DUBLIN--(BUSINESS WIRE)--The "Topical Drug Delivery Market by Type (Semisolids (Creams, Ointments, Gels, Lotions, Liquids, Solids, Transdermal Products), Route (Dermal, Rectal, Vaginal), Patient Care Setting (Homecare, Hospital, Burn Center) COVID-19 Impact - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The topical drug delivery market is expected to reach USD 129.84 billion by 2025 from an estimated USD 95.17 billion in 2020, at a CAGR of 6.4% during the forecast period.
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.
Based on product, the semi-solid formulations segment holds the largest market share during the forecast period.
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.
Based on route of administration, the dermal drug delivery segment is expected to register 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 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 a 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.
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 Profiled
- Bausch Health Companies
- Hisamitsu Pharmaceutical
- Nestle Sa
- Glenmark Pharmaceuticals
- Cipla
- Crescita Therapeutics Inc.
- Mylan N.V.
- GlaxoSmithKline
- Janssen Global Services (A Subsidiary of Johnson & Johnson)
- 3M
- Merck & Co.
- Bayer Ag
- Novartis Ag
- Boehringer Ingelheim
- Pfizer, Inc.
- Other Major Companies
- Teva Pharmaceuticals
- Bristol-Myers Squibb
- Lead Chemicals Co., Inc.
- Lavipharm
- Purdue Pharma L.P.
For more information about this report visit https://www.researchandmarkets.com/r/y0cb2p
