DUBLIN, Sept. 2, 2022 /PRNewswire/ — The “Global Topical Drugs Market Size, Share & Trends Analysis Report by Type (Semi-solid, Liquid), by Route Of Administration (Dermal, Ophthalmic), by End-use (Burn Centers, Hospitals & Clinics), by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global topical drugs market size is expected to reach USD 217.79 billion by 2030. 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 2021AbbVie 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 2020Bausch 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 2022Novartis AG acquired Kedalion Therapeutics, thereby acquiring AcuStream technology to facilitate accurate dermal delivery of ophthalmic medicines.
Moreover, in May 2022Alcon 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…