According to Emergen Research, the global topical drug delivery market size was USD 94.56 billion in 2020 and is expected to reach USD 154.85 billion in 2028 and register a revenue CAGR of 6.3% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Topical Drug Delivery Market, By Product Form (Semi-solid, Solid Formulations, Transdermal Products, and Liquid Formulations), By Route of Application (Dermal, Ophthalmic, Nasal, Others), By End-use (Hospitals & Clinics, Home Healthcare, Diagnostic Centers, Burn Centers), and By Region, Forecast to 2028”
According to Emergen Research, the global topical drug delivery market size was USD 94.56 billion in 2020 and is expected to reach USD 154.85 billion in 2028 and register a revenue CAGR of 6.3% during the forecast period, 2021-2028.
Market Dynamics:
Steady revenue growth of the global topical drug delivery market is mainly attributed to factors such as growing use of topical drug formulations – particularly for personal use – and rising demand due to certain advantages over other forms of drug delivery. Topical drug formulations are often preferred to other pharmaceutical formulations as they deliver drug more selectively and effectively to specific parts of the skin. Advantages associated with topical drug delivery are easier drug delivery, non-invasive nature, more effective drug administration, and better suitability for self-medication.
Growing prevalence of skin disorders and infections including acne, psoriasis, and eczema, rising incidences of minor skin injuries such as skin burns, increasing self-medication practices, and increased consumer spending on dermatological products such as anti-acne and anti-septic creams and gels are among the other key factors expected to drive the global topical drug delivery market revenue growth over the upcoming years. Furthermore, market revenue growth is driven by innovations and advancements in topical drug formulations, increasing regulatory approvals for new topical drug products, and growing use of nanotechnology in the manufacture of topical drug products.
Click Here to Access Free sample PDF Copy of the Report@ https://www.emergenresearch.com/request-sample/479
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Semi-solid Formulations Segment Accounted for Largest Revenue Share in 2020:
The semi-solid formulations segment accounted for the largest revenue share in the global market in 2020. Factors contributing to revenue growth of this segment include growing demand for semi-solid topical drug formulations such as ointments, creams, gels, and lotions, due to their advantages such as easy application, more effective delivery of drug molecules, and non-invasive nature.
Home Healthcare Segment Revenue to Expand at the Fastest CAGR:
Based on end-use, the global topical drug delivery market is segmented into hospitals & clinics, home healthcare, diagnostic centers, and burn centers. The home healthcare segment is expected to dominate other segments in terms of revenue growth rate in the global market over the forecast period. Increasing incidences of skin diseases and minor skin injuries such as burns and cuts, increasing self-medication practices, and rising demand for topical dermatological products such as ointments, creams, gels, lotions, foams, suspensions, and solutions for home health care purposes are major factors expected to drive this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America topical drug delivery market accounted for largest revenue share in the global market in 2020. Factors boosting revenue growth of the North America market are rising incidences of skin disorders, increasing cases of minor or major skin injuries, increased spending on topical dermatological products, rising per capita income, and presence of key market players, such as Johnson & Johnson, Bausch Health Companies, and Encore Dermatology, Inc., in the region.
Buy your Exclusive copy@ https://www.emergenresearch.com/select-license/479
Major Companies in the Market Include:
- Johnson & Johnson
- Nestlé SA
- GlaxoSmithKline
- Novartis AG
- Merck & Co.
- Bausch Health Companies
- Glenmark Pharmaceuticals
- Bayer AG
- Hisamitsu Pharmaceuticals
- Encore Dermatology, Inc.
For the purpose of this report, Emergen Research has segmented the global topical drug delivery market on the basis of product form, route of application, end-use, and region:
Product Form Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018–2028)
- Solid Formulations
- Semi-solid Formulations
- Transdermal Products
- Liquid Formulations
Route of Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018–2028)
- Dermal
- Ophthalmic
- Nasal
- Others
End-use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018–2028)
- Hospitals & Clinics
- Home Healthcare
- Diagnostic Centers
- Burn Centers
Read Report Description and Table of Contents of Market Report@https://www.emergenresearch.com/industry-report/topical-drug-delivery-market
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
Explore Related Reports by Emergen Research:
The global construction sealants market size was valued at USD 7,954.3 Million in 2019 and is forecasted to reach USD 12.32 Billion by 2027 at a CAGR of 5.6%. The construction sealant market is observing high demand attributed to its increasing application in glazing, sanitary & kitchen, and flooring & joining in residential, commercial, and industrial constructions.
The global thermoelectric materials market size was valued at USD 51.9 Million in 2019 and is forecasted to reach USD 96.2 Million by 2027 at a CAGR of 8.0%. The thermoelectric materials market is observing high demand attributed to the increasing applications in industrial, automotive, healthcare, and electrical & electronics.
The global cooling fabrics market was valued at USD 1.74 Billion in 2019 and is projected to reach value of USD 4.03 Billion by 2027, at a CAGR of 11.0% during the forecast period. Use of cooling fabrics aids in regulating the body temperature by managing heat and moisture generated due to stress, central heating, or exercise.
The global yoga mat market size was USD 8.83 Billion in 2019 and it is anticipated to reach USD 11.13 Billion by 2027, at a CAGR of 3.1% during the forecast period. The market is primarily driven by growing awareness among the new generation as well as elderly population regarding health benefits of yoga.
The global cast elastomers market size was USD 1,310.4 Million in 2019 and is projected to reach USD 1,842.2 Million by 2027, at a CAGR of 4.3% during the forecast period. Cast elastomers are witnessing high demand, owing to their growing usage in sectors such as automotive, oil & gas, mining, agriculture, industrial, and sports & leisure.
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Facebook | LinkdIn | Twitter | Blogs
Full Press Release@ https://www.emergenresearch.com/press-release/global-topical-drug-delivery-market