Lucintel's latest market report analyzed that topical drug delivery provides attractive opportunities in the home care settings, hospitals & clinics, burn centers, and other facilities. The topical drug delivery market is expected to reach $210.4 billion by 2028 with a CAGR of 8.2%. In this market, semi-solid formulations is the largest segment by product, whereas home care setting is largest by facility of use.
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Based on product, the topical drug delivery market is segmented into semi-solid formulations (creams, ointments, lotions, gel, and pastes), liquid formulations (suspensions and solutions), solid formulations (powders and suppositories), transdermal product (transdermal patches and transdermal semi-solids). The semi-solid formulations segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to its ability to penetrate the skin more effectively. Also, it can be easily applied as compared to the other forms of topical medication present in the market.
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The Topical Drug Delivery Market is marked by the presence of several big and small players. Some of the prominent players offering topical drug delivery include Glenmark Pharmaceuticals, Galderma, Cipla, GlaxoSmithKline, Bausch Health Companies, Johnson & Johnson, Hisamitsu Pharmaceuticals, Bayer AG, Viatris, and 3M.
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