The global topical drug delivery market was estimated at 94.6 (USD Billion) in 2019 and is projected to be valued at 125 (USD Billion) by 2025 at a CAGR of 5.7%.
The global topical drug delivery market was estimated at 94.6 (USD Billion) in 2019 and is projected to be valued at 125 (USD Billion) by 2025 at a CAGR of 5.7%. The report offers valuation and analysis of Topical Drug Delivery Market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2018 along with a forecast from 2019 to 2025 based on value (USD Billion).
Key Growth Drivers
Rise in the incidences of burn injuries, growing frequency of eye & skin disorders, and surge in the number of diabetics will embellish the market growth over the forecast period. Furthermore, huge occurrence of skin ailments and burn injuries along with need for deep penetration of medicines in the body will enlarge the scope of the market over the forthcoming years. Moreover, topical drug delivery across the skin provides numerous benefits like sustained medicine release, reduction in oscillations in plasma medicine proportion, and circumvention of first-pass metabolism along with enhancing of patient compliance.
Furthermore, with growing need to enhance drug absorption through skin, new topical drug delivery systems are used along with the nanotechnology. This will enable in overcoming the skin barrier. For instance, lipid-based nano-delivery systems will facilitate effective drug delivery through skin.
Our report also provides the current developments taking place in the industry along with the competitive moves & strategies adopted by the market players to expand their business. Let us discuss about some of the reputed brands in the topical drug delivery industry.
In a key strategic move that can positively impact the topical drug delivery industry, MedPharm – a key manufacturer of drug delivery designs & systems – has developed in-vitro models that will assist the generic drug manufacturers to safely demonstrate the bioequivalence of generic medicines without conducting trials of the drugs on humans. Reportedly, the in-vitro models are predicted to minimize the costs & risks for these topically delivered generic drugs. Furthermore, the breakthrough is likely to help in reducing the entry barrier for the generic drug producers in topical drug delivery business.
Semi-Solid Formulations Segment To Dominate Product Landscape By 2025
The segmental growth over the forecast timeline is owing to high patient accessibility of topical gels along with rapid release of medicines. Moreover, the semi-solid formulations help in preventing skin irritation.
Homecare Settings To Contribute Majorly Towards the Market Share Over 2019-2025
The growth of the segment over the forecast timeline is attributed to a surge in the number of customers preferring the home-based therapies along with the end-user convenience and affordability due to taking treatment at homes.
North American Market To Accrue Highest Gains Over Forecast Timespan
The topical drug delivery industry in North America is set to record highest CAGR over the forecast timeline. The regional market growth is attributed to huge incidences of skin ailments, introduction & approval of new topical drug designs, and government aid.
Key players influencing the market growth and profiled in the report include
Nestle S.A., Johnson & Johnson, GlaxoSmithKline plc, Novartis AG, Merck & Co, Bausch Health Companies Inc., Hisamitsu Pharmaceutical Co., Inc., Bayer AG, Cipla Limited, Glenmark Pharmaceuticals, Mylan N.V., and Crescita Therapeutics Inc.
The global topical drug delivery market is segmented as follows:
By Route of Administration
By Facility of use