Pune, April 07, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global topical drug delivery market is expected to grow from USD 100.46 billion in 2020 to USD 158.76 billion by 2028, at a CAGR of 5.83% during the forecast period 2021-2028.
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Skin diseases are ranked as the fourth common cause of human illness and affect millions of people worldwide. Skin disorders are the most common and increase the overall burden on the healthcare system. Genetic factors, ageing, and environmental factor are some of the leading causes for the development of skin disorders. Topical drug delivery system is one of the most common methods used for drug delivery for skin disorders. The human skin is one of the most preferred routes for topical drug delivery. The topical drug exerts their action at the surface of the skin, or underline tissues. Thus, increasing prevalence of skin disorders driving the growth of the market.
The topical drug delivery refers to the introduction of the drug in the body via the surface of the body in the formulation which can be absorbed. It is one of the easiest and accessible routes of administration of drug delivery. Topical drug delivery includes a large number of pharmaceutical dosage, including semi-solid formulation, solid powder, liquid formulations, and sprays. Topical drug delivery system offers a suitable drug delivery system because they are less greasy and can be easily removed from the skin. Among all the gel application provides stability and better application stability as compared to cream and ointments.
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Increasing prevalence of skin disorders is one of the most key contributing factors for the growth of global topical drug delivery market. With the increasing incidences of eye and ear disorders, the demand is rising for the eye and ear drops, which results in the growth of topical drug delivery market. Furthermore, increasing spending on dermatology across the globe is likely to provide new growth opportunities. However, rising preference for the alternative mode for the drug delivery may hamper the growth of the market over the forecast period.
Major players in the global topical drug delivery market are Bausch Health Companies, Johnson & Johnson, GlaxoSmithKline, Bayer AG, Crescita Therapeutics Inc., Novartis AG, Glenmark Pharmaceuticals, Merck & Co, Hisamitsu Pharmaceutical, Cipla Ltd, and Mylan among others. The key players of global topical drug delivery market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry.
• In August 2019, Bausch Health Companies Inc. announced that the company has received the Food and Drug Administration (FDA) approval for DUOBRII (halobetasol propionate and tazarotene) Lotion, 0.01%/0.045%, for the topical treatment of plaque psoriasis in adults.
• In February 2020, GlaxoSmithKline announced that the company has received the Food and Drug Administration (FDA) approval forVoltaren Arthritis Pain (diclofenac sodium topical gel, 1% (NSAID), an over-the-counter (OTC) product for the temporary relief of arthritis pain.
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The semi-solid formulation accounted for the largest market share and valued at USD 55.82 billion in the year 2020
The type segment is divided into the semi-solid formulation, solid formulation, liquid formulation, and transdermal products. The semi-solid formulation accounted for the largest market share and valued at USD 55.82 billion in the year 2020. Increasing usage of semi-solid formulation products such as creams, ointments, gel, and lotion for the topical drug delivery driving the growth of the market.
The ophthalmic is likely to grow at the highest CAGR of 6.8% over the forecast period
The route of administration segment includes skin, ophthalmic, rectal, vaginal, and nasal. The ophthalmic is likely to grow at the highest CAGR of 6.8% over the forecast period. Increasing various types of eye disorders has increased demand for ophthalmic drops. Thus increased demand for eye drops diving the growth of the market.
The home care settings accounted for the major market share of 56.26% in the year 2020
The end-user segment includes hospitals & private clinics, home care settings, and others. The home care settings accounted for the major market share of 56.26% in the year 2020. Increased convenience, beet affordability, and rising use of topical drug delivery at home care, driving the growth of the market.
Regional Segment Analysis of the Topical Drug Delivery Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
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The North America region emerged as the largest market for the topical drug delivery market and valued at USD 42.46 billion in 2020. The growth is mainly due to higher adoption of topical drug administration in the home care settings across the region. In addition to this, increasing prevalence of skin disorders in the countries such as the U.S. and Canada, further boosting the demand for more and more topical drugs in the region. In addition to this, the presence of key market players in the region further driving the growth of the market, The Asia Pacific region projected to grow at the highest CAGR of 6.9% over the forecast period. The growth is mainly due to increasing healthcare spending in countries such as India and China. In addition to this, growing awareness about skin health among the people, further driving the growth of topical drug delivery market in the Asia Pacific region.
About the report:
The global topical drug delivery market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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