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19 February 2021, New York, USA – The global topical drug market is expected to witness tremendous growth during the 2021-2027 period, due to growing demand for skin treatments, and increasing cases of eye disease. Moreover, the market is also witnessing a major surge in therapies like HRT or hormone replacement therapy. According to the Centre for Disease Prevention and Control (CDC), the HRT treatments were used by almost half of all women after menopause. The CDC states that most women start using HRT therapy after menopause, while 25% start consuming topical drugs after 5 years or more. Furthermore, women in the United States also take these pills for long durations with 14% of women taking them for longer than 10 years.
Demand for Skin Treatment to Remain a Key Driver of Growth During 2021-2027 Period
Skin diseases including skin cancers remain a deadly threat, due to growing UV radiation for the populace around the world. Furthermore, illnesses like skin cancer lead the incidences of cancer. According to the Centre for Disease Prevention and Control (CDC), the illness affects over 4.3 million Americans each year. Apart from being fatal, cancer also rakes up huge debts for people with spending on basal cell and squamous cell carcinomas costing upwards of $4.8 billion each year in the US. Treatment for chronic illnesses like skin cancer requires topical therapy every day, with creams applied twice a day usually. The treatment can be lengthy, and last for several weeks. Conventionally, the surgical insertion has been the go-to option for treatments of skin cancer. However, the rising elderly population across the US, and the UK, and subsequent rising demand for minimally-invasive surgeries will promise a major boost for growth in the topical drug market. Topical drugs promise a higher dosage as required to the affected area, and result in low-toxicity essential for the elderly, and individuals with co-morbidities who are rising in numbers.
Acute Conjunctivitis Bacterial Infection to Drive Robust Growth
Conjunctiva is a translucent, and thin membrane lining in the anterior part of the sclera, and inside of the eyelids. Acute conjunctivitis, also known as pink eye is a common condition and affects over 6 million people in the United States every year. According to the Health and Human service department of the United States, bacterial conjunctivitis alone costs between $377 million to $877 million per year. As per school guidelines, students are expected to be treated with topical antibiotic eye drops before returning to school, regardless of the condition. Moreover, 1% of all primary care visits in the US are related to conjunctivitis. Furthermore, the condition also requires urgent care in many cases, and primary care in most totaling 70% of total cases. Acute conjunctivitis is treated with a wide range of remedies with topical drugs including artificial tears, for reducing the total duration of the illness, and during allergic conjunctivitis. With the rising awareness about acute conjunctivitis, a large number of caseloads, and the efficacy of topical medicines, the topical drug market will witness major growth during the forecast period.
Rising Demand of Transdermal Patches for HRT Therapies to Promise Major Growth
According to the CDC, 17% of women start using HRT therapy soon after they experience menopause. On the other hand, 48% start using it after a year of menopause, and 10% start using it after a couple of years of menopause. Additionally, women with surgical menopause are much more likely to use menopause, with 75% of women with surgical removal of ovaries using HRT at some time. On the other hand, only 50% of those with a hysterectomy had only ever used HRT. Similarly, only 30% with natural menopause had used HRT. As women age, the use of HRT also rises.
For example, compared with women below 45 years of age, the women in the 55-64 age-group were 45% times more likely to have used HRT. The use of HRT also remains highest among non-Hispanic white women among all socio-cultural groups. On average, white women are likely to use HRT 1.6 times more than black women, and 43% times more than surgical menopausal Mexican-American women. The rising demand for advanced products like transdermal patches for HRT therapy remains a major promise for growth in the global tropical drug market. On August 26, 2020, the Australian Health Department announced that the country was facing a shortage of the product, and the shortage would last until July 2021. Similar shortages are witnessed around the world in the UK, US, India, among other nations, thanks to robust demand replacing conventional use of pills in the global topical drug market.
North America Region to Occupy Largest Share of Revenues in 2021-2027 Period
The global topical drugs market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, the North American region is expected to register the highest growth, thanks to rising awareness about skin conditions, and expansion of healthcare facilities around the country. The Europe and Asia Pacific region will also witness tremendous growth, thanks to a rising focus on improving healthcare systems in the Asia Pacific, and growing disposable income. The rising elderly population will also propel major growth for the topical drugs market in the European region during the 2021-2027 period. The global topical drugs market remains a relatively consolidated landscape, with key players engaging in product innovations to keep the barriers to entry high. Some key players in the global topical drug market are GlaxoSmithKline plc., Novartis AG, Sanofi, Pfizer Inc., Merck & Co., Inc., Abbott, Bayer AG, Johnson & Johnson Private Limited, Teva Pharmaceutical Industries Ltd,
The Topical Drug Market Report is Segmented as Follows:
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