(PharmaNewsWire.Com, April 02, 2020 ) Factors such as the high prevalence of skin disease, rising incidence of eye diseases, high incidence of burn injuries, and the growing incidence of diabetes are driving the growth of the topical drug delivery market during the forecast period.
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
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 market was divided into several segments and sub-segments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments & sub-segments.
Homecare setting segment dominated the topical drug delivery market, by the facility of use, in 2018
Homecare settings are the major facility of use of topical formulations. The homecare setting segment accounted for the largest share of the topical drug delivery market in 2018. The growing need for self-administration of drugs at home, convenience and better affordability in self-administration due to saving in time and cost, and an increasing number of patients are opting for home-based treatments are some of the key factors driving the growth of this segment.
North America to dominate the Topical Drug Delivery market during the forecast period
In 2018, North America dominated the Topical Drug Delivery market, followed by Europe. The growing prevalence of skin diseases coupled with the development of the technologically advanced topical and transdermal products in the region are the factors propelling the growth of the market in the region. For instance, in February 2018, Scilex Pharmaceuticals (US), launched ZTlido (Lidocaine Topical System) 1.8% patches for the management of pain in the US. Similarly, in December 2017, Aclaris Therapeutics Inc. (US), launched ESKATA (Hydrogen Peroxide) Topical Solution, 40% (w/w) for the treatment of raised seborrheic keratosis in the US market.
Prominent players in the Topical Drug Delivery market are Novartis AG (Switzerland), Johnson & Johnson (US), Bausch Health Companies (Canada), Nestle SA (Switzerland), GlaxoSmithKline (UK), Mylan (US), Merck & Co (US), Bayer AG (Germany), Hisamitsu Pharmaceutical (Japan), Cipla Ltd (India), Crescita Therapeutics Inc. (Canada), and Glenmark Pharmaceuticals (India).
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