In-Depth Exploration of the Topical Drugs Market: Enriching Industry Understanding, Envisioning Trends, Evaluating Growth Catalysts, and Forecasting Advancements from 2023 to 2030.
Report Ocean has recently released a comprehensive research report on the global Topical Drugs Market. The report offers a detailed analysis of various market characteristics, such as size, growth, segmentation, regional and country breakdowns, competitive environment, market shares, trends, and strategies. It also provides insights into the impact of the COVID-19 pandemic on the market.
Global Topical Drugs Market is valued approximately USD 97.42 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 10.10% over the forecast period 2022-2028.
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The increased prevalence of skin problems and diabetes is driving market expansion. According to the British Journal of Dermatology, Skin illnesses afflict about one-third of the worldwide population,. According to the Journal of the European Academy of Dermatology and Venereology, over 94 million Europeans suffer from skin burning, itching, and dryness. Topical medication formulation innovation and accompanying product releases in major areas are expected to boost industry growth. Dermavant Sciences, Inc., for example, got FDA clearance in May 2022 for Vtama (tapinarof) cream, which is intended for the topical treatment of adult plaque psoriasis. Vtama is the first topical steroid-free medicine. Furthermore, Almirall S.A. will introduce the novel Wynzora cream in Europe in February 2022 for the treatment of mild-to-moderate plaque psoriasis in adults. Additionally, the growing incidence of diabetes is predicted to significantly contribute to the industry’s growth. According to the International Diabetes Foundation, roughly 537 million individuals will have diabetes in 2021, with the number anticipated to climb to around 783 million by 2045. According to the American Association of Neurology, peripheral neuropathy is related with diabetes, accounting for around 32% to 53% of cases. The introduction of topical medicines to treat neuropathic pain is likely to increase market growth. For example, in July 2020, Grunenthal’s Qutenza (capsaicin) got FDA clearance for the treatment of diabetic neuropathic pain in the foot. However, irritations and allergies associated with topical treatments stifles market growth throughout the forecast period of 2022-2028.
The key regions considered for the Global Topical Drugs Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. The industry was dominated by North America. The region’s dominance is mostly due to the high frequency of skin illnesses and greater spending on topical dermatological products. During the projection period, the Asia Pacific regional market is predicted to grow at the quickest rate. The sector’s success is credited to strategic alliances among key businesses to produce topical goods in the region.
Major market player included in this report are:
Bayer AG
Cipla Inc.
GSK Group of Companies
Johnson & Johnson Private Ltd.
Novartis AG
Bausch Health Companies Inc.
Hisamitsu Pharmaceuticals Co. Inc.
Merck & Co., Inc.
Glenmark Pharmaceuticals Ltd.
MedPharm Ltd.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type:
Semi-solid formulations
Liquid Formulations
Solid Formulations
Transdermal Products
By Route of Administration:
Dermal Drug Delivery
Ophthalmic Drug Delivery
Rectal Drug Delivery
Vaginal Drug Delivery
Nasal Drug Delivery
By End-use:
Home Care Settings
Hospitals & Clinics
Burn Centers
Other Facilities
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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This report covers several key questions related to the global Topical Drugs market, including:
- What can be expected for the Topical Drugs market in the next decade?
- What are the primary drivers of growth in the global Topical Drugs market?
- Which technologies are likely to experience the most rapid growth, both by market and region?
- How do opportunities within the Topical Drugs market vary based on the size of the end market?
- What is the breakdown of Topical Drugs by type and application?
- How have recent events such as the COVID-19 pandemic and the Russia-Ukraine conflict impacted the Topical Drugs market?
The Key Points Covered in the Table of Contents:
Overview: This section provides a concise summary of the report, offering a high-level understanding of the global Topical Drugs Market. It serves as an introduction, providing insights into the nature and contents of the research study.
Market Analysis: The research study accurately and reliably forecasts the market share of key segments within the Topical Drugs Market. This analysis enables industry participants to make strategic investments in the significant growth areas of the Food Container Market.
Analysis of Leading Players’ Strategies: Market participants can utilize this report to gain a competitive advantage over their rivals in the Topical Drugs Market. It offers an in-depth analysis of the strategies employed by leading players, enabling others to develop effective strategies and stay ahead in the market.
Regional Growth Analysis: The report covers all major regions and countries relevant to the Topical Drugs Market. The regional analysis facilitates market players in identifying untapped regional markets, devising unique regional strategies, and comparing the growth patterns across different regions.
Market Forecasts: Purchasers of this report gain access to precise and validated estimations of the overall market size in terms of both value and volume. The study also includes comprehensive forecasts for consumption, production, sales, and other pertinent factors related to the Topical Drugs Market.
Our Topical Drugs Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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