Topical Drug Delivery Market - Impact of COVID19 on the Global Industry
This study involved the extensive use of both primary and secondary sources.
(EMAILWIRE.COM, January 20, 2021 ) Overview of This Study:
This study involved the extensive use of both primary and secondary sources for the study of global Topical Drug Delivery Technology Market. 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.
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 company house documents. Secondary research was used to identify and collect information for this extensive, technical, market-oriented, and commercial study of the global 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.
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. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, manufacturing managers, and related key executives from various key companies and organizations operating in the global topical drug delivery market. The primary sources from the demand side include purchase and sales managers, research organizations, and pharmaceutical and biotechnology companies.
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COVID-19 Impact on Global Topical Drug Delivery Market:
# According to our findings, the topical drug delivery market is expected to grow at an approximate CAGR of 6-7% during the next two years. According to our analysis, the below factors are playing a key role in shaping the growth of the global market;
# The number of COVID-19 cases has been increasing at an alarming rate in the US. The need for improved patient care and the adoption of drugs such as vitamin C, multivitamins, and antivirals, to improve immunity levels, have surged as a result.
# Due to the rapid spread of COVID-19 and increasing fear, drugs are being stocked by various end users and patients. This is expected to boost the growth of the Topical Drug Delivery Technology Market from 2020–2021. Various companies have witnessed an increase in revenue in Q1 2020 as compared to Q1 2019. For example, AbbVie reported an increase of 16.8% in its revenue during this period. Similarly, Amgen recorded a revenue of USD 6,161 million in Q1 2020, an 11% increase as compared to Q1 2019 (USD 5,286 million).
# Raw materials required for manufacturing drugs (such as drug components, equipment used in manufacturing) are at the risk of a supply shortage due to the temporary lockdown of manufacturing sites in areas affected by COVID-19 or travel restrictions impacting shipments.
# The normalization of the global economy is expected to proceed slowly, with a gradual increase in the manufacturing and transportation of raw materials and associated equipment; this will lead to market growth from Q1 2021.
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North America is expected to hold the largest share for players operating in the topical drug delivery market
North America accounted for the largest share of the topical drug delivery market in 2019. Factors such as presence of a highly developed healthcare system and a large number of topical drug-manufacturing companies in the country are among the few factors expected to contribute to the growth of this market. Furthermore, the growing geriatric population in the US, high disposable incomes, increasing preference for pain-free drug delivery solutions, and the availability of advanced and effective technology are driving market growth in North America.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
This study involved the extensive use of both primary and secondary sources for the study of global Topical Drug Delivery Technology Market. 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.
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 company house documents. Secondary research was used to identify and collect information for this extensive, technical, market-oriented, and commercial study of the global 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.
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. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, manufacturing managers, and related key executives from various key companies and organizations operating in the global topical drug delivery market. The primary sources from the demand side include purchase and sales managers, research organizations, and pharmaceutical and biotechnology companies.
Download PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=124871717
COVID-19 Impact on Global Topical Drug Delivery Market:
# According to our findings, the topical drug delivery market is expected to grow at an approximate CAGR of 6-7% during the next two years. According to our analysis, the below factors are playing a key role in shaping the growth of the global market;
# The number of COVID-19 cases has been increasing at an alarming rate in the US. The need for improved patient care and the adoption of drugs such as vitamin C, multivitamins, and antivirals, to improve immunity levels, have surged as a result.
# Due to the rapid spread of COVID-19 and increasing fear, drugs are being stocked by various end users and patients. This is expected to boost the growth of the Topical Drug Delivery Technology Market from 2020–2021. Various companies have witnessed an increase in revenue in Q1 2020 as compared to Q1 2019. For example, AbbVie reported an increase of 16.8% in its revenue during this period. Similarly, Amgen recorded a revenue of USD 6,161 million in Q1 2020, an 11% increase as compared to Q1 2019 (USD 5,286 million).
# Raw materials required for manufacturing drugs (such as drug components, equipment used in manufacturing) are at the risk of a supply shortage due to the temporary lockdown of manufacturing sites in areas affected by COVID-19 or travel restrictions impacting shipments.
# The normalization of the global economy is expected to proceed slowly, with a gradual increase in the manufacturing and transportation of raw materials and associated equipment; this will lead to market growth from Q1 2021.
Request Sample Pages@
https://www.marketsandmarkets.com/requestsampleNew.asp?id=124871717
North America is expected to hold the largest share for players operating in the topical drug delivery market
North America accounted for the largest share of the topical drug delivery market in 2019. Factors such as presence of a highly developed healthcare system and a large number of topical drug-manufacturing companies in the country are among the few factors expected to contribute to the growth of this market. Furthermore, the growing geriatric population in the US, high disposable incomes, increasing preference for pain-free drug delivery solutions, and the availability of advanced and effective technology are driving market growth in North America.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Contact Information:
MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
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MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results