According to the new market research report “Topical Drug Delivery Market by Type (Semisolids (Creams, Ointments, Gels, Lotions), Liquids, Solids, Transdermal Products), Route (Dermal, Ophthalmic, Rectal, Vaginal, Nasal), Facility of Use (Homecare, Hospital, Burn Center) – Global Forecast to 2024″, published by MarketsandMarkets™, the Topical Drug Delivery 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.
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.
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Creams are expected to be the most widely used type of the semi-solid formulations in Topical Drug Delivery Market
The Cream segment accounted for the largest share of the semi-solid formulation in Topical Drug Delivery Market in 2018. This is primarily due to the ease of spreadability and washability of creams over other semi-solid formulations such as ointments, gels, lotions, and pastes.
Dermal drug delivery segment is expected to account for the largest share of the Topical Drug Delivery Market by route of administration
The dermal drug delivery segment accounted for the largest share in 2018. This is primarily due to the high incidence of skin disorder across the globe. For instance, According to the American Academy of Dermatology (AAD), skin cancer is one of the most common cancers in the US. It is estimated that 192,310 new cases of melanoma—95,830 noninvasive (in situ) and 96,480 invasive—will be diagnosed in 2019 in the US (Source: AiM at Melanoma Foundation).
Similarly, According to the Canadian Dermatology Association (CAD), melanoma is the seventh most frequently occurring cancer in Canada. In 2016, an estimated 6,800 new cases of melanoma were diagnosed, with 1,210 associated deaths. This figure increased to 7,300 in 2017, with an estimated 1,240 deaths.
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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.
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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.
Prominent players in the Topical Drug Delivery Market are Novartis AG (Switzerland), Johnson & Johnson (US), Bausch Health Companies (Canada), Nestle SA (Switzerland), GlaxoSmithKline (UK), Mylan (US), Merck & Co (US), Bayer AG (Germany), Hisamitsu Pharmaceutical (Japan), Cipla Ltd (India), Crescita Therapeutics Inc. (Canada), and Glenmark Pharmaceuticals (India).