Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "North America Topical Drugs CDMO Market Size, Share & Trends Analysis Report by Product Type (Semi-Solid, Liquid), Service Type (Contract Development, Contract Manufacturing), Sponsors, Country, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
Market Growth Driven by Innovation and R&D in Topical Drugs
The North America Contract Development and Manufacturing Organization (CDMO) market for topical drugs is forecasted to achieve a significant growth milestone, expecting to hit USD 26.45 billion by the year 2030. This impressive growth trajectory, amounting to a Compound Annual Growth Rate (CAGR) of 10.7% from 2024 to 2030, is primarily propelled by increased research and development activities. The surging demand for innovative dermatological therapies plays a vital role in fueling the development of this market.
Consumer Preferences Shaping Market Trends
Consumers are increasingly favoring topical solutions, which are convenient to administer and typically associated with reduced side effects. This shift is contributing considerably to the expansion of the topical drugs CDMO market. The continuous push for new product development, seeking novel innovation, is enhancing the dynamics within the market, while competitive pressures and pricing challenges encourage pharmaceutical companies to seek external expertise in drug development and manufacturing.
Technological Advancements: A Key Catalyst
Advanced technologies such as nanotechnology are being harnessed by CDMOs to refine drug particles at the molecular level, thus improving drug stability and bioavailability. In addition, techniques like microencapsulation are being employed to protect sensitive ingredients, enabling controlled release and targeted drug delivery, thereby multiplying therapeutic efficiencies. These technological innovations are key contributors to the accelerated growth of the North American market.
Strategic Collaborations Fuelling Expansion
Strategic collaborations and partnerships with pharmaceutical entities are integral to CDMOs as they strive to secure long-term contracts for the development and manufacturing of various topical formulations. Such alliances are anticipated to further stimulate demand within the market.
Segment Insights
The report highlights that the semi-solid formulations segment has secured a dominant stance in the market, accounting for a significant revenue share in 2023. This dominance is supported by the advantages semi-solid formulations offer over other routes of administration, combined with patient preferences. The contract manufacturing sector is also expected to experience substantial growth during the forecast period. Further, the majority share of the market was held by pharmaceutical companies, benefiting from the heightened R&D investments aimed at developing and commercializing new topical drugs.
Geographical Dominance
The United States stands as the frontrunner in the North America topical drugs CDMO market, with its dominance attributable to a strong presence of participants, governmental support for high-quality healthcare, and a robust demand for cosmetic products.
The report showcases the vigor of the North America topical drugs CDMO market, illuminated by pressing demands for novel medications, consumer preferences, strategic industry moves, and the promise of technological innovations. As the market journeys towards the projected valuation by 2030, it continues to underscore its pivotal role in shaping the future of dermatological treatment and care.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 125 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $13.03 Billion |
| Forecasted Market Value (USD) by 2030 | $26.45 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | North America |
Companies Featured
- The Lubrizol Corporation
- Cambrex Corporation
- Contract Pharmaceuticals Limited
- Bora Pharmaceutical CDMO
- Ascendia Pharmaceuticals
- Pierre Fabre S.A.
- Piramal Pharma Solutions
- DPT Laboratories, LTD.
- MedPharm Ltd.
- Zenvisionpharma
For more information about this report visit https://www.researchandmarkets.com/r/bifmjj
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