According to the research report titled ‘Global Topical Drug Delivery Market by Type (Semisolids), Liquids, Solids, Transdermal Products), by Route of Administration (Dermal, Ophthalmic, Nasal), by Facility of Use (Homecare, Hospital, others) and Regional Forecasts 2020-2027’, available with Market Study Report, global topical drug delivery market was assessed at USD 93.2 billion in 2019 and is speculated to reach USD 145.49 billion by 2027, growing at an annual rate of 5.7% throughout.
 

Increasing cases of burn injuries, eczema, and psoriasis, rising occurrence of diabetes, and growing prevalence of eye and skin-related diseases are spurring the global topical drug delivery market expansion. 
 

Notably, topical medicines are applied externally on skin and mucous membrane. They are preferred for local therapy, and ensure good applicability and compliance of patients. They are available as creams, gels, ointments, foams, lotions etc.
 

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The report cites that strategic decisions taken by leading players like launch of new products, mergers, and innovations also foster worldwide topical drug delivery market valuation. For example, GlaxoSmithKline plc invested USD 36 million in December 2018 to raise production and support logistics of it renowned product Voltaren, an ointment which is used to reduce pain.
 

Likewise, Cipher Pharmaceuticals Inc. received approval from Health Canada to launch A-101 40% topical solution which is used to cure seborrheic keratosis, a type of non-carcinogenic skin outgrowth which affects 9 million adults in Canada.
 

Moreover, rising number of geriatric patients, non-invasive nature of topical drugs, and preference for topic drug administration are stimulating the market outlook. On the other hand, drug failures, product recalls, and problems related to skin irritability & permeation are key factors that hinder proliferation of global topical drug delivery industry.
 

Based on product terrain, the market is segregated into transdermal products, solid formulations, liquid formulations, and semi-solid formulations. Speaking of administration route, the industry is divided into ophthalmic drug delivery, dermal drug delivery, and nasal drug delivery. Moving on to end user scope, the market is bifurcated into hospitals & clinics, homecare settings, diagnostic centers, and academic & research institutes.
 

From the regional frame of reference, North America captured majority of worldwide topical drug delivery market share in the recent past. Presence of leading players in the region, availability of funds for development of topical drugs, and novel topical formulations are key factors responsible for the same.
 

Key players profiled in the global topical drug delivery market report are Cipla Limited, Nestle S.A., Bausch Health Companies Inc., Bayer AG, Glenmark Pharmaceuticals Limited, GlaxoSmithKline plc, Johnson & Johnson, Hisamitsu Pharmaceutical Co. Inc., Novartis International AG, and Merck & Co. Inc.