Increasing Prevalence of Skin Disease or Condition, Rising Aging Population, Growth in Topical Drug Delivery, Increasing Research and Development of New Dermatological Drugs are Expected to Drive the Global Rx Dermatology Topical Drug Delivery Market in the forecast period of 2019-2026

Global Rx dermatology topical drug delivery market is projected to register a healthy CAGR of 4.2% in the forecast period 2019 to 2026. The new market report contains data for historic years 2017, the base year of calculation is 2018 and the forecast period is 2019 to 2026.

Drivers:

INCREASING PREVALENCE OF SKIN DISEASE OR CONDITION:

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Skin diseases are found to be the most common health issue of all human health afflictions. It has been found that almost 900 million people in the world get affected by various skin diseases. The five common conditions (Eczema, Psoriasis, Acne, Rosacea and dermatitis) in human population accounts for over 80.0% of all skin diseases. In recent time the prevalence is increasing which is helping the market to drive. For instance, 50.0 million of Americans annually gets affected with acne. It is a common disease which can be treated easily and hence topical drugs are useful in treating such diseases and hence its demand is increasing. Due to this rising demand for the drugs in the treatment of skin conditions, the pharmaceutical companies are focusing on developing formulation (drugs) and devices which are compatible and easy to use by the patient, providing needle free delivery, avoid needle phobia and many others, this has contributed to the demand for topical drug delivery market

RISING AGING POPULATION:

With the increasing age, the cases of acute and chronic diseases are rising. Older population is more prone to diseases such as diabetes, allergy, arthritis, infections, and dermatitis. In recent era, people with skin disease are increasing due to high exposure to population and other factors which may be one of the driving factors in dermatology topical drug delivery. The skin disease among people is increasing worldwide which may play a major role in driving the growth of the market. The drugs are delivered at the desired site, preventing needle stick injuries and infections, allowing easy administration, reducing the dose to be delivered which ultimately reduces the hospital visits and stays.

GROWTH IN TOPICAL DRUG DELIVERY:

Topical administration is one of the favoured way or route for the delivery of therapeutic agents or drugs locally in human. It is more in demand in recent time due to its convenience and affordability. Hence it has been found that it is gaining an attention over the last few years over the conventional topical drug delivery systems. These drugs are non-invasive and provide better results in patients and due to this the demand for these products are increasing. So, pharmaceutical companies are focusing on the development of patient-friendly therapies and self-administered drug-device combination products. There for various companies which are involved in developing and providing topical drugs which are available in market with approvals.

INCREASING RESEARCH AND DEVELOPMENT OF NEW DERMATOLOGICAL DRUGS:

The skin disease are developed due to allergies, irritants, certain diseases, immune system problems and others resulting in conditions like acne, lichen sclerosus, alopecia areata, atopic dermatitis, psoriasis, rosacea and many others. The topical drugs are mainstay of treating skin disorders as it is directly applied on the skin. These drugs are available for treatment where active ingredients are used which is more affective on the site of affected areas. These drugs are available in different forms including: ointments, cream, lotion, solution, gel, oil, foam and powder. There are number of companies increased with active pipelines from 2015 to 2017. Due to its benefits such as reduced side effects and cost for treatment of disease in number of patients the market growth is increasing. Because of its more demand, the companies are establishing or strengthening the R&D activities in order to provide the products.

NEW PRODUCT LAUNCHES:

The topical medications are the creams, solutions and ointment which are generally applied on the skin for the treatment of certain diseases related to skin or skin disease. These drugs are used in treatment of psoriasis, allergy, arthritis, infections, dermatitis and others. These diseases can be treated with number of topical drugs within less period of time. Due to the certain benefits such as non-invasive, less time in treatment and others the demand for the products in topical drugs are increased. Due to this number of companies are developing and launching products to fulfil the increasing demand in market hence the market growth is taking place.

Restraints:

WEAK REIMBURSEMENT POLICIES:

Reimbursement in healthcare sector plays an important role in patients’ health benefits. Worldwide number of countries has better reimbursement policies for the medications (drugs) on the contrary there are some countries which are having weak reimbursement policies because of their low economic income and low healthcare expenditure. Pricing of pharmaceutical products and reimbursement has always been an important argument for countries. The reimbursement of prescription and non-prescription drugs is shown below which shows that there are many countries have weak reimbursement policies in drugs. Due to weak reimbursement in topical drug people with low income are not affording the drugs which ultimately hampers the growth of market.

REGULATORY SCENARIO AND PRICING PRESSURE:

Regulatory authorities are actively involved in various stages of drug development. Increasing awareness about harmful side-effects of drugs has led to strict review procedures for new medicines. As a result, pharmaceutical companies are facing difficulties in receiving regulatory approval for new medicines despite enormous investments in R&D. Moreover, there is a continuous pressure for reducing pharmaceutical prices by insurers, pharmacy benefit managers (PBMs), and public and private payers due to their concerns about covering more new medicines to treat prevalent conditions such as diabetes, allergy, sun burn, and infections. Increased price pressure and strict regulations imposed on the products hampering the market to grow.

Opportunities:

LOW BIOLOGIC PENETRATION:

Biologics are the medications which are made from animal or the human proteins which has the ability to treat the diseases respectively. They have the ability to treat number of disease such as psoriasis, psoriatic arthritis, other types of arthritis and inflammatory bowel diseases. Due to the low activity of biologics for treating any dermal diseases, topical drugs are overcoming in market for treatment purposes and hence its demand is increasing in market.

INCREASED COMPETITION LEADING TO HIGH INVESTMENTS IN R&D TO INNOVATE NEW PRODUCTS:

The skin disease in recent era is one of the leading diseases among people for which treatments are available. One of the advanced treatments is topical drug delivery system in which skin plays an important role as the drug is applied on the skin that has the capability to deal with the affected areas. Number of companies has taken the initiative in providing high quality of product or drugs for the treatment of skin diseases. This involves the innovation process in pharmaceutical research. Increasing number of diseases requires proper treatment for which topical drugs are playing major role now. Hence many of companies have increased their R&D facilities in order to provide the drugs which are found to be a major factor in driving the market in future.

INCREASING MERGERS AND ACQUISITIONS:

The pharmaceutical industries probably undergo most merger and acquisition (M&A) activity than any other industries involving number of deals and money spending. This activity is required because of increase in the development of a new drug in pharma industry. For instance, In July 2018, Leo Pharma acquired global prescription dermatology unit of Bayer AG (Germany) for an undisclosed price. The aim of this acquisition was to expand their product in skin drugs. Leo Pharma further develops the prescription dermatology business with this acquisition. Increase in acquisition and merger helps the companies to strengthen their revenue along with R&D and manufacturing facility and this ultimate helps in growth of the particular market.

EMERGING MARKET:

High patient affordability is leading to increased investments from private sector. Many companies are focusing on undertaking strategic developments for increasing their presence in emerging economies. Along with this, the rising aging population and increasing disposable income will contribute to the growth of the market. The topical drug delivery market has a great opportunity as this platform has new elements which have been incorporated for the treatment of skin diseases and mucous membrane. The skin conditions are increasing worldwide which ultimately requires treatment. Increasing awareness in skin disease is also a factor which is helping the market to grow in future.

Challenges:

SIDE EFFECTS:

The side effect of the drugs takes place in human due to long term use of the drugs. There are certain side effects which may takes place in patient’s body after consuming topical drugs. For instance, long term consumption of corticosteroids may cause birth defects in the unborn. Topical drugs can provide better treatment but apart from that the product has side effects too. This happens due to excessive use of topical treatments that increases the risk of both cutaneous and systemic side effects and hence it is hampering the growth of the market.

PRODUCT RECALL:

In last few years, the number of product recalls in the topical drug delivery market has increased tremendously. These product recalls may occur due to failure of compliance such as design or manufacturing defects that may negotiation with the safety, efficacy, and purity of the drug or the drug delivery devices by a drug manufacturing company. For instance, In July 2016, GlaxoSmithKline (U.K.) announced the recall of its Bactroban Ointment and Bactroban Cream due to presence of contamination done during manufacturing; these formulations were used topically for skin infections. Also, in June 2016, Teva Phamaceutical’s migraine drug patch named Zecuity has been recalled for reporting serious burns and potential permanent scarring. Product recalls affects Company’s revenue and ultimately affects the particular market.

Market Trends:

The global Rx dermatology topical drug delivery market is segmented on the basis of product type, application and category.

On the basis of product type, the market is segmented into solid, liquid and semi-solid. Solid is sub-segmented into powder and others. Liquid is sub-segmented into solution, emulsion, suspension, lotion and others. Semi-solid is sub-segmented into creams, gel, ointments, paste, others. In 2019, semi-solid segment is dominating the global Rx dermatology topical drug delivery market with 85.2% shares and is growing with the highest CAGR of 4.3% in the forecast period of 2019 to 2026.

On the basis of application, the market is segmented into acne, dermatitis, psoriasis, skin infections, antiaging, skin cancer, hyperpigmentation, onychomycosis, rosacea, others. In 2019, skin infections segment is dominating the global Rx dermatology topical drug delivery market with 26.6% shares and is growing with the highest CAGR of 5.2% in the forecast period of 2019 to 2026.

On the basis of category, the market is segmented into generic and branded. In 2019, branded segment is dominating the global Rx dermatology topical drug delivery market with 68.9% shares and is projected to reach a CAGR of 4.0% in the forecast period 2019 to 2026. However, generic segment is expected to grow at the highest CAGR of 4.7% in the forecast period of 2019 to 2026

Major Players: Global Rx Dermatology Topical Drug Delivery Market

Some of the prominent participants operating in this market are Galderma Laboratories, L.P., Hisamitsu Pharmaceutical Co., Inc., Pfizer Inc., LEO Pharma A/S, GlaxoSmithKline plc., ALLERGAN, Bayer AG, 3M, Bausch Health Companies Inc., The Lubrizol Corporation, Cipla Inc., Kaken Pharmaceutical Co., Ltd. and others.