Topical Drug Delivery Market | Ongoing Trends and Recent Developments | Major Key Players like Novartis AG (Switzerland), Johnson & Johnson (US), Bausch Health Companies (Canada)

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.

Objectives of This Study:

# To define, describe, segment, and forecast the global topical drug delivery market by product, route of administration, facility of use, and region.

# To provide detailed information about the factors influencing market growth (such as drivers, restraints, opportunities, and industry-specific challenges)

# To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall market

# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players

# To forecast the size of the market in four main regions along with their respective key countries (North America, Europe, the Asia Pacific, and the Rest of the World)

# To profile key players in the global market and comprehensively analyze their core competencies and market shares

# To track and analyze competitive developments such as product launches and expansions; and R&D activities of the leading players in the market

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Factors Influencing Global Industry Growth: -

The growth of the topical drug delivery market is driven mainly by the high prevalence of skin diseases such as skin cancer; rising incidence of ophthalmic disorder such as myopia, glaucoma, diabetic retinopathy; and growing prevalence of diabetes. Emerging markets such as China and India are expected to offer potential growth opportunities to market players in the coming years.

Market Restraints:
# Preference for Alternative Modes of Drug Delivery

Market Opportunities:
# Delivery of Biologics through the Transdermal Route
# Self-Administration and Home Care

Market Challenges:
# Technical Barriers Related to Skin Irritation and Permeability
# Drug Failures and Product Recalls

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Industry’s Revenue Growth Expectations:

The topical drug delivery market is projected to reach USD 123.2 billion by 2024 from USD 93.2 billion in 2019, at a CAGR of 5.7%.

Geographical Growth Scenario:

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.

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Leading Market Players:

# Novartis AG (Switzerland)
# Johnson & Johnson (US)
# Bausch Health Companies (Canada)
# Nestle SA (Switzerland)
# GlaxoSmithKline (UK) and many more…

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This release was published on openPR.