Global Topical Drug Delivery Market - Segmented by Route of Administration, Product, Geography - Growth, Trends, and Forecast (2018 - 2023)

The Topical Drug Delivery Market is expected to witness a CAGR of 9.5%, during the forecast period. North America has been accounted for the highest market share as compared to the other regions.

High Prevalence of Skin Diseases

The prevalence of skin infections, like eczema, psoriasis, etc. and minor ailments, like acne are increasing and having a big impact on the market globally. Psoriasis affect is observed in people of all ages, and in all countries. The reported prevalence of psoriasis in countries ranges between 0.09% and 11.43%, making psoriasis a serious global problem with at least 100 million individuals getting affected worldwide. Around 7.5 million US people are getting affected according to the American Academy of Dermatology (AAD). Hence, these statistics shows that the skin diseases prevalence is increasing at a faster pace, which is likely to impact positively on the growth of topical drug delivery market.
The other factor that drives the market includes the ease of drug delivery, approval of new drugs and technological advances and innovations.

High Frequency of Product Recalls

In 2017, Philips recalled many of products such as Tetrastem, Diabecline, Tetracycline-ABC, VenomX, Acneen, StaphWash, StringMed, NoPain, and LidoMed. These all products were being recalled after an FDA inspection as they found significant manufacturing practices that calls into question the safety, identity, strength, quality, and purity of unexpired drug products made by the firm during the past three years. This has an impact on the safety and efficacy of the product posing a risk to the patients. Also, this has posed a negative impact on the sales of the topical drug delivery devices, which is likely to restrain the growth of the market in the coming years.
The other factor, which is also restraining the market, is the regulatory scenario and pricing pressure.

North America is expected to dominate the Market

North America has been accounted for the highest share in the market due to the presence of large number of pharmaceutical companies and drug delivery technology providers. On the other hand Asia Pacific is also likely to register a healthy growth rate in the coming future. The increasing geriatric population and the rising disposable income are few of the factors, which are expected to accelerate the growth of the Asia Pacific market in the coming years.

Key Developments in the Market

• February 2018 - ValeantPharmaceuticals has entered into a licensing agreement with the Kaken Pharmaceutical Co., Ltd., to develop and commercialize new chemical entity, KP-470 for Psoriasis

Major players- GLAXOSMITHKLINE, GALDERMA, BAYER, VALEANT PHARMACEUTICALS, NOVARTIS, MEDPHARM AND HISAMITSU PHARMACEUTICALS, amongst others.

Reasons to Purchase this Report

• Current and future topical drug delivery market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)

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This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

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