Topical Drug Delivery Market worth 125.88 Billion USD by 2021
The topical drug delivery 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. 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 this market in the coming years.
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). 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.
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Based on facility of use, the topical drug delivery market is categorized into hospitals and private clinics, health care settings, and other facilities of use such as research institutes and diagnostic centers. The hospitals and private clinics segment is expected to be the major end-user in the topical drug delivery market. This large share of this segment can is mainly attributed to the increasing incidence of skin diseases, the subsequent increase in the demand for topical products for the treatment of these diseases, increase in funding, and infrastructural development in hospitals.
Based on region, 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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