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| Topical Drug Delivery Market |
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.
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.
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