Topical Drug Delivery Market is anticipated to grow at a CAGR of 8.2% during 2023-2028

iCrowd Newswire
01 Jun 2023, 01:02 GMT+10

The global topical drug delivery market is projected to reach $210.4 billion by 2028, at a CAGR of 8.2% during 2023-2028. The growth of topical drug delivery market is driven by increasing number of diabetic patients, growing prevalence of skin diseases, on-going advancements in transdermal drug delivery systems, and high Incidence of burn injuries.

Some of the Key Questions answered in this exclusive report are:

Q.1 What are some of the most promising, high-growth opportunities for the topical drug delivery market by product ((semi-solid formulations (creams, ointments, lotions, gel, and pastes), liquid formulations (suspensions and solutions), solid formulations (powders and suppositories), transdermal product (transdermal patches and transdermal semi-solids)), route of administration (dermal drug delivery, ophthalmic drug delivery, rectal drug delivery, vaginal drug delivery, and others), facility of use (home care settings, hospitals & clinics, and other facilities), and region?

Q.2 Which segments will grow at a faster pace and why?

Q.3 What are the business risks and threats to the topical drug delivery market?

Q.4 What are some changing demands of customers in the topical drug delivery market?

Q.5 What are the new developments in the topical drug delivery market? Which companies are leading these developments?

Q.6 What strategic initiatives are being implemented by key players for business growth?

Q.7 What are some of the competitive products and processes in this topical drug delivery area and how big of a threat do they pose for loss of market share via product substitution?

Q.8 What M&A activity has occurred in the last 5 years in this topical drug delivery market?

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Market Segmentation:

Based on product, the topical drug delivery market is segmented into semi-solid formulations (creams, ointments, lotions, gel, and pastes), liquid formulations (suspensions and solutions), solid formulations (powders and suppositories), transdermal product (transdermal patches and transdermal semi-solids). The semi-solid formulations segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to its ability to penetrate the skin more effectively. Also, it can be easily applied as compared to the other forms of topical medication present in the market.

North America will remain the largest region over the forecast period due to increasing inclination towards pain-free drug delivery solutions, the growing prevalence of skin diseases, and rising spending on topical dermatological products in the region.

Key Players in the topical drug delivery market are Glenmark Pharmaceuticals, Galderma, Cipla, GlaxoSmithKline, Bausch Health Companies, Johnson & Johnson, Hisamitsu Pharmaceuticals, Bayer AG, Viatris, and 3M.

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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.

To read more about this market please click on https://www.lucintel.com/topical-drug-delivery-market.aspx

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

Roy Almaguer Lucintel Dallas, Texas, USA Email: roy.almaguer@lucintel.com Tel. 972.636.5056

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