This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
The report "Topical Drug Delivery Market by Type (Semisolids (Creams, Ointments, Gels, Lotions), Liquids, Solids, Transdermal Products), Route (Dermal, Ophthalmic, Rectal, Vaginal, Nasal), Facility of Use (Homecare, Hospital, Burn Center) - Global Forecast to 2024", is projected to grow at a CAGR of 5.7% during the forecast period to reach USD 123.2 billion by 2024 from USD 93.2 billion in 2019.
Factors such as the high prevalence of skin disease, rising incidence of eye diseases, high incidence of burn injuries, and the growing incidence of diabetes are driving the growth of the topical drug delivery market during the forecast period.
Critical questions answered in the report:
# How will the current technological trends affect the market in the long term?
# What are the reasons contributing to the growth of the semi-solid market?
# Which regions are likely to grow at the highest CAGR?
# What are the challenges hindering the adoption of topical drug delivery devices?
# What are the growth strategies being implemented by major market players?
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Research Methodology Opted:
Primary Research:
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the topical drug delivery market.
The primary sources from the demand side included industry experts, such as researchers and scientists, and industry experts from medical devices companies. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends & key market dynamics.
Recent Developments:
# In April 2019, Crescita Therapeutics signed an out-licensing agreement with Cantabria labs for the sales and distribution of its topical Pliaglis formulation in Italy, Portugal, France, and Spain.
# In November 2018, Bausch Healthcare expanded its manufacturing facility in Rochester (Ireland) to support and fulfill the demand of its topical eye health products.
Secondary Research:
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the topical drug delivery market.
It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
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North America to dominate the Topical Drug Delivery market during the forecast period
In 2018, North America dominated the Topical Drug Delivery market, followed by Europe. The growing prevalence of skin diseases coupled with the development of the technologically advanced topical and transdermal products in the region are the factors propelling the growth of the market in the region.
For instance, in February 2018, Scilex Pharmaceuticals (US), launched ZTlido (Lidocaine Topical System) 1.8% patches for the management of pain in the US. Similarly, in December 2017, Aclaris Therapeutics Inc. (US), launched ESKATA (Hydrogen Peroxide) Topical Solution, 40% (w/w) for the treatment of raised seborrheic keratosis in the US market.
Prominent players in the Topical Drug Delivery market are Novartis AG (Switzerland), Johnson & Johnson (US), Bausch Health Companies (Canada), Nestle SA (Switzerland), GlaxoSmithKline (UK), Mylan (US), Merck & Co (US), Bayer AG (Germany), Hisamitsu Pharmaceutical (Japan), Cipla Ltd (India), Crescita Therapeutics Inc. (Canada), and Glenmark Pharmaceuticals (India).
