(PharmaNewsWire.Com, October 30, 2019 ) The topical drug delivery market is projected to reach USD 123.2 billion by 2024 from USD 93.2 billion in 2019, at a CAGR of 5.7% between 2019 and 2024.
The growth of the topical drug delivery market is driven mainly by the high prevalence of skin diseases such as skin cancer; rising incidence of ophthalmic disorder such as myopia, glaucoma, diabetic retinopathy; and growing prevalence of diabetes. Emerging markets such as China and India are expected to offer potential growth opportunities to market players in the coming years.
The North America region is expected to witness the highest growth in the topical drug delivery market during the forecast period. A large number of topical drug-manufacturing companies are based in North America coupled with the rising prevalence of target health conditions and the increasing preference for pain-free drug delivery solutions are some of the key factors driving the growth of the topical drug delivery market in the Asia Pacific region.
Johnson & Johnson (US), Nestle SA (Switzerland), and Novartis AG (Switzerland) are the key players operating in this market. Other prominent players in the market include GlaxoSmithKline (UK), Bausch Health Companies (Canada), Hisamitsu Pharmaceutical (Japan), Merck & Co (US), Mylan (US) Bayer AG (Germany), Glenmark Pharmaceuticals (India), Cipla Ltd (India), and Crescita Therapeutics Inc. (Canada).
Janssen Global Services LLC, a subsidiary of Johnson & Johnson, was the leading player in the global topical drug delivery market in 2018. The company provides medicines for an array of health concerns in several therapeutic areas, such as general medicine, mental health, neurology, pain management, and women’s health. To maintain its leading position in the market, the company focuses on acquisitions. For instance, in January 2018, Johnson & Johnson entered into a definitive agreement to acquire Ci:z Holdings Co., Ltd. (Japan). The acquisition gives J&J access to Ci:z Holdings’ line of topical skin health products, helping it diversify its drug portfolio in Japan and other Asia Pacific countries.
Galderma, a subsidiary of Nestlé, was another leading player of the topical drug delivery market in 2018. Galderma is a provider of dermatology solutions and aesthetic and corrective products internationally. The company offers a broad portfolio of topical products, which include drugs, medical dermatology solutions, and therapeutic skin care products that are used in the treatment of hair, nail, and skin diseases. The company focuses on product approvals, product launches, and expansions to maintain its leading position in the topical drug delivery market.
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