Topical Drug Delivery Market is Expecting Major Revenue Growth by 2027
Posted by MV Mukund on June 4th, 2024
Market Size Estimation:
The market size estimates and forecasts provided in this study are derived through a mix of the revenue share analysis, pharmaceutical sales approach, primary interviews, and top-down approach (assessment of Individual shares of each topical drug delivery product, route of administration, and facility of use).
Overview of This Study:
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Research Methodologies Opted:
Primary Research:
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side and demand side are detailed below. Industry experts such as CEOs, presidents, vice presidents, directors, marketing directors, marketing managers, and related executives from various key companies and organizations in the topical drug delivery industry were interviewed to obtain and verify both the qualitative and quantitative aspects of this research study. A robust primary research methodology has been adopted to validate the contents of the report and fill in the gaps.
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Secondary Research:
This research study involved the use of comprehensive secondary sources; directories and databases such as D&B, Bloomberg Business, and Factiva; and white papers, annual reports, and companies’ house documents. Secondary research was used to identify and collect information for this extensive, technical, market-oriented, and commercial study of the topical drug delivery market. It was also used to obtain important information about the top players, market classification, and segmentation according to industry trends to the bottom-most level, geographic markets, technology perspectives, and key developments related to the market. A database of the key industry leaders was also prepared using secondary research.
Projected Surge in Global Revenue:
The global topical drug delivery market is projected to reach USD 317.8 billion by 2027 from USD 207.4 billion in 2022, at a CAGR of 8.9%.
Data Triangulation:
After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.
Geographical Growth Dynamics:
North America accounted for the largest share of the topical drug delivery market in 2021
In 2021, North America accounted for the largest share the topical drug delivery market, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa. Market growth in this region is characterized by the availability of favorable reimbursement options, increasing awareness about novel pharmaceutical drug delivery technologies, the implementation of favorable government initiatives, growing affordability and per capita healthcare expenditure, the presence of a large number of global pharmaceutical giants.
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Leading Companies Operating in This Industry:
The prominent players in the topical drug delivery market are Glenmark Pharmaceuticals Ltd. (India), Galderma (Switzerland), Johnson & Johnson Private Limited (US), GlaxoSmithKline Plc. (UK), Bausch Health Companies Inc. (Canada), Hisamitsu Pharmaceuticals Inc. (Japan), Cipla (India), Bayer AG (Germany), Viatris Inc. (Mylan N.V.) (US), 3M (US), Merck & Co.Inc.. (Germany), Crescita Therpeautics Inc. (Canada), Novartis International AG (Switzerland), Boehringer Ingelheim International GmBH (Germany), Pfizer Inc. (US), Teva Pharmaceuticals Industries Ltd. (Israel), Bristol Myers Squibb (US), Lead Chemical Co., Ltd. (Japan), Purdue Pharma L.P. (US), Lavipharm (Greece), AbbVie Inc. (US), CMP Pharma, Inc. (Germany), Encore Dermatology, Inc. (US), Prosolus Inc. (US), and Rusan Pharma Ltd. (India).
