Market Trends of Global Topical Drug Delivery Industry
This section covers the major market trends shaping the Topical Drug Delivery Market according to our research experts:
Patch Segment is Expected to Hold Major Share in the Topical Drug Delivery Market Over the Forecast Period
The major factors attributing to the market's growth are the increasing advantages of transdermal medicine such as ow rejection rate, excellent ease of administration, and outstanding patient convenience and persistence, over oral and ingesting medications (medications for gastrointestinal toxicity) that result in nausea and vomiting.
Due to its non-invasive nature, patches decreased the inconvenience brought on by parenteral or intravenous therapies. Patches also provide a controlled release of the drug to the patient, usually through a perforated membrane covering the drug reservoir or by body temperature dissolving thin layers of medication embedded in the adhesive.
In addition, the rising incidences of migraine, hormone disturbances, joint pain, cardiovascular diseases, neurology disease, and smoking are also contributing to the growth of the studied segment. For instance, according to the "World Alzheimer Report 2021" published in September 2021, over 55 million people live with dementia worldwide in 2020. In addition, this number is projected to reach 78 million by 2030. Additionally, according to the statistics published by the Continence Foundation of Australia, in August 2021, in Australia 10% of men and 38% of women are affected with urinary incontinence (overactive bladder). This is expected to increase the demand for non-invasive patches to deliver the drug directly into the bloodstream through the skin, thereby boosting segment growth.
Furthermore, the rising company activities in developing products and increasing product launches are expected to boost segment growth. For instance, in November 2021, Nexgel launched MEDAGEL Migraine Relief Patch. The patches draw heat away from the body using Nexgel's proprietary hydrogel technology, giving immediate and long-lasting cooling relief from migraines, hormonal headaches, and fevers. Also, in June 2021, Luye Pharma Group launched the Rivastigmine Transdermal Patch in China for the treatment of mild to moderate Alzheimer's disease. Similarly, in July 2021, Hisamitsu received approval for manufacturing and market OABLOK PATCH, for the treatment of overactive bladder, in Thailand.
Moreover, the increasing government funding for increasing the demand and adoption of patches for delivering the COVID-19 vaccine is also contributing to the growth of the segment. For instance, in July 2020, Innoture received funding from the Welsh Government of about GBP 200,000 for its, Self-Administration of SARS-CoV-2 Vaccine via Microlithographic 3D printed Microstructure Patches, project. Such developments are expected to accelerate segment growth, thereby propelling market growth.
Thus, owing to the aforementioned factors the studied market is expected to grow over the forecast period.
North America is Expected to Dominate the Topical Drug Delivery Market Over the Forecast Period
North America is expected to dominate the topical drug delivery market owing to the factors such as the increasing incidence and prevalence of skin diseases and related conditions, rising healthcare spending, and growing company activities.
The rising burden of skin diseases among the population is the key factor driving the market growth. For instance, as per the GLOBOCAN 2020 fact sheet, about 105,000 new cases of melanoma skin cancer were reported in the North American region in 2020, and this number is projected to reach 142,000 by the year 2040. This growing burden of skin-related conditions is expected to accelerate the market growth. Additionally, according to the 2022 statistics published by the American Academy of Dermatology Association, in the United States, acne is the most prevalent skin disorder, affecting up to 50 million people each year. Thus, the increasing number of cases of skin disease is expected to increase the demand for effective topical treatments, which in turn is anticipated to fuel the market growth over the forecast period.
In addition, the rising healthcare spending in the region is expected to increase the company's activities for developing advanced treatment, thereby propelling the market growth. For instance, according to the Organization for Economic Co-operation and Development (OECD), in June 2022, United States healthcare spending, in 2021 was 17.8% of the total GDP of the country. Additionally, as per the data published by the Centers for Medicare & Medicaid Services, in March 2022, titled 'CMS Office of the Actuary Releases 2021-2030 Projections of National Health Expenditures', it has been observed that the annual growth in national health spending is expected to average 5.1% over 2021-2030. In addition, the National Health Spending in 2020 was USD 4.1 trillion and it is projected to reach USD 6.8 trillion by 2030.
Furthermore, the increasing product launches and approvals in the region are also contributing to the growth of the market. For instance, in June 2022, the United States Food and Drug Administration approved Zydus's Adapalene and Benzoyl Peroxide Topical Gel, which is indicated to decrease the number and severity of acne pimples. Also, in May 2022, the United States Food and Drug Administration approved Dermavant's VTAMA (tapinarof) cream, 1%, an aryl hydrocarbon receptor agonist, for the topical treatment of plaque psoriasis in adults.
Thus, owing to the aforementioned factors the studied market is expected to grow over the forecast period.
