The Global Topical Drug Delivery Market is projected to reach $170.58 billion by 2027, from a value of $96.98 billion in 2020, by registering a CAGR of 8.4% during the forecast period. The inclination to the direction of drugs through the skin with the drive of prolonging drug delivery and the usage of this method as a substitute to the oral route boost the market growth. Additionally, the increasing commonness of skin contagions, like, psoriasis, eczema & minor ailments, like acne are the major factors propelling the growth of the market. However, other ways of drug delivery and product recall due to drug failure, technical obstacles related to the skin irritation and governing scenario, and pricing pressure are hampering the market growth. Moreover, technological expansions have led to the development of biologics that can be used for transdermal delivery of drugs, rise in demand for self-administration; home care and delivery of biologics through the transdermal are creating ample opportunities for the players operating in the market across the globe.
Recent Developments
In February 2019, Hisamitsu Pharmaceutical signed commercialization agreement with Kyowa Hakko Kirin for HARUROPI® TAPE (HP-3000), for parkinson’s disease in Japan.
In April 2019, Crescita Therapeutics signed an out-licensing agreement with Cantabria labs for the sales and distribution of its topical Pliaglis formulation in Italy, Portugal, France, and Spain.
In April 2019, Boehringer acquired ICD Therapeutics and its biologics-delivery platform for the development of noncology and immune oncology compounds.
In January, 2019, Nestlé Skin Health prolonged its business by opening of a new office in Malaysia, improving quality of life by delivering science-based solutions for skin health, which help the company to speed up growth.
In August, 2018, Cipla Limited (Cipla) announced that it has received final approval for its Abbreviated New Drug Application (ANDA) for (Diclofenac Sodium Topical Gel, 1%) from the United States Food and Drug Administration (US FDA).
Competitive Landscape
3M, Bausch Health Companies, Bayer Ag, Boehringer Ingelheim, Bristol-Myers Squibb, Cipla, Crescita Therapeutics Inc., Glaxosmithkline, Glenmark Pharmaceuticals, Hisamitsu Pharmaceutical, Lavipharm, Lead Chemicals Co., Inc., Merck & Co., Nestlé Sa, Novartis Ag, Pfizer, Inc., Purdue Pharma L.P, Teva Pharmaceuticals are some of the major players in the global topical drug delivery market.
