The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s topical drug delivery market report forecasts the topical drug delivery market size to grow to $210.39 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.

Learn More On The Topical Drug Delivery Market Report 2023 – https://www.thebusinessresearchcompany.com/report/topical-drug-delivery-global-market-report

Topical Drug Delivery Market Size Forecast
The global topical drug delivery market is expected to grow from $137.93 billion in 2022 to $150.69 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The topical drug delivery market size is expected to grow to $210.39 billion in 2027 at a CAGR of 8.7%.

North America held the largest topical drug delivery market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Topical Drug Delivery Market Driver ­– Growth In The Prevalence Of Diabetes
For instance, in December 2021, according to the statistics published by International Diabetes Federation, a Belgium-based, non-profit diabetes association 2021, 537 million adults (20-79 years) recorded living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide will have diabetes. Therefore, the growing prevalence of diabetes is driving the growth of the topical drug delivery market.

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Key Topical Drug Delivery Market Trend – Technological Advancement
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. For instance, in April 2022, Sol-Gel Technologies Ltd., an Israel-based dermatology company, and Galderma S.A., a Switzerland-based pharmaceutical company specializing in dermatological treatments and skin care products, introduced Epsolay (benzoyl peroxide, cream, 5%), utilizing Sol-Gel’s microencapsulation technology for the treatment of inflammatory lesions of rosacea, which is patent protected until 2040. Sol-gel microencapsulation provides the advantage of entrapping molecules by forming inclusion complexes between essential oils (Eos) as guest molecules and beta-cyclodextrin as host in porous silica, making it more stable and resistant to environmental conditions. Silica acts as a protector for EOs.

Topical Drug Delivery Market Segment
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

Topical Drug Delivery Market Major Players and Strategies
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 & Co., Inc., Crescita Therpeutics 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.

In June 2022, Novartis AG, a Switzerland-based pharmaceutical company, acquired Kedalion Therapeutics and its AcuStream technology for an undisclosed amount. This acquisition enhances the Novartis ophthalmics portfolio, advancing efforts to investigate transformative ophthalmic methods to address unmet patient needs in front-of-eye conditions. Kedalion Therapeutics is a US-based clinical-stage, venture-funded ophthalmic drug company operating in the topical drug delivery market.

The Topical Drug Delivery Global Market Report 2023 covers regional data on topical drug delivery market size, topical drug delivery market trends and drivers, opportunities, strategies, and topical drug delivery market competitor analysis. 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, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The topical drug delivery market refers to the procedure of delivering a drug from a product on the skin to a local target site to produce a therapeutic effect. Topical drug deliveries are used to provide medication that is applied to the skin to treat different conditions.

View More Reports Related To The Topical Drug Delivery Market –
Drug Delivery Devices Global Market Report 2023
Drug Discovery Global Market Report 2023
Drug Discovery Services Global Market Report 2023

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