In 2020, the topical drug packaging market was large and is predicted to continue registering significant growth between 2021 and 2028, with increasing healthcare expenditure and a rise in the prevalence of various eye diseases being key factors responsible for driving revenue growth. Topical drugs refer to medications applied to a specific location on or inside the body, such as mucous membranes and skin, to treat a particular disorder. The higher awareness of healthier lifestyles among consumers, rising healthcare expenses, and growing usage of topical drugs are expected to drive the growth of the topical drug packaging market. The global topical drug packaging market revenue growth is driven primarily by increased integration of various companies, ongoing technological innovations, and emergence of advanced manufacturing processes. The cost of topical drug packaging is very high due to their rising manufacturing costs, stringent safety norms by government organizations, and the use of expensive raw materials to provide these topical drugs with longer shelf lives. The North American market accounts for the largest share in the topical drug packaging market, while Asia Pacific dominates the market due to the high incidence of skin diseases, growing use of contraceptives, and surging emphasis of various pharmaceutical companies on the manufacturing of transdermal drug delivery systems. Key companies in the market include Origin Pharma Packaging, Halo Pharma, Johnson & Johnson, Novartis AG, GlaxoSmithKline, and others. The report also includes an analysis of the impact of COVID-19 on the market, including details of the negative and positive impacts resulting from the pandemic and changes in the market, as well as a comprehensive country-wide lockdown and partial lockdown analysis.
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Topical Drug Packaging Market: Drive factors
The global topical drug packaging market is expected to experience a rapidly increasing revenue CAGR between 2021 and 2028. Key factors driving market growth include rising healthcare expenditure and an increasing prevalence of various eye diseases and skin-related conditions. Other factors contributing to market growth include a higher awareness of healthier lifestyles among consumers and the growing usage of topical drugs.
The market is primarily driven by the increased integration of various companies, ongoing technological innovations, and the emergence of advanced manufacturing processes. Additionally, the surging prevalence of various soft tissue and skin infections, burns, and eye diseases, along with increasing population and surging healthcare expenditure in emerging economies, is expected to propel the market.
However, the cost of topical drug packaging is high due to rising manufacturing costs, including the use of expensive raw materials and the implementation of strict safety norms by government organizations. These factors are expected to restrain the topical drug packaging market growth in the upcoming years.
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