Topical Drug Delivery Market 2018 Size, Supply and Demand with Global Forecasts to 2023
Drugs that are applied to a local area on the body are known as topical drugs. Many creams and balms that are used for skin treatment are frequently called topical drug.
Eye drops for ophthalmic use and various drugs utilized for inward breath in respiratory conditions such as asthma are also frequently known as topical medications. Topical medications have a local effect that means the effect of the drug will be only in the area where the drug has been applied; however, some topical medications can also have a systemic effect.
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On the basis of route of administration, global topical drug delivery market is segmented into skin, ophthalmic, nasal, rectal and vaginal drug delivery routes. Skin drug delivery holds the largest share of the global market, which is attributable to the high incidence of skin diseases, rise in the demand for self-administered drugs, and the increasing number of product approvals for skin-related drug delivery systems.
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There are various factors that drive the growth of the topical drug delivery market including the increasing prevalence of dermal diseases, development of high technology in topical drug delivery systems, high number of cases of burn injuries, and increasing prevalence of diabetes, globally.
North America held the largest share of the global topical drug delivery market in 2016, mainly due to the presence of large number of pharmaceutical companies. However, the topical drug delivery market in the Asia-Pacific is expected to witness the highest growth during the forecast period (2017-2023).
According to the information published by Pharmaceuticals Research and Manufacturers of America (PhRMA), the member organizations of PhRMA spent approximately $58.8 billion on R&D, accounting for the larger part of all the biopharmaceutical R&D spending in the U.S., in 2015.
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Some of the other key players operating in the global topical drug delivery market include Crescita Therapeutics Inc., SOLVAY S.A., Bayer AG, Cipla Limited, Galderma S.A, GlaxoSmithKline PLC, Janssen Global Services, LLC. (Johnson and Johnson), Novartis International AG, Sienna Biopharmaceuticals, Inc., Allergan PLC.