Immunoassay Market 1 14

Topical Drug Delivery Market is expected to generate $ 132.8 Billion by 2027

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New York, United States: The Report on Topical Drug Delivery Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Topical Drug Delivery Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors. The global Topical Drug Delivery market gathered revenue around USD 96.1 Billion in 2020 and market is set to grow USD 132.8 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 7.9% during the prediction period 2021 to 2027.

Overview of Topical Drug Delivery Market Study

Topical Drug Delivery market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The growth of this market is majorly driven by the high prevalence of skin and soft tissue infections, the increasing prevalence of eye diseases, and burns. However, the presence of alternative drug delivery modes such as oral and injectable routes is expected to restrain the growth of this market during the forecast period.

Topical Drug Delivery Market Dynamics
Driver: High prevalence of skin diseases
According to the Global Burden of Disease Project, skin diseases such as psoriasis, eczema, skin cancer, and vitiligo continue to be the fourth-leading cause of nonfatal disease burden worldwide and affect a large proportion of the global population. 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. Furthermore, the prevalence of psoriasis worldwide ranges between 0.09% and 11.43%, making it a serious global problem with at least 100 million individuals affected worldwide (Source: WHO 2016). As topical drug delivery is the first line of treatment for the majority of skin diseases, the demand for advanced topical products is expected to increase in the coming years.

Restraint: Preference for alternative modes of drug delivery
Several alternative drug delivery modes are available for patients and end users. The benefits of these alternatives over topical drug delivery form a key restraint to the growth of this market. Of these, the oral route is the most preferred as it is easy to use, convenient, cost-effective, safe, and acceptable. Furthermore, orally administered drugs can be conveniently stored and are portable, economical, noninvasive, and safe. No special training is required for the administration of these drugs as compared to topical formulations. Injectables also witness widespread use—for example, insulin injections for diabetics to self-administer.

Opportunity: Delivery of biologics through the transdermal route
The delivery of biologics through the transdermal route is one of the emerging trends in the topical drug delivery market. The transdermal delivery of large molecules as an alternative to intramuscular, subcutaneous, or intravenous routes of administration is expected to provide significant patient benefits, such as painless drug delivery and cost-effective treatment.

Challenge: Technical barriers related to skin irritation and permeability
The potential for local adverse reactions and skin irritation is a significant challenge for topical drug delivery formulation and transdermal systems. However, the emergence of novel techniques for skin permeation and the development of methods to reduce skin irritation would help widen the topical drug delivery formulations and transdermal systems market for hydrophilic compounds, macromolecules, and conventional drugs for new therapeutic indications.

The semi-solid formulations segment accounts for the largest share of the market, by product, in 2019
Based on product, the topical drug delivery market is segmented into semi-solid formulations, liquid formulations, solid formulations, and transdermal products. The semi-solid formulations segment accounted for the larger market share in 2019. The easy application of semi-solid formulations, and their ability to deliver a wide variety of drug molecules is resulting in a stable demand for this segment among end users.

The dermal drug delivery segment is expected to grow at the highest CAGR during the forecast period
Based on route of administration, the topical drug delivery market is segmented into dermal drug delivery, ophthalmic drug delivery, rectal, vaginal drug delivery, and nasal drug delivery. The dermal drug delivery segment is expected to witness the highest growth during the forecast period. This is mainly due to the advantages of dermal drug delivery over other topical drug delivery methods, such as convenience and greater patient compliance. Besides, dermal products have fewer regulatory requirements than ophthalmic products, where sterility testing is mandatory.

The home care settings segment is expected to account for the largest share of the topical drug delivery market in 2019
The home care settings segment accounted for the largest share of the market in 2019. This is attributed to the factors such as the convenience and affordability of topical drugs for home administration. Also, for patients requiring long-term therapy, inpatient care is not only extremely expensive but also prevents patients from resuming a normal lifestyle and work activities. In this regard, technological advancements have helped patients undergo therapies effectively and safely at home.

Asia Pacific is expected to grow at the highest CAGR in the topical drug delivery market during the forecast period
The topical drug delivery market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. This is due to high incidence of skin diseases (such as skin cancer), increasing use of contraceptives, and the growing focus of pharmaceutical companies on the R&D of smart transdermal drug delivery systems, all of which are driving adoption of topical drug delivery in the Asia Pacific.

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COVID-19 Impact on Topical Drug Delivery Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Topical Drug Delivery market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Topical Drug Delivery market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Topical Drug Delivery market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Topical Drug Delivery market include:

Johnson & Johnson (US), Nestlé SA (Switzerland), Novartis AG (Switzerland), GlaxoSmithKline (UK), Bausch Health Companies (Canada), Merck & Co (US), Bayer AG (Germany), Hisamitsu Pharmaceutical (Japan), Glenmark Pharmaceuticals (India), Cipla Ltd (India), Crescita Therapeutics Inc. (Canada), Mylan (US), Encore Dermatology, Inc. (US), LEO Pharma (Denmark), Almirall, S.A (Spain), Aclaris Therapeutics, Inc. (US), Taro Pharmaceutical Industries Ltd. (US), Teligent Pharma (US), Perrigo Pharma (US), Allergan (Ireland), Biofrontera, Inc. (US), Crown Laboratories Inc. (US), Akorn Inc. (US), Ingenus Pharmaceuticals (US), and Sun Pharmaceuticals (India)

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global Topical Drug Delivery Market, by Product

  • Semi-Solid Formulations
    • Creams
    • Ointments
    • Lotions
    • Gels
    • Pastes
  • Liquid Formulations
    • Solutions
    • Suspensions
  • Solid Formulations
    • Powders
    • Suppositories
  • Transdermal Products
    • Transdermal Patches
    • Transdermal Semi-solids

Global Topical Drug Delivery Market, by Route of Administration

  • Dermal Drug Delivery
  • Ophthalmic Drug Delivery
  • Rectal Drug Delivery
  • Vaginal Drug Delivery
  • Nasal Drug Delivery

Global Topical Drug Delivery Market, by Facility of Use

  • Home Care Settings
  • Hospitals & Clinics
  • Burn Centers
  • Other Facilities

Why Buy this Report?

The purpose of Nova one advisor’s Topical Drug Delivery market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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