The global topical drug delivery market is expected to reach USD 158.76 billion by 2028, at a CAGR of 5.83% during the forecast period 2021-2028. The market is expected to witness steady growth over the coming years, owing to factors such as the increasing prevalence of chronic diseases, technological advancements in drug delivery systems, and increasing focus on patient convenience.
The increasing use of sophisticated drug delivery systems and technological advancements, such as transdermal patches, gels, and creams, is likely to propel the growth of the topical drug delivery market. The increasing number of R&D activities and clinical trials related to topical drug delivery systems are likely to drive product innovation and result in the development of more efficient and effective drug delivery systems.
The rising incidence of skin diseases, such as psoriasis, acne, and eczema, is likely to propel the growth of the market. The rising prevalence of these skin diseases and the increasing demand for topical medications are likely to fuel the growth of the market. Additionally, the rising demand for topical medications in the treatment of chronic pain, such as rheumatoid arthritis and musculoskeletal pain, is expected to further drive the market over the forecast period.
The rising demand for topical medications in the treatment of various conditions, such as fungal infections, hemorrhoids, and ulcers, is expected to fuel the growth of the market. The increasing geriatric population, which is more prone to chronic diseases and skin conditions, is expected to further drive the growth of the market.
The increasing availability of over-the-counter (OTC) topical medications is likely to provide a further boost to the market. Additionally, the increasing focus on patient convenience and the rising demand for self-care solutions are expected to further drive the growth of the market.
However, the high cost of topical drug delivery systems, such as transdermal patches and creams, is expected to restrain the growth of the market. Additionally, the stringent regulatory framework is likely to hamper the growth of the market.
The global topical drug delivery market is highly competitive and is characterized by the presence of a large number of players. The key players in the market are focusing on product innovation and the development of more efficient and cost-effective drug delivery systems.
Brainy Insights has segmented the global Topical Drug Delivery market based on the below-mentioned segments:
Global Topical Drug Delivery Market by Type:
- Semi Solid Formulation
- Solid Formulation
- Liquid Formulation
- Transdermal Products
Global Topical Drug Delivery Market by Route of Administration:
Global Topical Drug Delivery Market by End User:
- Hospital & Clinics
- Home Care Settings
Get a comprehensive report summary that describes the market value and forecast along with the research methodology. Download the PDF brochure