(EMAILWIRE.COM, December 19, 2018 ) The topical drug delivery market is witnessing significant growth across the globe owing to factors such as the growing preference for topical drug delivery considering its ease of administration, which helps in improving medication adherence and treatment outcomes.

Also, the high prevalence of skin diseases, such as eczema, psoriasis, skin cancer, and acne, and the increasing demand for the administration of biologics through transdermal drug delivery are expected to support the growth of this market in the coming years. Key players operating in this market are focusing on product launches and product approvals, partnerships, collaborations, expansions, and acquisitions to strengthen their positions in the market.

The topical drug delivery market is segmented based on product type, route of administration, facility of use, and regions. On the basis of product type, the market is segmented into formulations and devices (transdermal drug delivery).

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Transdermal drug delivery is expected to offer lucrative growth opportunities and represents a new revenue pocket for market players. This is because transdermal drug delivery offers enhanced therapeutic efficiency and helps maintain a steady plasma level of the drug.

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.

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.

Key players operating in the global topical drug delivery market are Galderma S.A. (Switzerland), GlaxoSmithKline plc. (U.K.), Valeant Pharmaceuticals International, Inc. (Canada), Crescita Therapeutics Inc. (Canada), Medpharm (U.K.), 3M (U.S.), Bayer AG (Germany), Novartis AG (Switzerland), Janssen Global Services, LLC (U.S.), and Cipla (India).

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