Research Methodologies Followed for This Study:
This research study involved the use of comprehensive secondary sources; directories and databases such as D&B, Bloomberg Business, and Factiva; and white papers, annual reports, and company house documents. Secondary research was used to identify and collect information for this extensive, technical, market-oriented, and commercial study of the global topical drug delivery market. It was also used to obtain important information about the top players, market classification, and segmentation according to industry trends to the bottom-most level, geographic markets, technology perspectives, and key developments related to the market. A database of the key industry leaders was also prepared using secondary research.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, manufacturing managers, and related key executives from various key companies and organizations operating in the global topical drug delivery market. The primary sources from the demand side include purchase and sales managers, research organizations, and pharmaceutical and biotechnology companies.
Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and market dynamics.
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Expected Revenue Growth:
The global 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.
Effects of COVID19 on Global Industry:
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.
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.
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Global Key Players:
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).