Topical Drug Delivery Market Growing Occurrences Of Skin Diseases

According to Precision Business Insights (PBI), the latest report, the topical drug delivery market is expected to be valued at USD 317.8 billion in 2022 and is poised to grow at a significant CAGR of 9.3% over 2022-2028. The primary driver of the expansion of the global Topical Drug Delivery market is the high occurrence of skin diseases and technological advancements and innovations with time.

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Transdermal Products Segment to Dominate the Topical Drug Delivery Market:
Based on products, transdermal products are expected to witness a maximum growth rate over the forecasted period. As these products are administered to the skin and the drugs permeate into the systemic circulation and are sent throughout the body to the targeted section. Additionally, the transdermal drug delivery system has become an important method due to its low rejection rate, superb convenience, better ease of administration, and persistence among patients. These benefits of transdermal products have further created attractive growth opportunities for the topical drug delivery market.

Asia Pacific Topical Drug Delivery Market:
The North American market is expected to grow with a major share in the global Topical Drug Delivery market over the forecast period owing to the increased prevalence of skin diseases, rising demand for pain-free drug delivery, and self-administered drugs. Moreover, with highly developed healthcare infrastructure in this region will expect to further discover technological and innovative methods to treat skin diseases with fewer side effects, which in turn this region will undoubtedly expand the topical drug delivery market over the forecasted period. However, Asia-Pacific is anticipated to have a significant growth rate in the coming few years attributing to an upsurge in the number of patients with skin disease in populous countries of this region and with investing money in the field of healthcare infrastructure.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Topical Drug Delivery market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The topical drug delivery market is segmented based on product type, route of administration, distribution channel, end-user, and geography.
Based on the product type, the market is segmented into the following:
• Semi-Solid Formulations
• Liquid Formulations
• Solid Formulations
• Transdermal Products

Based on the route of administration, the market is segmented into the following:
• Dermal Drug Delivery
• Ophthalmic Drug Delivery
• Rectal Drug Delivery
• Vaginal Drug Delivery
• Nasal Drug Delivery

Based on the distribution channel, the market is segmented into the following:
• Retail
• Direct Tenders

Based on the end user, the market is segmented into the following:
• Clinics
• Hospitals
• Home Healthcare
• Diagnostic Centers
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the topical drug delivery market report are Johnson & Johnson Private Limited (U.S.), Allergan (Ireland), Nestlé India Ltd., (Switzerland), Merck & Co Inc., (U.S.), Novartis AG (Switzerland), GlaxoSmithKline plc (U.K), Bausch Health Companies Inc., (Canada), Bayer AG (Germany),Crescita Therapeutics (Canada), LEO Pharma A/S (Denmark), Hisamitsu Pharmaceutical Co., Inc. (Japan), Glenmark Pharmaceuticals Limited, (India), Cipla Inc., (India), Mylan N.V. (U.S.) and Encore Dermatology, (U.S)

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This release was published on openPR.