Topical Drugs Market by Product and Geography - Forecast and Analysis 2022-2026

The topical drugs market share is predicted to value at USD 70.95 billion by 2026, at an accelerating CAGR of 7.73%.

This topical drugs market research report extensively covers market segmentations by the following:

• Product - Semi solid, liquid, and solid 
• Geography - North America, Europe, Asia, and Rest of World (ROW)

This topical drugs industry report further provides detailed data on several market vendors, including 3M Corp., AbbVie Inc., Bausch Health Companies Inc., Bayer AG, Cipla Ltd., CMP Pharma Inc., Crescita Therapeutics Inc., GlaxoSmithKline Plc, Hisamitsu Pharmaceutical Co. Inc., Johnson and Johnson, MedPharm Ltd., Nestle SA, Pfizer Inc., Sheffield Pharmaceuticals LLC, Sol-Gel Technologies Ltd., Sun Pharmaceutical Industries Ltd., Teligent Inc., and Viatris Inc. among others.

One of the key highlights of this report is the post COVID-19 impact analysis on the market, which will help companies evaluate their business approaches for the future.

What will the Topical Drugs Market Size be During the Forecast Period?

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Topical Drugs Market: Key Drivers, Trends, and Challenges

The increase in the prevalence of skin diseases is notably driving the topical drugs market growth, although factors such as highly fragmented market may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the topical drugs industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Topical Drugs Market Driver

One of the key factors driving the global market growth is the increase in the prevalence of skin diseases such as psoriasis, rosacea, atopic dermatitis, and several bacterial and fungal infections. For instance, according to the CDC,

• Each year in the US, at least two million people are infected with bacteria that are resistant to antibiotics, and at least 23,000 people die due to such infections.
• Almost 1 out of 3 people in the US develops shingles during their lifetime.
• Skin infections caused by Staphylococcus aureus had increased by 19% from 1997 to 2006 in children aged less than 18 years in England, leading to a 64% increase in anti-staphylococcal drug sales during the same period.

Thus, vendors are investing in R&D to launch new drugs. There are more than 43 ongoing Phase III clinical trials for different skin diseases across the world, which shows that market has the potential to grow significantly during the forecast period.

Key Topical Drugs Market Trend

Use of the 3D printing technology is one of the key topical drug market trends that is expected to impact the industry positively in the forecast period. As the development of personalized dosages using 3D printing improves the safety of drugs by reducing the risk of overdosing and adverse reactions. With 3D printing, the dosage forms for individual patients can be manufactured in small batches with specific materials, drug content, and release profiles. For instance, 3D printing has been used to produce personalized anti-acne drug-loaded devices by technologies, such as fused deposition modeling (FDM) and stereolithography (SLA). This will further support the market growth in the coming years.

Key Topical Drugs Market Challenge

One of the key challenges to the global topical drugs industry growth is its highly fragmented nature. This is due to the presence of large, established players and small players such as Bayer AG, Bausch Health Companies Inc., GlaxoSmithKline plc, and Nestle SA. These vendors are focusing on research and development activities to create new drugs to gain an edge over their competitors and to gain more market share. They are also trying to expand its geographical reach through mergers and acquisitions. Small players such as Crescita Therapeutics and Easton Pharmaceuticals are also focusing on developing innovative solutions to remain competitive in the market. Thus, there is intense competition market, which may hamper the growth of the market during the forecast period.

This topical drugs market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the topical drugs market as a part of the global pharmaceuticals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the topical drugs market during the forecast period.

Who are the Major Topical Drugs Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• 3M Corp.
• AbbVie Inc.
• Bausch Health Companies Inc.
• Bayer AG
• Cipla Ltd.
• CMP Pharma Inc.
• Crescita Therapeutics Inc.
• GlaxoSmithKline Plc
• Hisamitsu Pharmaceutical Co. Inc.
• Johnson and Johnson
• MedPharm Ltd.
• Nestle SA
• Pfizer Inc.
• Sheffield Pharmaceuticals LLC
• Sol-Gel Technologies Ltd.
• Sun Pharmaceutical Industries Ltd.
• Teligent Inc.
• Viatris Inc.

 

This statistical study of the topical drugs market encompasses successful business strategies deployed by the key vendors. The topical drugs market is fragmented and the vendors are deploying growth strategies such as investment in R&D to compete in the market.

Product Insights and News

• AbbVie Inc. - The company offers topical drugs for ophthalmic and specialty treatments, under the brand names Androderm, Lumigan, and Latisse. 
• AbbVie Inc. - Under the unified segment, the company conducts research and development, manufacturing, commercialization, and sale of innovative medicines and therapies to allocate resources and assess business performance on a global basis in order to achieve established long-term strategic goals. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The topical drugs market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Topical Drugs Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the topical drugs market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Topical Drugs Market?

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38% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for topical drugs in North America. Market growth in this region will be faster than the growth of the market in Rest of World (ROW).

The significant increase in the number of skin diseases, the rapid technological advances in the pharmaceutical sector, and the growth of the geriatric population will facilitate the topical drugs market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 adversely affected all the countries in North America, especially the US. However, it only had a slightly negative impact on the topical drugs market in North America. A rise in the number of COVID-19 cases in the first quarter of 2020 and early 2021 led to partial lockdowns in several countries, including Canada and Mexico. However, by the second half of 2020, lockdown-related restrictions were somewhat relaxed in various countries, which allowed the movement of people outside their homes. Also, as pharmaceuticals were considered essential services, the demand for and supply of topical drugs were not affected much in North America. Thus, the market in focus will register an accelerating growth momentum during the forecast period.

What are the Revenue-generating Product Segments in the Topical Drugs Market?

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The topical drugs market share growth by the semi-solid segment will be significant during the forecast period. The high demand for semi-solid topical drugs owing to a large number of benefits will propel the growth of the global topical drugs market in the coming years. For instance, semi-solid drugs can be applied to the surface of other epithelial and mucosal membranes such as the cornea, the nasal mucosa, the rectal tissue, and the external lining of the ear.

This report provides an accurate prediction of the contribution of all the segments to the growth of the topical drugs market size and actionable market insights on post COVID-19 impact on each segment.

 

Topical Drugs Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 7.73%
Market growth 2022-2026	$ 70.95 billion
Market structure	Fragmented
YoY growth (%)	5.3
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 38%
Key consumer countries	US, Canada, Germany, UK, and China
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	3M Corp., AbbVie Inc., Bausch Health Companies Inc., Bayer AG, Cipla Ltd., CMP Pharma Inc., Crescita Therapeutics Inc., GlaxoSmithKline Plc, Hisamitsu Pharmaceutical Co. Inc., Johnson and Johnson, MedPharm Ltd., Nestle SA, Pfizer Inc., Sheffield Pharmaceuticals LLC, Sol-Gel Technologies Ltd., Sun Pharmaceutical Industries Ltd., Teligent Inc., and Viatris Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Topical Drugs Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive topical drugs market growth during the next five years
• Precise estimation of the topical drugs market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the topical drugs industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of topical drugs market vendors

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