LONDON, Dec. 14, 2022 (GLOBE NEWSWIRE) — Loud Business Research Company’s research on the topical drug delivery market, the increasing prevalence of diabetes is expected to drive the growth of the topical drug delivery market in the future. Diabetes is a group of diseases that affect the body’s use of blood sugar, leading to high blood sugar levels. Topical drug delivery helps diabetic patients by delivering drugs that can bypass hepatic first-pass metabolism.

According to the World Health Organization, a Swiss-based specialized agency of the United Nations, diabetes was the ninth leading cause of death in 2019, with an estimated 1.5 million deaths directly caused by diabetes. Hence, the increasing prevalence of diabetes is driving the growth of the topical drug delivery market.

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The global market size for topical drug delivery is expected to grow $126.11 billion in 2021 to $137.15 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war has, at least in the short term, disrupted the chances of a global economic recovery from the COVID-19 pandemic. The war between these two countries has resulted in economic sanctions against several countries, a surge in commodity prices and supply chain disruptions, affecting many markets around the world. The market share of topical drug delivery is expected to grow $186.51 billion in 2026 at a compound annual growth rate (CAGR) of 8.0%.

Technological advancement is a key trend gaining popularity in the topical drug delivery market. Large companies operating in the topical drug delivery market are developing innovative products with advanced technologies to strengthen their position in the topical drug delivery market. For example, in April 2022 Sol-Gel Technologies Ltd., an Israel-based dermatology company, and Galderma SA, a Switzerland-based pharmaceutical company specializing in dermatological…