Topical drug delivery systems are designed to deliver drugs through topical routes such as the skin, mucosa or cavities in the body. These are applied locally for site specific action or to avoid first pass effect of the drug. Skin is the most readily accessible part of the body with a large surface area and is rich in blood vessels and porous structures, enhancing the absorption of the drugs. The topical drug delivery system has witnessed technological advancements over a period of time and is attracting many researchers to develop novel products in this area. Common skin diseases that are treated preferably by topical drug delivery system include bacterial infections, fungal infections, inflammations and pruritic manifestations, acne, psoriasis, hair and skin problems, and others. Nasal mucosa is highly perfused with blood vessels and has been proven as a site for faster absorption of drugs. Hence, there is increasing research toward the development of targeted drug delivery systems for nasal route. Topical is a highly preferred route of drug administration for the treatment of ocular disorders owing to its site specific action, reduced first pass metabolism, and faster action.
The growing incidence and prevalence rate of tropical diseases is boosting the growth of the topical drug delivery systems market. According to the American Academy of Dermatology, in the U.S., about 50 million people are affected by acne each year. The global topical drug delivery systems market is expected to expand at a fast growth rate during the forecast period owing to factors such as increasing number of patients with skin diseases, preference for novel transdermal delivery systems, growing patient preference towards topical drugs over oral drugs owing to avoidance of bitter taste of the drugs taken orally, and desired site specific actions to treat many disorders. However, high development cost, different solubility profiles of drugs making product formulation challenging, stringent regulatory requirements, and difficult testing procedure of final products are some of the factors restraining the growth of the global market.
The global topical drug delivery systems market is segmented based on drug delivery system, route of administration, distributor, and region. In terms of drug delivery system, the global market is segmented into conventional drug delivery systems and novel drug delivery systems. The conventional drug delivery systems segment is further categorized into solid drug delivery systems, semi-solid drug delivery systems, and liquid drug delivery systems. The solid drug delivery systems sub-segment is further divided into powders and suppositories. The semi-solid drug delivery systems sub-segment is further categorized into creams, ointments, gels, and pastes. The liquid drug delivery systems sub-segment is divided into lotions, sprays, solutions, and others. The novel drug delivery systems segment includes nanosomes, liposomes, and transdermal patches. Based on route of administration, the global market is segmented into dermal, ophthalmic, nasal, oromucosal, rectal, and vaginal. In terms of distributor, the market is categorized into hospital pharmacies, retail pharmacies, and online pharmacies.
Geographically, the global topical drug delivery systems market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market for topical drug delivery systems owing to high incidence of skin diseases, growing awareness about cosmetic care, high health care expenditure, and growing R&D activities in the transdermal drug delivery systems by players located in the U.S. Europe is the second largest market due to growing geriatric population, increasing R&D investments, and rising adoption of novel drug delivery systems to treat chronic dermatological conditions. Asia Pacific is considered as an emerging market owing to higher prevalence of skin diseases due to unhealthy lifestyle among general population, and lack of hygiene, along with increasing awareness and accessibility for topical drugs for treatment of various diseases.
Key players operating in the global topical drug delivery systems market include GlaxoSmithKline plc, Valeant, 3M, Bayer AG, Novartis AG, Cipla, Galderma S.A., Pharmatek Laboratories, Mylan Pharmaceuticals, Inc., Transdermal Technologies, Inc., and Prosollus Pharmaceuticals.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.