Current Situation: COVID-19 Impact on Global Topical Drug Delivery Market
According to our findings, the Topical Drug Delivery Procedure Market is expected to grow at an approximate CAGR of 6-7% during the next two years. According to our analysis, the below factors are playing a key role in shaping the growth of the global market.
# The number of COVID-19 cases has been increasing at an alarming rate in the US. The need for improved patient care and the adoption of drugs such as vitamin C, multivitamins, and antivirals, to improve immunity levels, have surged as a result.
# Due to the rapid spread of COVID-19 and increasing fear, drugs are being stocked by various end users and patients. This is expected to boost the growth of the topical drug delivery market from 2020–2021. Various companies have witnessed an increase in revenue in Q1 2020 as compared to Q1 2019. For example, AbbVie reported an increase of 16.8% in its revenue during this period. Similarly, Amgen recorded a revenue of USD 6,161 million in Q1 2020, an 11% increase as compared to Q1 2019 (USD 5,286 million).
# Raw materials required for manufacturing drugs (such as drug components, equipment used in manufacturing) are at the risk of a supply shortage due to the temporary lockdown of manufacturing sites in areas affected by COVID-19 or travel restrictions impacting shipments.
# The normalization of the global economy is expected to proceed slowly, with a gradual increase in the manufacturing and transportation of raw materials and associated equipment; this will lead to market growth from Q1 2021.
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Major Growth Driver: High prevalence of skin diseases
According to the Global Burden of Disease Project, skin diseases such as psoriasis, eczema, skin cancer, and vitiligo continue to be the fourth-leading cause of nonfatal disease burden worldwide and affect a large proportion of the global population. According to the WHO, between 2 and 3 million cases of non-melanoma skin cancer and 132,000 cases of melanoma skin cancer are diagnosed annually across the globe. Furthermore, the prevalence of psoriasis worldwide ranges between 0.09% and 11.43%, making it a serious global problem with at least 100 million individuals affected worldwide (Source: WHO 2016). As topical drug delivery is the first line of treatment for the majority of skin diseases, the demand for advanced topical products is expected to increase in the coming years.
Market Size Estimation:
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product, route of administration, facility of use, and region).
Expected Revenue Surge in Forecast Period:
The topical drug delivery market is projected to reach USD 129.8 billion by 2025 from USD 95.2 billion in 2020, at a CAGR of 6.4% during the forecast period.
Data Triangulation:
After arriving at the market size, the total topical drug delivery market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.
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Recent Developments in the Industry:
# In 2019, Mylan launched its DICLOFENAC SODIUM Gel.
# In 2019, Nestlé Skin Health opened a new office in Malaysia to accelerate growth in the Southeast Asian market.
# In 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 2018, Bausch Healthcare expanded its manufacturing facility in Rochester (Ireland) in order to support and fulfill the demand of its topical eye health products.
North America is expected to hold the largest share for players operating in the topical drug delivery market
North America accounted for the largest share of the Topical Drug Delivery Procedure Market in 2019. Factors such as presence of a highly developed healthcare system and a large number of topical drug-manufacturing companies in the country are among the few factors expected to contribute to the growth of this market. Furthermore, the growing geriatric population in the US, high disposable incomes, increasing preference for pain-free drug delivery solutions, and the availability of advanced and effective technology are driving market growth in North America.
Global Leaders:
The prominent players in Topical Drug Delivery Market are Johnson & Johnson (US), Nestle SA (Switzerland), Novartis AG (Switzerland), GlaxoSmithKline (UK), Bausch Health Companies (Canada), Merck & Co (US), and Bayer AG (Germany).
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