Medicines or drugs applied locally on the area which is being treated are called topical drugs. ‘Topikos’ in Greek means ‘at a place’. Many creams and ointments that are applied to skin are often called topical drugs. Eye drops that are directly put into the eyes are also termed topical drugs. Drugs used for inhalation during respiratory conditions such as asthma are also often termed topical drugs. Many say, that topical drugs  have a local effect; however, various topical drugs can also cause systemic effect. 

The global topical drugs market is expected to expand at a rapid pace in the near future. Factors such as non-invasiveness, easy usage, good absorption properties, and preference by patients are propelling the global topical drugs market. High incidence and prevalence of skin disease and increase in incidence rate of bone disorders are driving the topical drugs market. Rise in usage of painless treatments, such as topical patches, for chronic diseases is further boosting the global topical drugs market. However, drugs take time for its effect, it is messy and complicated if different formulation have been combined, strict government regulation for regulatory approvals etc. are the factors that can restrain the growth of the global topical market during the forecast period. 

The global topical drugs market can be segmented based on product type, route of administration, distribution channel, and region. In terms of product type, the global topical drugs market can be divided into semisolid formulation, liquid formulation, solids, patches, and others. The semisolid formulation segment can be further divided into ointments, creams, gels, lotions, and pastes. Semisolid formulation is anticipated to dominate the global topical drugs market during the forecast period due to the ease of usage. Based on the route of administration, the global topical drugs market can be classified into ophthalmic, skin, vaginal, rectal, and nasal. In terms of value, the skin segment is estimated to expand at a rapid pace owing to the high incidence of skin diseases and disorders. Based on the distribution channel, the global topical drugs market can be segregated into hospital pharmacies, drug stores, retailers, and e-commerce. 

Geographically, the global topical drugs market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global topical drugs market in terms of value and volume. It is followed by Europe. Factors such as rise in incidence of skin diseases, availability of painless drugs, growth in the healthcare sector, and favorable reimbursement policies are augmenting the topical drugs market Europe. Furthermore, prominent players are focusing on Europe to strengthen their position in the market. The topical drugs market in Asia Pacific is projected to expand at a rapid pace due to factors such as rise in healthcare expenditure, growth in geriatric population, increase in disposable income, prevalence of chronic diseases, and higher penetration of global pharmaceutical companies in the region. 

Key players operating in the global topical drugs market adopt various strategies such as product launch, mergers and acquisitions, and geographical expansion to expand their market share. In 2016, Galderma S.A. announced it had entered into a strategic alliance with Maruho Co. Ltd. This move is anticipated to enable both the companies to expand their product portfolios. Major players operating in the global topical drugs market include Galderma S.A., GlaxoSmithKline plc, Pharmatek Laboratories, Inc., CMP Pharma, Teligent, esa Labtec GmbH, Sol-Gel Technologies Ltd, Taro Pharmaceutical Industries Ltd.

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
  • Europe
  • 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.

2. Insights and Tools

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.

3. Actionable Results

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.

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