Major Growth Driving Factors:
The growth of topical drug delivery 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.
Expected Revenue Growth:
The topical drug delivery market is projected to reach USD 129.8 billion by 2025 from USD 95.2 billion in 2020, at a CAGR of 6.4% during the forecast period.
Market Size Estimation:
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product, route of administration, facility of use, and region).
After arriving at the market size, the total topical drug delivery market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.
Global Industry Segmentation:
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. This is mainly due to the easy application of semi-solid formulations, and their ability to deliver a wide variety of drug molecules.
Based on route of administration, the topical drug delivery market is divided into dermal drug delivery, ophthalmic drug delivery, rectal, vaginal drug delivery, and nasal drug delivery. The dermal drug delivery segment accounted for the largest market share in 2019. 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.
Based on facility of use, the market is categorized into home care settings, hospitals & clinics, burn centers, and other facilities. The home care settings segment is expected to grow at the highest CAGR during the forecast period, owing 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.
Geographical Growth Dynamics:
The Asia Pacific topical drug delivery market is expected to grow at the highest CAGR from 2020 to 2025. The 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 are some of the major factors that are expected to drive the growth of the topical drug delivery market in the Asia Pacific region.