The prevalence of skin infections, like eczema, psoriasis, etc. and minor ailments, like acne, are increasing and having a big impact on the market globally. Psoriasis effect is observed in people of all ages, and in all countries. According to the National Psoriasis Foundation, more than 8 million Americans have psoriasis and this is expected to increase over the forecast period. In different geographic regions, with increased population sizes, there is a significant burden related to the skin which is diagnosed at a prominent stage, and in such cases, the topic of drug delivery becomes more important. Hence, these statistics show that skin disease prevalence is increasing at a faster pace and is becoming a global burden, which is likely to positively impact the growth of the topical drug delivery market.

The other factor that drives the market includes the ease of drug delivery, and technological advancements and innovations.

Key Market Trends

Dermal Segment is Expected to Hold Major Share in the Topical Drug Delivery Market

The topical drug delivery market is segmented based on the route of administration, product, and region. Based on the product, it is bifurcated into formulation and device. The formulation is sub-segmented into a solid, liquid, and semi-solid. Devices are further classified into inhalers and patches. Based on the route of administration, it is classified into dermal, ophthalmic, nasal, oral-topical, and others.

There have been significant advantages in the topical and transdermal drug delivery systems, to target a particular site in the body. The administration of drugs through the skin is also performed to achieve controlled or prolonged drug delivery and this route can be explored as an alternative to the oral route. The ease of use may reduce overall healthcare treatment costs. The dermal segment of the market studied is expected to have a positive contribution to market growth, as it is widely used and has certain benefits. Furthermore, with the rising prevalence of skin disorders, the market is expected to witness rapid growth over the forecast period.

North America is Expected to Dominate the Market Over the Forecast Period

Based on the geographic region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America has been accounted for the highest share in the market due to the presence of a large number of pharmaceutical companies and drug delivery technology providers. On the other hand, Asia Pacific is also likely to register a healthy growth rate in the forecast years. The increasing geriatric population and the rising disposable income are a few of the factors, which are expected to accelerate the growth of the Asia Pacific market in the coming years.

Competitive Landscape

The major players in the topical drug delivery market include - Bayer AG, Cipla, Mylan N.V, GlaxoSmithKline plc, Galderma Holding SA, Novartis, Med pharm, Johnson & Johnson (Janssen Pharmaceutical), Hisamitsu Pharmaceuticals, etc. provides these products across the globe.

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