Topical Drug Delivery Market by Product Type (Formulation (Solid, Cream, Lotion, Paste, Liquid), Transdermal (Patch, Gel)), Route of Administration (Skin, Ophthalmic, Rectal, Vaginal, Nasal), & Facility of Use (Hospital, Clinic, Home care, Research) - Global Forecast to 2021
The global topical drug delivery market is poised to reach USD 125.88 billion by 2021 from USD 92.40 billion in 2016, growing at a CAGR of 6.4% from 2016 to 2021. Major factors driving the growth of this market are the high incidence of burn injuries, rising geriatric population, and increasing incidence of diabetes.
The topical drug delivery market is segmented based on product type, route of administration, facility of use, and regions. On the basis of route of administration, the market is segmented into skin, ophthalmic, rectal, vaginal, and nasal routes. Considering the high incidence of skin diseases, high demand for self-administration, and the increasing number of product approvals for skin-related drug delivery systems, the market for topical drugs administered through the skin is expected to register the highest CAGR during the forecast period.
Based on facility of use, the topical drug delivery market is categorized into hospitals and private clinics, health care settings, and other facilities of use such as research institutes and diagnostic centers. The hospitals and private clinics segment is expected to be the major end-user in the topical drug delivery market. This large share of this segment can is mainly attributed to the increasing incidence of skin diseases, the subsequent increase in the demand for topical products for the treatment of these diseases, increase in funding, and infrastructural development in hospitals.
Currently, North America dominates the topical drug delivery market, followed by Europe. However, the market in the Asia-Pacific is expected to witness the highest growth during the forecast period. The high growth in the Asia-Pacific market can be attributed to the rising geriatric population, increasing healthcare expenditure, rising disposable income, and growing focus of global pharmaceutical companies on the markets in emerging APAC countries.
This market is categorized on the basis of product type, route of administration, facilities of use, and region. Apart from comprehensive geographical analysis, product analysis, and market sizing, the report also provides a competitive landscape that covers growth strategies adopted by industry players in the last three years. In addition, the company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. The abovementioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output to remain successful.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of top players in the topical drug delivery market. The report analyzes the topical drug delivery market by product type, route of administration, facilities of use, and region.
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the topical drug delivery market.
Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of the leading players in the topical drug delivery market.
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for topical drug delivery across geographies.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the topical drug delivery market.