06-Feb-2020 | Zion Market Research
As per experts at Zion Market Research, in 2019 the topical drug delivery market was valued at USD 94.6 billion and is expected to cross USD 125 billion by 2025 with a 5.7% CAGR. High occurrence of burn injuries, high prevalence of eye & skin diseases, and the increasing occurrence of diabetes are driving the requirement for topical drug delivery. On the other hand, technical hurdles associated to permeability and skin irritation as well as product recalls and drug failures are the factors hampering the global market.
Major players active in the global topical drug delivery market are Nestle SA, Johnson & Johnson, GlaxoSmithKline, Novartis AG, Merck & Co, Bausch Health Companies, Hisamitsu Pharmaceutical, Bayer AG, Cipla Ltd, Glenmark Pharmaceuticals, Mylan, and Crescita Therapeutics Inc.
Semi-Solid Formulations Segment Ruled The Global Market In 2019
Based on product, the global market is divided into solid formulations (powders and suppositories), semi-solid formulations (gels, creams, pastes, ointments, and lotions), transdermal products (transdermal semi-solids and transdermal patches), and liquid formulations (suspensions and solutions). The semi-solid formulations section is anticipated to add up for the biggest share of market in forecast period. The benefits of semi-solid formulations such as higher patient acceptability topical gels and faster drug release along with wide applications of topical pastes for the prevention and treatment of skin irritation and high washability & spreadability of creams for the cure of different skin kinds are the factors boosting the market growth.
Homecare Settings To Add Up The Biggest Market Share In The Coming Years
Homecare settings segment added up for the biggest market share in 2018 and is expected to carry on the legacy. Home care settings removed the requirement for users to travel to healthcare facilities, therefore saving money and time. Due to this better affordability and convenience, a rising number of users prefer home-based treatments, and these are some of the major factors boosting the development of the global market.
North America Projected To Develop At The Highest CAGR In The Coming Years
North America ruled the global topical drug delivery market in 2018. And therefore, North America is anticipated to see the highest CAGR in the years to come. The increasing occurrence of skin diseases, launches & approvals of innovative topical formulations in the area, and financial support for the growth of topical drugs are some of the major factors boosting the development of this North America topical drug delivery market. For example, GlaxoSmithKline in December 2018 spent USD 36.0 million in making plants in Canada to support delivery and drive the manufacturing of VOLTAREN, its leading topical pain reliever.
This review is based on a report by Zion Market Research, titled “Topical Drug Delivery Market by Route (Ophthalmic, Dermal, Vaginal, Rectal, Nasal), Type (Liquids, Solids, Semisolids (Ointments, Creams, Lotions, Gels), Transdermal Products), Facility of Use (Hospital, Homecare, Burn Center) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2025” report at https://www.zionmarketresearch.com/report/topical-drug-delivery-industry
The global topical drug delivery market is segmented as follows:
By Route of Administration
By Facility of use
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