Topical Drug Delivery Market Growing at a CAGR of 6.4% During 2017 to 2021 - ReportsnReports
30 Mar, 2017, 11:00 BST
PUNE, India, March 30, 2017 /PRNewswire/ --
The topical drug delivery market will reach $125.88 billion by 2021 from $92.40 billion in 2016, growing at a CAGR of 6.4% from 2016 to 2021. The hospitals and private clinics segment is will be major end-user in market. While North America dominates the market share during the forecast period.
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The global topical drug delivery market is poised to reach USD 125.88 billion by 2021 from USD92.40 billion in 2016, growing at a CAGR of 6.4% from 2016 to 2021.Major factors driving the growth of this market are the high incidence of burn injuries, rising geriatric population, and increasing incidence of diabetes.
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).
The topical drug delivery market is segmented based on product type, route of administration, facility of use, and regions. 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.
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.
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.
Currently, 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.
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. For instance, in February 2014, Galderma S.A. (Switzerland) received marketing authorization from the European Commission for its Mirvaso gel (indicated for the symptomatic treatment of facial erythema of rosacea in adults) in Europe.
The Asia-Pacific market is slated to grow at the highest CAGR 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. China, India, and Japan are some of the major markets for topical drugs in the Asia-Pacific region.
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Target Audience:
Hospitals and Private Clinics, Ambulatory Surgery Centers (ASCs),Academic Institutes, Medical Research Institutes ,Market Research and Consulting Firms, Venture Capitalists, Suppliers and Distributors of Topical Products.
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