Some of the unique perceived benefits of topical drugs are their hassle-free usage, non-invasiveness, and good absorption. This has led to their increasing preference among patients. Other factors driving the global topical drugs market are increasing instances of skin diseases and bone disorders. Soaring popularity of the painless topical patches for chronic diseases is also serving to catalyze growth in the market. On the flipside, longer time taken to bring about the desired results, complications in case of different formulations to be combined, and stringent norms pertaining to regulatory approvals are providing headwinds to the growth in the market.
Having thrown light on the different growth drivers and restraints in the global Topical Drugs Market, the report goes on to segment it based on different parameters and studies each segment in details. Depending upon products, for examples, it classifies the market into liquid formulation, semisolid formulation, solids, patches, etc. The semisolid formulation segment can be again classified into creams, ointments, lotions, gels, and pastes. Going forward, the semisolid formulation segment is predicted to lead the market owing to its hassle-free usage.
Depending upon the administration route, the report divides the global market for topical drugs into vaginal, ophthalmic, rectal, skin, and nasal. Among them, the skin segment is predicted to expand at a healthy clip because of the increasing instances of skin diseases and disorders. The report also segregates the market into various distribution channels such as drug stores, hospital pharmacies, retailers, and e-commerce.
Depending upon geography, the key segments of the market are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America, of them, leads in terms of both value and volume. Europe trails North America because of the growing occurrence of skin diseases, an expanding healthcare sector, availability of painless drugs, and helpful reimbursement policies. Further, major companies in the market are betting big on Europe to bolster their positions. The market in Asia Pacific is also expected to put up a good showing on account of increasing spending capacity of people, and deepening penetration of global pharmaceutical companies in the region.
Some of the popular strategies of players operating in the market are mergers and acquisitions and launch of new products. Some such prominent players profiled in the report are GlaxoSmithKline plc, Sol-Gel Technologies Ltd, Teligent, Pharmatek Laboratories, Inc., Galderma S.A., esa Labtec GmbH, and Taro Pharmaceutical Industries Ltd.