According to the report, the valuation of the global topical drug delivery market in 2019 was about USD 94.6 billion and is anticipated to be valued at around USD 125 billion by 2025, growing at about 5.7% CAGR during the forecast period.
Topical drug delivery implies the drug administration via topical routes like the mucosa, skin, or cavities within the body. The topical drugs are smeared locally to shun the drug’s first-pass effect or for site-specific action. These drugs include ointments, foams, creams, gels, lotions, and others. Several benefits like site-specificity, removing fluctuations in drug levels, better compliance, and enhanced suitability for self-medication are offered by topical mode of delivery. The drug’s pharmacological response, both the undesired unfavorable effect and the desired therapeutic effect relies on the drug’s concentration at the location of action that further relies upon the drug’s dosage form and the degree of absorption at the action site.
The key factors contributing to the growth of the global topical drug delivery market include the rising incidence of skin infections, such as psoriasis, eczema, & so on and minor ailments like acne. Further, deep infiltration of drugs within the body, increasing elderly population, and growing inclination toward topical drug delivery on account of its non-invasive nature are other factors anticipated to surge the growth of the global topical drug delivery market during the forecast period. In addition, technological developments & innovations and rise in authorization of new drugs are also projected to fuel the market growth in the years to come.
The global topical drug delivery market is bifurcated on the basis of product, route of administration, and geography. The market, on the basis route of administration, is bifurcated into ophthalmic, dermal, oral-topical, nasal, and others. The market, on the basis of product, is divided into device and formulation. Further, the formulation segment is sub-divided into a liquid, semi-solid, and solid. Among these, the semi-solid formulations segment is anticipated to hold highest share during the coming period. This segmental growth can be attributed to benefits presented by semi-solid formulations like greater patient acceptability topical gels, faster drug release, broad applications of topical pastes for the prevention & treatment of skin irritation, and elevated washability and spreadability of creams for treating numerous skin types. The devices segment is further categorized into patches and inhalers.
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Regionally, in 2018, the global topical drug delivery market was dominated by North America and is projected to maintain its dominance during the forecast period as well. The regional growth can be credited to factors such as the increasing incidence of skin diseases, launches, and approvals of innovative topical formulations along with financial backing for the development of topical drugs.
Some of the key players within the global topical drug delivery market consist of GlaxoSmithKline plc., Galderma S.A., Crescita Therapeutics Inc., Valeant Pharmaceuticals International, Inc., 3M, Medpharm, Novartis AG, Bayer AG, Cipla Inc., Janssen Global Services, LLC, Biofarmitalia s.r.l, West Pharmaceutical Services, Inc, Stiefel Laboratories, Inc., Pharmatek Laboratories, Inc., Acrux Limited, Tapemark, Skinvisible Pharmaceuticals, Inc., Nitto Denko Corporation, Pocono Coated Products LLC, Mylan N.V., and Lohmann Therapie-Systeme AG.
