Topical Drug Delivery Market - Emerging Trends to Bolster the Global Revenue

Factors such as the high prevalence of skin disease, rising incidence of eye diseases, high incidence of burn injuries, and the growing incidence of diabetes are driving the growth of the topical drug delivery market during the forecast period. 

The global market  is projected to grow at a CAGR of 5.7% during the forecast period to reach USD 123.2 billion by 2024 from USD 93.2 billion in 2019.

Market Size Estimation:

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product, route of administration, facility of use, and region).

Data Triangulation:

After arriving at the market size, the market was divided into several segments and sub-segments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments & sub-segments.

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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.

Recent Developments:

# In April 2019, Crescita Therapeutics signed an out-licensing agreement with Cantabria labs for the sales and distribution of its topical Pliaglis formulation in Italy, Portugal, France, and Spain.

# In November 2018, Bausch Healthcare expanded its manufacturing facility in Rochester (Ireland) to support and fulfill the demand of its topical eye health products.

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.

Critical questions answered in the report:

# How will the current technological trends affect the market in the long term?
# What are the reasons contributing to the growth of the semi-solid market?
# Which regions are likely to grow at the highest CAGR?
# What are the challenges hindering the adoption of topical drug delivery devices?
# What are the growth strategies being implemented by major market players?

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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).