DUBLIN–(BUSINESS WIRE)–The “Topical Drug Delivery Market by Type (Semisolids, Liquids, Solids, Transdermal Products), Route (Dermal, Ophthalmic, Rectal, Vaginal, Nasal), Facility of Use (Homecare, Hospital, Burn Center) – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
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 growth of the topical drug delivery market is driven mainly by the high prevalence of skin disease, rising incidences of eye diseases, high incidence of burn injuries, and the growing prevalence of diabetes.
Additionally, emerging markets such as China and India are expected to offer potential growth opportunities to market players in the coming years. However, preference for alternative modes of drug delivery such as oral, injectables, pulmonary, among others could restrict the growth of this market.
By product, the semi-solid formulations segment is expected to account for the largest share of the topical drug delivery market
Based on product, the topical drug delivery market is segmented into semi-solid formulations (creams, gels, ointments, pastes, and lotions), solid formulations (suppositories and powders), liquid formulations (solutions and suspensions), and transdermal products (transdermal patches and transdermal semi-solids).
The semi-solid formulations segment is expected to account for the largest market share of the topical drug delivery market in 2019. This is mainly due to their easy application and ability to topically deliver a wide variety of drug molecules compared to other formulations.
By route of administration, dermal drug delivery segment to dominate the topical drug delivery market during the forecast period
The dermal drug delivery segment accounted for the largest share of the market in 2018. This is mainly due to the high prevalence of skin diseases across the globe. For instance, According to the WHO, between 2 and 3 million cases of non-melanoma skin cancer and 132,000 cases of melanoma skin cancer are diagnosed annually across the globe.
By facility of use, home care settings segment to dominate the topical drug delivery market during the forecast period
The home care settings segment accounted for the largest share of the market in 2018. This is mainly due to the ease of use of topical products at home, better affordability, and advantages of topical and transdermal patches for patients who require a constant drug level as well as those suffering from chronic diseases at homecare settings.
North America is expected to witness the highest growth during the forecast period.
North America is expected to account for the largest share of the global topical drug delivery market in 2019, followed by Europe. However, Japan is expected to witness the highest CAGR during the forecast period. This can primarily be attributed to the rising geriatric population, increasing the inflow of generic drugs, a growing number of product approvals and launches, and the increasing focus of local players on the R&D of topical formulations in the country.
For instance, in November 2018, Santen Pharmaceutical Co., Ltd. (Japan) and Ube Industries (Japan) launched the topical EYBELIS Ophthalmic Solution 0.002% in Japan. Similarly, in September 2018, Santen Pharmaceutical Co., Ltd. (Japan) signed a development and drug discovery agreement with PeptiDerm Inc. (Japan) for developing topical ophthalmic products.
Furthermore, in June 2017, LEO Pharma (Denmark) partnered with Kyowa Hakko Kirin Co., Ltd. (Japan) for the development of a topical gel formulation for the treatment of psoriasis.
Market Dynamics
Drivers
- High Prevalence of Skin Diseases
- Rising Prevalence of Eye Diseases
- High Incidence of Burn Injuries
- Growing Prevalence of Diabetes
Restraints
- Preference for Alternative Modes of Drug Delivery
Opportunities
- Delivery of Biologics Through the Transdermal Route
- Self-Administration and Home Care
Challenges
- Technical Barriers Related to Skin Irritation and Permeability
- Drug Failures and Product Recalls
Companies Mentioned
- Bausch Health Companies
- Bayer AG
- Cipla
- Crescita Therapeutics Inc
- GlaxoSmithKline
- Glenmark Pharmaceuticals
- Hisamitsu Pharmaceutical
- Janssen Global Services (A Subsidiary of Johnson & Johnson)
- Merck & Co
- Mylan NV
- Nestle Sa
- Novartis AG
For more information about this report visit https://www.researchandmarkets.com/r/vrj8iz
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