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Global Industry Leaders:
The topical drug delivery market is a fragmented market with several global as well as local players operating in various market segments.
The key players in this 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).
North America is expected to dominate the global market in 2016, with the U.S. accounting for a major share of this regional market.
High incidence of skin diseases (such as psoriasis, eczema, and skin cancer), increasing inclination of patients towards pain-free drug delivery, launch of new topical products, and increasing focus of prominent players on strengthening their presence in the North American market (through acquisitions and expansions) are expected to drive the growth of this regional market.
Europe was the second-largest market for topical drugs in 2016. The European market is mainly driven by the increasing geriatric population, high incidence of skin cancer, increasing governmental initiatives for supporting medical innovation, and growth of the European healthcare sector. To leverage the growth opportunities in this regional market, various prominent players are focusing on strengthening their presence in Europe through acquisitions, expansions, and product launches and approvals.
Industry Dynamics:
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.
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