Northbrook, IL 60062 -- (SBWIRE) -- 06/14/2022 -- According to the new market research report "Topical Drug Delivery Market by Type (Semi-solids (Creams, Gels, Lotions), Solids(Suppositories), Liquids(Solutions), Transdermal products), Route(Dermal, Ophthalmic), Facility of Use (Homecare setting, Hospitals, Burn Centres) - Global Forecast to 2027", published by MarketsandMarkets™, the Topical Drug Delivery Market is projected to reach USD 317.8 billion by 2027 from USD 207.4 billion in 2022, at a CAGR of 8.9%.

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The high prevalence of skin diseases, increasing geriatric population, and increase in self medications as a popular practice in dermatology are some of the key factors driving the market for topical drug delivery.

The pandemic has given momentum to the topical drug delivery market worldwide. It is estimated that dermatological diseases, respiratory infections, diabetes, cancer, and neurological complications have surged during the forecast period. During the COVID-19 pandemic surge, several clinical studies were carried out to use topical treatment in COVID-19. For example, researchers at Mansoura University carried out trials to explore the feasibility of combined topical corticosteroid and topical cyclosporine-A for COVID-19 patients suffering from acute keratoconjunctivitis. Post clinical trial, it was observed that symptoms such as eye itching, foreign body sensation, tearing, redness in the eye, and eyelid swelling were improved, and the presence of superficial punctate keratitis (SPK) was reduced. In 2020, Advanced Penetration Technology, LLC, a London-based research lab, analyzed the impact of topical antiviral medicine ATP T3X on the COVID-19 virus. It states that it is a highly effective formulation that neutralizes viral infectivity within seconds. These clinical trials and new FDA-approved topical medications showed that topical drugs effectively reduce the severity of symptoms caused by COVID-19 infection; it increases the demand for topical drugs during the COVID-19 pandemic and can result in the growth of the market.

The semi-solid formulations segment accounted for the largest share of the topical drug delivery market, by product in 2021

Based on products, the topical drug delivery the market is segmented into semi-solid formulations, liquid formulations, solid formulations, and transdermal products. The large share of the semi-solid formulations segment is attributed to them can be attributed to easy application, limited side effects that improve patient adherence, and the ability to topically deliver a wide variety of drug molecules compared to other formulations.

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The dermal drug delivery segment accounted for the largest share of the topical drug delivery market in 2021

Based on the route of administration, the market is segmented into dermal, ophthalmic, rectal, vaginal, and nasal drug delivery. The large share of the dermal drug delivery market segment can largely be attributed to the several advantages associated with the use of dermal drug delivery, such as the ease of use and increased patient compliance for long-term treatment in cases such as chronic pain or skin disorders. Dermal drugs also have fewer regulatory requirements than ophthalmic products, which leads to more accessible product launches and adoption. This in turn, is expected to enhance the segment market growth.

The home care settings segment accounted for the largest share of the topical drug delivery market in 2021

Based on the facility of use, the market is segmented into home care settings, hospitals & clinics, burn centers, and other facilities. Topical drug delivery systems are increasingly gaining prominence, not just as an alternative route of drug delivery but also as point-of-care devices in-home care settings. This is mainly attributed to improving patient acceptability of home care due to growing awareness and patient comfort.

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North America accounted for the largest share of the topical drug delivery market in 2021

In 2021, North America accounted for the largest share the topical drug delivery market, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa. Market growth in this region is characterized by the availability of favorable reimbursement options, increasing awareness about novel pharmaceutical drug delivery technologies, the implementation of favorable government initiatives, growing affordability and per capita healthcare expenditure, the presence of a large number of global pharmaceutical giants.

The prominent players in the topical drug delivery market are Glenmark Pharmaceuticals Ltd. (India), Galderma (Switzerland), Johnson & Johnson Private Limited (US), GlaxoSmithKline Plc. (UK), Bausch Health Companies Inc. (Canada), Hisamitsu Pharmaceuticals Inc. (Japan), Cipla (India), Bayer AG (Germany), Viatris Inc. (Mylan N.V.) (US), 3M (US), Merck & Co.Inc.. (Germany), Crescita Therpeautics Inc. (Canada), Novartis International AG (Switzerland), Boehringer Ingelheim International GmBH (Germany), Pfizer Inc. (US), Teva Pharmaceuticals Industries Ltd. (Israel), Bristol Myers Squibb (US), Lead Chemical Co., Ltd. (Japan), Purdue Pharma L.P. (US), Lavipharm (Greece), AbbVie Inc. (US), CMP Pharma, Inc. (Germany), Encore Dermatology, Inc. (US), Prosolus Inc. (US), and Rusan Pharma Ltd. (India).