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%. 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.
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.
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Homecare setting segment dominated the topical drug delivery market, by the facility of use, in 2018
Homecare settings are the major facility of use of topical formulations. The homecare setting segment accounted for the largest share of the topical drug delivery market in 2018. The growing need for self-administration of drugs at home, convenience and better affordability in self-administration due to saving in time and cost, and an increasing number of patients are opting for home-based treatments are some of the key factors driving the growth of this segment.
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.
Johnson & Johnson (US), Nestle SA (Switzerland), and Novartis AG (Switzerland) are the key players operating in this market. Other prominent players in the market include GlaxoSmithKline (UK), Bausch Health Companies (Canada), Hisamitsu Pharmaceutical (Japan), Merck & Co (US), Mylan (US) Bayer AG (Germany), Glenmark Pharmaceuticals (India), Cipla Ltd (India), and Crescita Therapeutics Inc. (Canada).
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