The high prevalence of skin & eye diseases, high incidence of burn injuries, and the growing prevalence of diabetes driving the demand for topical drug delivery. However, technical barriers related to skin irritation and permeability and drug failures and product recalls are the challenges associated with this market.
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
The topical drug delivery market is projected to reach USD 123.2 billion by 2024 from USD 93.2 billion in 2019, at a CAGR of 5.7%.
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Creams are expected to be the most widely used type of the semi-solid formulations in topical drug delivery market
The Cream segment accounted for the largest share of the semi-solid formulation in topical drug delivery market in 2018. This is primarily due to the ease of spreadability and washability of creams over other semi-solid formulations such as ointments, gels, lotions, and pastes.
Dermal drug delivery segment is expected to account for the largest share of the Topical Drug Delivery market by route of administration
The dermal drug delivery segment accounted for the largest share in 2018. This is primarily due to the high incidence of skin disorder across the globe. For instance, According to the American Academy of Dermatology (AAD), skin cancer is one of the most common cancers in the US. It is estimated that 192,310 new cases of melanoma—95,830 noninvasive (in situ) and 96,480 invasive—will be diagnosed in 2019 in the US (Source: AiM at Melanoma Foundation).
North America to dominate the Topical Drug Delivery market during the forecast period
In 2018, North America dominated the Topical Drug Delivery market, followed by Europe. The growing prevalence of skin diseases coupled with the development of the technologically advanced topical and transdermal products in the region are the factors propelling the growth of the market in the region. For instance, in February 2018, Scilex Pharmaceuticals (US), launched ZTlido (Lidocaine Topical System) 1.8% patches for the management of pain in the US. Similarly, in December 2017, Aclaris Therapeutics Inc. (US), launched ESKATA (Hydrogen Peroxide) Topical Solution, 40% (w/w) for the treatment of raised seborrheic keratosis in the US market.
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Prominent players in the Topical Drug Delivery market are Novartis AG (Switzerland), Johnson & Johnson (US), Bausch Health Companies (Canada), Nestle SA (Switzerland), GlaxoSmithKline (UK), Mylan (US), Merck & Co (US), Bayer AG (Germany), Hisamitsu Pharmaceutical (Japan), Cipla Ltd (India), Crescita Therapeutics Inc. (Canada), and Glenmark Pharmaceuticals (India).
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