Topical Drug Delivery Market - Emerging Trends to Boost the Global Industry Growth
Recent Developments in the Global Topical Drug Delivery Mechanism Market:
# In 2019, Mylan launched its DICLOFENAC SODIUM Gel.
# In 2019, Nestlé Skin Health opened a new office in Malaysia to accelerate growth in the Southeast Asian market.
# In 2019, Crescita Therapeutics signed an out-licensing agreement with Cantabria labs for the sales and distribution of its topical Pliaglis formulation in Italy, Portugal, France, and Spain.
# In 2018, Bausch Healthcare expanded its manufacturing facility in Rochester (Ireland) in order to support and fulfill the demand of its topical eye health products.
Expected Growth in Revenue:
The topical drug delivery market is projected to reach USD 129.8 billion by 2025 from USD 95.2 billion in 2020, at a CAGR of 6.4% during the forecast period.
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Growth Influencing Factors:
The growth of Topical Drug Delivery Market is majorly driven by the high prevalence of skin and soft tissue infections, the increasing prevalence of eye diseases, and burns. However, the presence of alternative drug delivery modes such as oral and injectable routes is expected to restrain the growth of this market during the forecast period.
COVID-19 Impact on Global Topical Drug Delivery Market
According to our findings, the topical drug delivery market is expected to grow at an approximate CAGR of 6-7% during the next two years. According to our analysis, the below factors are playing a key role in shaping the growth of the global market.
# The number of COVID-19 cases has been increasing at an alarming rate in the US. The need for improved patient care and the adoption of drugs such as vitamin C, multivitamins, and antivirals, to improve immunity levels, have surged as a result.
# Due to the rapid spread of COVID-19 and increasing fear, drugs are being stocked by various end users and patients. This is expected to boost the growth of the topical drug delivery market from 2020–2021. Various companies have witnessed an increase in revenue in Q1 2020 as compared to Q1 2019. For example, AbbVie reported an increase of 16.8% in its revenue during this period. Similarly, Amgen recorded a revenue of USD 6,161 million in Q1 2020, an 11% increase as compared to Q1 2019 (USD 5,286 million).
# Raw materials required for manufacturing drugs (such as drug components, equipment used in manufacturing) are at the risk of a supply shortage due to the temporary lockdown of manufacturing sites in areas affected by COVID-19 or travel restrictions impacting shipments.
# The normalization of the global economy is expected to proceed slowly, with a gradual increase in the manufacturing and transportation of raw materials and associated equipment; this will lead to market growth from Q1 2021.
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).
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After arriving at the market size, the total Topical Drug Delivery Mechanism Market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.
Asia Pacific is expected to grow at the highest CAGR in the topical drug delivery market during the forecast period
The Topical Drug Delivery Mechanism Market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. This is due to high incidence of skin diseases (such as skin cancer), increasing use of contraceptives, and the growing focus of pharmaceutical companies on the R&D of smart transdermal drug delivery systems, all of which are driving adoption of topical drug delivery in the Asia Pacific.