(EMAILWIRE.COM, January 18, 2019 ) Major factors driving the growth of this market are the high incidence of burn injuries, rising geriatric population, and increasing incidence of diabetes. However, the negative impact of product recalls may restrain the growth of Topical Drug Delivery Market in the coming years.

This market is expected to reach USD 125.88 Billion by 2021 from USD 92.40 Billion in 2016 at a CAGR of 6.4% during the forecast period.

Growing prevalence for topical drug delivery is the major drivers for the market.

Topical drug delivery has the advantage of delivering drugs more selectively to a specific site. Moreover, the use of topical drugs helps avoid fluctuation in drug levels, improves compliance, and facilitates self-medication. As a result, the topical route is preferred over other routes of drug delivery for the treatment of many diseases/conditions.

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On the other hand, topical delivery involves painless administrations and minimal risk of infections. Considering these advantages, many pharmaceutical companies are developing and launching topical drugs for indications that were traditionally treated using oral or injectable drugs.

Formulations to grow at the highest CAGR during the forecast period.

Based on product type, the topical drug delivery market is segmented into formulations, and devices. Devices segment is projected to register the highest CAGR during the forecast period. Devices includes transdermal patches and transdermal gels. Devices (Transdermal drug delivery) could replace the injectable mode of delivery required to deliver many new biologic drugs and vaccines.

Factors like improved patient compliance, noninvasive nature, elimination of hepatic first pass metabolism, enhancement of therapeutic efficiency, and maintenance of steady plasma level of the drug are contributing to the growth of the transdermal drug delivery devices market.

Growing prevalence for topical drug delivery and rapid growth in geriatric population are the major drivers for the market.

Topical drug delivery has the advantage of delivering drugs more selectively to a specific site. Moreover, the use of topical drugs helps avoid fluctuation in drug levels, improves compliance, and facilitates self-medication. As a result, the topical route is preferred over other routes of drug delivery for the treatment of many diseases/conditions. On the other hand, topical delivery involves painless administrations and minimal risk of infections.

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Considering these advantages, many pharmaceutical companies are developing and launching topical drugs for indications that were traditionally treated using oral or injectable drugs.

The topical drug delivery market comprises a network of players involved in the research and product development; raw material supply; component manufacturing; distribution and sale; and post-sales services. Key players considered in the analysis of the 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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