LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global topical drugs market to grow at a CAGR of close to 7% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The use of 3D printing technology is one of the major trends being witnessed in the global topical drugs market 2018-2022. The 3D printing technology has a lot of potential in the global topical drugs market. This technology depends on computer-aided designs, which enhance the manufacturing capability of pharmaceutical companies. The process involves the 3D prototyping of layer-by-layer fabrication via computer-aided design models to formulate drug materials into the desired dosage form.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
According to Technavio analysts, one of the key factors contributing to the growth of the global topical drugs market is the increase in the prevalence of skin diseases:
Global topical drugs market: Increase in the prevalence of skin diseases
The global topical drugs market is expected to grow during the forecast period, owing to the increasing prevalence of skin diseases such as psoriasis, rosacea, atopic dermatitis, and several bacterial and fungal infections. According to CDC, each year in the US, at least two million people are infected with bacteria that are resistant to antibiotics, and at least 23,000 people die due to such infections.
According to a senior analyst at Technavio for research on infectious and rare diseases, “The strong pipeline for different autoimmune skin diseases such as drug-induced pemphigus, atopic dermatitis, systemic lupus erythematosus, vitiligo, and psoriasis indicates the bright prospects for the skin disease treatment market. There are more than 43 ongoing Phase III clinical trials for different skin diseases across the world, which shows that the global topical drugs market has the potential to grow significantly during the forecast period.”
Global topical drugs market: Segmentation analysis
The global topical drugs market research report provides market segmentation by product (semi-liquid, liquid, and solid) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major products, the semi-solid segment held the largest market share in 2017. This product segment is expected to dominate the global market throughout the forecast period.
The Americas experienced the highest incremental growth of the market in 2017, accounting for close to 48% share. It was followed by EMEA and APAC respectively. The increase in the prevalence of skin diseases and the growing geriatric population are the main factors to drive the growth of the market in the Americas.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
