Topical Antibiotics Market Size to Reach US$ 8.3 Billion by 2030 at a CAGR of ~3% | Transparency Market Research
Topical Antibiotics Market: Introduction
According to the report, the global topical antibiotics market was valued at US$ 5.8 Bn in 2019 and is projected to grow at a rapid pace from 2019 to 2027. Topical antibiotics are preparations manufactured in cream or ointment form that can be applied directly over the skin. Topical antibiotics are used for indications such as acne vulgaris, fungal skin infections, viral skin infections, and second line option for localized impetigo. Several topical antibiotics are available as over-the-counter (OTC) and prescription products.
High Prevalence and Increase in Incidence Rate of Dermatological & Ophthalmic Disorders to Drive Global Market
Dermatological and ophthalmic disorders differ across the globe based on geographic location, climatic conditions, socioeconomic status, lifestyles, age, gender, heredity, and personal habits. High prevalence and substantial increase in incidence rate of various dermatological and ophthalmic infectious disorders across the globe are key factors driving the global topical antibiotics market. According to the World Health Organization (WHO), over 900 million people were affected with skin disease in 2017 and around 80% of the skin disorders account for five common skin disorders. Acne is one of the most prevalent skin disorders, affecting around 9.4% of the global population. It is the eighth most prevalent disease across the world.
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According to the American Academy of Dermatology (AAD), acne is the most common skin disease in the U.S. that affects around 50 million people every year. Moreover, around 85% of youngsters between the ages 12 and 24 experience at least minor acne. Rosacea affects around 16 million people in the U.S. each year. Over 3 million cases of impetigo are reported in the country every year. Moreover, rhe prevalence rate of acne in Europe is around 57.8% and conjunctivitis affects about 6 million people in the U.S. every year. Hence, increase in incidence rate of dermatological and ophthalmic disorders across the globe and rise in awareness about various skin diseases are projected to drive the topical antibiotics market during the forecast period.
Tetracycline to Lead Global Market
In terms of drug class, the global topical antibiotics market has been classified into tetracycline, aminoglycosides, erythromycin, clindamycin, and others. The tetracycline segment dominated the global topical antibiotics market during the forecast period. The growth of the segment can be attributed to a large number of existing and pipeline drugs in this class, which are likely to be introduced by the end of 2022. Significant usage in treating bacterial infections is a key factor driving the tetracycline segment.
Gels to Offer Lucrative Opportunities
Based on dosage form, the global topical antibiotics market has been categorized into ointments, creams, powder, gels, and others. The gels segment is likely to dominate the global topical antibiotics market during the forecast period. The dominance of the segment can be attributed to properties of gels such as easy to apply, transparent, and protective barrier on sensitive skin.
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Skin Infection to Propel Demand for Topical Antibiotics
In terms of indication, the global topical antibiotics market has been divided into skin infection, eye infection, bromhidrosis, and others. The skin infection segment dominated the global topical antibiotics market in 2019. An infection of the skin can be caused by bacteria, fungus, viruses, or parasites. When this happens, it can cause pain, swelling, other types of discomfort, and skin color changes. A skin infection could be mild or serious. The four types of skin infection are bacterial, viral, fungal, and parasitic.
OTC Drugs to Witness High Demand
Based on product type, the global topical antibiotics market has been bifurcated into prescription and OTC. The OTC segment dominated the global topical antibiotics market in 2019. Topical antibacterial drugs are one of the over-the counter (OTC) medications that are also known as self-medication products. Common topical antibiotics available OTC are bacitracin, neomycin, fusidic acid, clindamycin, mupirocin, gentamicin, erythromycin, polymyxin B, and chloramphenicol. These topical antibiotics are available as sole agent as well as in combination with other topical antibiotics or with topical corticosteroids. Hence, easy availability of topical antibiotics as OTC medicines is expected to boost the growth of the segment.
Retail Pharmacies to be Major Distribution Channel
Based on distribution channel, the global topical antibiotics market has been categorized into hospital pharmacies, retail pharmacies, and others. High rate of establishment of retail pharmacies drives the segment. Increase in approval for sale of topical antibiotics in retail pharmacies and availability of topical antibiotics market, as OTC products are expected to drive sales. These factors are likely to augment the retail pharmacies segment during the forecast period.
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Topical Antibiotics Market: Prominent Regions
In terms of region, the global topical antibiotics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global topical antibiotics market in 2019, followed by Europe. The U.S. accounted for the largest share of the market in North America in 2019. Increase in customer awareness about health and well-being coupled with rise in healthcare costs drives the demand for topical antibiotics in the region. Moreover, surge in incidence of injuries and trauma, and follicular keratinization caused by large deposits of fatty acids contribute to increase in incidence of acne in the U.S. This can be attributed to sedentary lifestyle and increased propensity to consume fatty food items among people in the country.
High prevalence of bacterial infections and rise in the per capita healthcare expenditure in North America are expected to propel the market in the region during the forecast period.
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Launch of Innovative Products and M&A by Key Players to Augment Global Market
The global topical antibiotics market is highly fragmented with a large number of players holding majority share in domestic markets. Development and commercialization of topical antibiotics are key trends in the global topical antibiotics market. Moreover, companies are engaged in broadening product offerings in topical antibiotics and strengthening positions in the global market. Prominent players operating in the global topical antibiotics market include Novartis AG, GlaxoSmithKline plc, Perrigo Company plc, Pfizer, Inc., Almirall, S.A., Bausch Health Companies, Inc. (Valeant Pharmaceuticals International, Inc.), Medimetriks Pharmaceuticals, Inc., Taro Pharmaceutical Industries Ltd., and Mayne Pharma Group Limited.
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