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The topical drug delivery market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of 8%, as per The Business Research Company’s market report!

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The Topical Drug Delivery Market Size In 2022 And Forecast
The global topical drug delivery market is expected to grow from $126.11 billion in 2021 to $137.15 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The topical drug delivery market is expected to grow to $186.51 billion in 2026 at a compound annual growth rate (CAGR) of 8.0%.

The topical drug delivery market consists of sales of topical drug delivery devices by entities (organizations, sole traders, and partnerships) that are used to provide medication that are applied to the skin, to treat different conditions.

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Growth In Prevalence Of Diabetes Is Driving The Growth Of The Topical Drug Delivery Market
For instance, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, diabetes was the ninth leading cause of death in 2019, with an estimated 1.5 million deaths directly caused by diabetes. Therefore, the growing prevalence of diabetes is driving the growth of the topical drug delivery market.

Competitive Landscape And The Regional Analysis Of The Topical Drug Delivery Market
Major players in the topical drug delivery market are Glenmark Pharmaceuticals Ltd, Galderma SA, Johnson & Johnson Private Limited, GlaxoSmithKline Plc, Bausch Health Companies Inc, Cipla Ltd, Bayer AG, 3M, Merck & CoInc, Crescita Therpeautics Inc, Novartis International AG, Taro Pharmaceutical Industries Ltd, Valeant Pharmaceuticals International Inc, Encore Dermatology Inc, Medpharm Group Limited, SkinVisible Pharmaceuticals Inc, Hisamitsu Pharmaceutical Co Inc and Pfizer Inc.

Additionally, as per TBRC’s research – North America was the largest region in the topical drug delivery market in 2021 holding the largest market share and Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The Topical Drug Delivery Global Market Report 2022  covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the topical drug delivery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the topical drug delivery market.

Technological Advancement – A Key Trend In The Topical Drug Delivery Market
Major companies operating in the topical drug delivery market are developing innovative products with advanced technologies to strengthen their position in the topical drug delivery market.

Topical Drug Delivery Market Segmentation By The Business Research Company

1) By Product Type: Semi-Solid Formulations, Liquid Formulations, Solid Formulations, Transdermal Products

2) By Route Of Administration: Dermal Drug Delivery, Ophthalmic Drug Delivery, Rectal Drug Delivery, Vaginal Drug Delivery, Nasal Drug Delivery

3) By End User: Hospitals, Clinics, Home Healthcare, Diagnostic Centers, Other End Users

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