Topical Drugs Market is Expected to Enhance USD 217.79 Billion Revenue By 2030: Grand View Research Inc.

 Topical Drugs Market Growth & Trends

The global topical drugs market size is expected to reach USD 217.79 billion by 2030, according to a new report by Grand View Research Inc. The industry is expected to grow at a CAGR of 10.1% from 2022 to 2030. The key factors contributing to the industry growth include the increased prevalence of skin disorders coupled with strategic collaborations between key players. The increasing prevalence of skin infections, such as psoriasis, atopic dermatitis, and eczema, coupled with the rising demand for eye and ear therapies is expected to drive the demand for transdermal or dermal medicines during the forecast period. For instance, in October 2021, AbbVie Inc. received FDA approval for Vuity, a pilocarpine HCl ophthalmic solution for treating presbyopia.

In addition, according to the NCBI, the prevalence of psoriasis is nearly 1.92% and 1.5% among European and North American populations. The launch of topical medicines to treat skin diseases is also anticipated to propel the demand for dermal drugs. For instance, in September 2020, Bausch Health, Canada launched a novel antipsoriatic agent, Duobrii lotion for psoriasis patients.Advancements in technology and increased acquisitions and mergers activities among key players, such as Alcon, Inc. and Novartis AG, are anticipated to boost the industry's growth. For instance, in June 2022, Novartis AG acquired Kedalion Therapeutics, thereby acquiring AcuStream technology to facilitate accurate dermal delivery of ophthalmic medicines.

Topical Drugs Market Report Scope

Report Attribute	Details
Market size value in 2022	USD 100.92 billion
Revenue forecast in 2030	USD 217.79 billion
Growth rate	CAGR of 10.1% from 2022 to 2030
Base year for estimation	2021
Historical data	2018 - 2020
Forecast period	2022 - 2030

Moreover, in May 2022, Alcon Inc. acquired Eysuvis (loteprednol etabonate suspension) for topical ophthalmic use from Kala Pharmaceuticals, Inc., thereby adding to its existing portfolio of dry eye drugs.A high incidence of burn injuries is expected to render high utilization of topical medicines in treating burn injuries. For instance, according to the WHO, an estimated 11 million burn injuries occur annually worldwide, out of which about 180,000 cases are fatal. Various topical agents are used in treating burn injuries including silver sulfadiazine cream, bismuth-impregnated petroleum gauze, cerium nitrate, mafenide acetate, and nanocrystalline silver among others.

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Topical Drugs Market Report Highlights

• The semi-solid formulations segment dominated the market in 2021 owing to their high stability in atmospheric conditions and increased use of personalized drugs
• The dermal segment dominated the industry in 2021 due to the increased utilization of transdermal patches to reduce tobaccoconsumption
• The home care settings segment dominated the industry in 2021 due to the ease of administration among the geriatric population
• North America was the largest regional market in 2021 due to strategic initiatives and collaborations among key players for the development & launch of dermal products

Access Press Release@ https://www.grandviewresearch.com/press-release/global-topical-drugs-market

Topical Drugs Market Segmentation

Grand View Research has segmented the global topical drugs market based on type, route of administration, end-use, and region:

Topical Drugs Type Outlook (Revenue, USD Million, 2018 - 2030)

• Semi-solid formulations
  • Creams
  • Ointments
  • Lotions
  • Gel
  • Pastes
• Liquid Formulations
  • Suspensions
  • Solutions
• Solid Formulations
  • Powders
  • Suppositories
• Transdermal Products
  • Transdermal Patches
  • Transdermal Semi-solids

Topical Drugs Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)

• Dermal Drug Delivery
• Ophthalmic Drug Delivery
• Rectal Drug Delivery
• Vaginal Drug Delivery
• Nasal Drug Delivery

Topical Drugs End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Home Care Settings
• Hospitals & Clinics
• Burn Centers
• Other Facilities

Topical Drugs Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Singapore
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE

List of Key Players of the Topical Drugs Market

• Bayer AG
• Cipla Inc.
• GSK Group of Companies
• Johnson & Johnson Private Ltd.
• Novartis AG
• Bausch Health Companies Inc.
• HisamitsuPharmaceuticals Co. Inc.
• Merck & Co. Inc.
• Glenmark Pharmaceuticals Ltd.
• MedPharm Ltd.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.