Topical Drug Delivery Market
Topical Drug Delivery Market - By Product , By Administration Route , By Distribution Channel , By End-User & Global Region - Market Size, Trends, Share & Forecast 2020-2025Request Sample Request Discount
Topical drug delivery refers to the acquaintance or delivery of drugs through topical routes such as the skin, mucosa, cavities, and other areas of the body. These are applied locally to avoid the first-pass effect of the drug or for site-specific action as reverse counterparts of systemic medications and products. The medications involved in this system include creams, foams, lotions, gels, ointments, and others.
Topical mode of delivery offers benefits such as site-specificity, eliminating fluctuations in the levels of drugs, improved suitability for self-medication, better compliance, and others. The response of the drug along with side effects (if any) depends on the concentration of the drug at the place of action, which in turn depends drastically upon the dosage form and the extent of absorption of the drug at the site of action. The key purpose of a topical drug delivery system is to enhance the skin permeability and to retain in the dermis. Consequently, it is becoming increasingly popular in the pharmaceutical industry.
The global topical drug delivery market is anticipated for growth at more than healthy CAGR in the next few years to follow.
The growth of this market is attributed towards major relying factors including the rise in geriatric population worldwide, the surging prevalence of diabetes, skin and soft tissue infections, eye diseases, dermal diseases and burns, rising technological advancements in topical drug delivery systems, growth in preference for topical drug delivery due to its non-invasive nature and the growing patient preference towards topical drugs over oral drugs owing to avoidance of bitter taste of the drugs taken orally.
Also, the innovations and developments by key market players in topical formulation along with acquisition of small market players and approvals of new drugs, technological advances and innovations is further going to propel the market.
Moreover, vast benefits provided by topical drug delivery across the skin such as sustained medicine release, reduction in oscillations in plasma medicine proportion, circumvention of first-pass metabolism along with enhancing of patient compliance among others increase their demand on the global scale, which thereby enhance the growth of the market. Furthermore, with growing need to enhance drug absorption through skin, new topical drug delivery systems are used along with the nanotechnology to overcome the skin barrier and the administration of drugs through the skin to achieve controlled or prolonged drug delivery as an alternative to the oral route which help in the reduction of overall healthcare treatment costs. This is increasing their demand multifold times in the industry.
However, side effects of topical drugs, such as allergies and rashes coupled with their slow onset of action, high development cost, different solubility profiles of drugs making product formulation challenging, negative impact of product recalls, stringent regulatory requirements, the presence of alternative drug delivery modes and difficult testing procedure of final products are factors among others that restrain the growth of this market.
TOPICAL DRUG DELIVERY MARKET SEGMENTATION:
- Semi-Solid Formulations
- Liquid Formulations
- Solid Formulations
- Transdermal Products
By Administration Route:
- Dermal Drug Delivery
- Ophthalmic Drug Delivery
- Rectal Drug Delivery
- Vaginal Drug Delivery
- Nasal Drug Delivery
By Distribution Channel:
- Direct Tenders
- Homecare Settings
- Hospitals & Clinics
- Burn Centers
- Academic & Research Institutes
- Diagnostic Centers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The North American region has been dominating and is also expected to be the largest market for topical drug deliveries in the near future owing to the presence of large number of pharmaceutical companies and drug delivery technology providers in the region, increasing incidences of skin ailments, high approvals of new topical drug designs, rising government initiatives, high health care expenditure, presence of a significant number of skilled personnel in the region, growing R&D activities in the transdermal drug delivery systems by players located in the U.S. and the favorable funding for development of topical drugs in the region.
The European region is accounted to be the second largest regional market for topical drug deliveries owing to the growing geriatric population in the region, the increasing R&D investments by government and players, and rising adoption of novel drug delivery systems to treat several dermatological conditions.
The Asia-Pacific region is expected to be the fastest growing regional market for topical drug deliveries in the upcoming years. This can be well attributed to the high incidence of skin diseases (such as skin cancer) in the region, the rising healthcare expenditure, the growing use of contraceptives, growing geriatric population, growing disposable incomes of people, the growing focus of pharmaceutical companies on the R&D of smart transdermal drug delivery systems.
FEW KEY PLAYERS IN TOPICAL DRUG DELIVERY MARKET:
- Johnson & Johnson
- Bausch Health Companies
- Merck & Co
- Bayer AG
- Hisamitsu Pharmaceutical Co. Inc.
- Cipla Limited
- Glenmark Pharmaceuticals
- Mylan N.V.
- Nestle SA
- Novartis AG
- Crescita Therapeutics Inc.
- Galderma Holding SA
- Valeant Pharmaceuticals International Inc.
- MedPharm Group Ltd.
- 3M Company
- Other Players
- In December 2020, Ovation Science Inc. reported $180,994 in revenue in Q3 2020, a 129% increase in revenue over Q3 2019 and an 80% increase over Q2 2020. For the nine months ending September 30, 2020 the Company reported $613,157 in revenue; a 216% increase over the first nine months of 2019.
- In December, Troikaa Pharmaceuticals Ltd reportedly appointed BBDO India as the AOR for its premium brand Dynapar QPS Pain Relief Spray following a pitch involving many digital and multinational agencies. The agency was said to handle strategy and communication across digital, social and mainline for the brand.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global topical drug delivery market by the following segments:
- Administration Route
- Distribution Channel
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Topical Drug Delivery Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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