and launches in Japan, and the increasing focus of local players on the R&D of topical formulations boosting the revenues of the market in the country.