Expected Revenue Growth:
This 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. 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.
Coronavirus has spread across 215 countries and territories and affected more than 24.6 million people, with close to 835,000 deaths as of August 2020. Due to the COVID-19 outbreak, we are estimating that the share of the nasal drug delivery segment has increased, and this segment is anticipated to grow significantly during the forecast period. COVID-19 has given momentum to various drug delivery technologies in the market. As a result, this market is expected to witness significant growth from 2020 to 2021.
The semi-solid formulations segment is expected to grow at the highest CAGR during the forecast period
Based on the product, the topical drug delivery market is segmented into semi-solid formulations, liquid formulations, solid formulations, and transdermal products. The semi-solid formulations segment is projected to witness the highest growth in the topical drug delivery market during the forecast periods (2020-2025). Growth in this segment is driven mostly by the easy application of semi-solid formulations, and their ability to deliver a wide variety of drug molecules.
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The dermal drug delivery segment is expected to account for the largest share of the topical drug delivery market
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 accounted for the largest share of the topical drug delivery market in 2019. This can be attributed 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.
Home care settings is expected to grow at the highest rate during the forecast period
The home care settings segment is expected to grow at the highest CAGR during the forecast period, primarily due 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.
North America is expected to hold the largest share for players operating in the topical drug delivery market
North America accounted for the largest share of the topical drug delivery market in 2019. Factors such as presence of a highly developed healthcare system and a large number of topical drug-manufacturing companies in the country are among the few factors expected to contribute to the growth of this market. Furthermore, the growing geriatric population in the US, high disposable incomes, increasing preference for pain-free drug delivery solutions, and the availability of advanced and effective technology are driving market growth in North America.
The prominent players in this market are Johnson & Johnson (US), Nestle SA (Switzerland), Novartis AG (Switzerland), GlaxoSmithKline (UK), Bausch Health Companies (Canada), Merck & Co (US), and Bayer AG (Germany).
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